Start-up Powers Obama's Reelection Campaign
Mobile credit processing start-up Square picked up a high-profile endorsement today–from Barack Obama.
The president's re-election campaign will use the San Francisco-based company's square attachment to process credit card donations.
"Whether you’re a Republican or a Democrat, running for president or local assembly, Square makes it easier than ever for candidates, organizations and volunteers to fundraise for their cause," Aaron Zamost of Square said in a statement.
Square allows anyone to accept credit cards via a small square-shaped attachment to any iOS or Android-powered mobile device.
Square takes 2.75 percent of each transaction but there is installation or monthly fees. The company has about $168 million in funding and processed $2 billion worth of transactions last year.
Most of its transactions were from small businesses and individual users. The Obama campaign raised $42 million in the fourth quarter of 2011 alone.
According to Politico, headquarters staff and volunteers are being issued the mobile credit card readers (they're free, unless you pay $10 for a designer Vivienne Tam version).
In July, Obama participated in a Twitter town hall moderated by Square founder (and Twitter co-founder) Jack Dorsey. (Last April, the president joined Mark Zuckerberg for a Facebook town hall.)
Dorsey appears to be a fan of the president. In December 2008 Dorsey tweeted, "Obama is the only president in my lifetime who's used the word 'empathy.' That's exciting."
Inc. contributing editor Courtney Rubin was for five years a London-based staff writer for People magazine. Rubin, a former senior writer for Washingtonian magazine, has written for the New York Times magazine, Time, Marie Claire, and other publications. She is the author of The Weight-Loss Diaries.