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Missed Potential For Square In Mexico

I just purchased the hardware unfortunately not having done my research that I am unable to accept payments here in Mexico, even if they are US cards. I love the Square software and the potential it has for my small business, but unless there is a reasonable timeline of a launch here in Mexico, I am going to have to find an alternate solution.

I don't know about anyone else, but as a single person creating, running, selling, etc every aspect of a fledgling business, the concept of starting the use of one payment platform while waiting for Square to open in the Mexican market and then changing is a daunting thought. 

Even though Mexico is largely a cash society, the giant expat community and tourist industry is not. There are so many industries in the US that have Mexico as an afterthought, yet Canada is always "in the loop", Square being no exception. 

The hypocrisy is astounding, seeing that @Jack Jack Dorsey (CEO, also former CEO Twitter) has on the first page of the "about SqareUp" page: 

  

"We believe everyone
should be able to
participate and thrive
in the economy."

 

Twitter is available worldwide (with exceptions of bans by governments such as China, Iran & North Korea among others). The odd thing is, Twitter has a revenue of 3.7B.  Square, 9.5B.  The opportunity with Square is monstrous. So what is the hold up? 

The resources and energy to enter into a market like Ireland versus the return make me wonder WHY would that market be a target before Mexico? Is there some sort of bizarre financial obstacle course I'm not aware of that has to be maneuvered here in Mexico? Are there some sort of economic hurdles that are just too high to cross?

Ireland has 6.9 mm people - total. Mexico City (just the city!) has almost 9 mm people (I don't mean to pick on Ireland, but it is one of the few markets where Square is up and running, and it just doesn't make much sense to me).

I would really like to keep my Square, but I need to have a POS system that works here, and soon. I can't believe that opening this market isn't a number one priority for Square. There are other POS systems such as CLIP that are available here and now that are actively taking your market share. They are about to get one more. Between the number of expats and Mexican nationals with US ties, you already have a built in market, but with every passing day, that market is shrinking because we are searching for a solution NOW. 

 

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Beta Member

I need to purchase the terminal you bought.

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Super Seller Alumni

Hey @ubArt 

 

I can't speak to any of the work square is doing to launch in Mexico, but I do know that there are always a ton of regulations and steps involved. It's not as easy as just deciding to do it, and I don't think it's hypocrisy at all. Sure, the goal is everyone, but these things take time. 

For your Ireland example, it took quite a few years years after square decided to launch in Ireland, built up an office and staff there, for them to get full approval and were able to launch. And I'm sure there were other strategic reasons for choosing Ireland. That's not to say that there's no reason to choose Mexico, it could be a great opportunity - but there's a lot of work on the back end to start up service in a new country.

 

Who knows, maybe they're already working on it? 

 

Good luck in finding another solution in the meantime.

Pesso - he/him
Pesso's Ices & Ice Cream
Square Super Seller - I'm here to help!
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Super Seller

Square is also not in full control of situations as Credit cared processors and the Credit card companies could have other reasons for not giving processing contracts to Square as they may have other competing contracts in place or other plans.  As said above it isn't just today I want to open a Credit card processor company in Mexico (or any given country) and it is open tomorrow.  It can take months and years to get contracts arranged, or more if there are other contracts stopping yours from starting.

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