TechCrunch - Every startup needs an inception story, and that of electronic payment service company Square goes something like this:
In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass art because he couldn’t accept a credit card as payment. Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience. Square was born a few days later right next to the old San Francisco US Mint.
As always, the full story of the founding of Square is a tad longer, and much more complex. That’s the first thing I thought of as I started reading over the details of this freshly filed lawsuit: Square, Inc. et al v. REM Holdings 3, LLC.