Jack Dorsey Plays Up Square’s Analytics Potential

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We’re used to hearing Jack Dorsey talk about a re-envisioning of the future of payments, but at the Techonomy Detroit conference, he offered up some specific ideas.

The Twitter founder and Square co-founder and chief executive officer emphasized that it’s not just his second company’s ability to process payments that gives it an exciting future, but it’s potential as an analytics and invoicing device for small businesses as well.

“We think [Square] is important because a critical aspect of improving our economy -- the U.S. economy -- is improving the small business economy,” Dorsey told MLive. “Small businesses don’t have any of the tools that big businesses do because it’s too expensive… but everyone has a phone.”

The example Dorsey used to illustrate Square’s potential contrasted a small family-owned coffee shop and Starbucks. It would be difficult for the small business to even keep track of all of its various orders, while Starbucks has a wealth of information at hand.

“A company like Starbucks knows what’s being bought and sold, knows what the weather does to their day,” he said.

Dorsey also touched on his desire to make Square a 100 percent American product. The company’s card readers are currently made in China and Mexico, but Dorsey said he’d like that to change.

“We do have a goal to make them entirely in the United States.”

To read more about Dorsey’s vision of Square’s future, read here.