Square Payment Service Rejects Apple's $ 3 Billion Offer

    Before developing its own payment solution, Apple tried to acquire Square's financial service. However, company representatives could not agree on the value of the transaction - the Tim Cook team offered $ 3 billion with a Square valuation of $ 6 billion , TechCrunch reports referring to its own sources in the companies.

    Square is a service that allows mobile device owners to accept credit cards.

    Experts point out that Square solutions could fit perfectly with Apple products. However, the source said that the companies could not agree on the value of the transaction: “Apple wanted Square to become part of the company. But they did not agree on the cost of the service - Apple offered less than half of the company's estimated value - about $ 3 billion. ” By the way, it is worth recalling that recently Square received funding of $ 100 million.

    Meanwhile, Square is planning an IPO. And since July of this year, chip cards are accepted throughout the United States. Square is focused on small business owners and now operates in the USA, Canada and Japan. The commission charged by the service is 2.75% of the transaction amount.

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