To pull it off, Square is unveiling a red credit card reader that will serve as a charitable alternative to the millions of white readers the
The new color unveiled Wednesday is part of an alliance with (RED), a nonprofit organization that has raised more than
Unlike the free white reader, Square is charging
Square hopes to raise
The red readers have been programmed to spur even more giving. Every time a sale is processed through Square's red reader, the electronic receipt emailed to the customer will include a link offering the consumer a chance to donate to (RED), too. The receipts soliciting (RED) donations will be automatically delivered for as long a merchant chooses to use Square's red reader.
The device gives merchants a chance to "turn their transactions into an AIDS-fighting machine," said
Special editions from everything ranging from condoms to beanbags have been tied to (RED) in an amalgamation of capitalism and philanthropy. The list of companies that have worked with the organization includes:
The (RED) partnership marks another step in Square CEO
Dorsey started Square in 2009, shortly after Twitter replaced him as its CEO. He remains Twitter's chairman and one of its largest shareholders with a 4 percent stake currently worth about
As a privately held company, Square hasn't yet disclosed its revenue or whether it's profitable. The company is widely expected to file papers to go public later this year.
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