Collaboration between Starbucks Coffee Company and Square has been established, according to latest information. Starbucks will make a huge investment in Square and Howard Schultz, Starbucks’ chairman, will join Square’s Board of Directors. This collaboration will provide the best possible payment experience for Starbucks’ followers. Firstly, buyers will be able to use the new Square’s payer application, Pay with Square. Also, in order to expand Square’s scale and accelerate the benefits to businesses on the Square platform, Square will process Starbucks U.S. credit and debit card transactions, and reduce Starbucks payment processing costs. Moreover, Square Directory makes it possible for customers to discover a range of local Square businesses, like Starbucks Digital Network and the Starbucks mobile payment application.

Photo: engadget.com

Customers at approximately 7,000 Starbucks stores will be able to enjoy this kind of payment experience.

“As the largest retail mobile payment platform in the U.S., we’re excited and proud to accept payments with Square,” said Howard Schultz, Starbucks chairman, president and ceo. “The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behavior and creating equally disruptive opportunities for business. Both Starbucks and Square take a similar approach when building products and running our businesses, and together we can bring the best possible payment experience to Starbucks customers.”

Customers will also be given a chance to pay for their purchases by downloading Pay with Square application and making an account on an iPhone or Android device. This is quite good news, since more than two-thirds of the 27 million small businesses in the U.S. do not accept credit or debit cards.

“As an entrepreneur, I understand how critical it is for new businesses to have easy and affordable access to card processing while also giving customers a choice in how they pay,” Schultz continued. “Because Square’s revolutionary technology allows anyone to accept credit and debit cards, it gives entrepreneurs an essential tool to jump-start their business while providing existing small companies access to new customers. This development can play a vital role in spurring small business growth and hiring, which remains one of our country’s most important issues.”