????重振

????從今年年初開始，一個(gè)新戰(zhàn)略在Square逐漸成型。除了繼續(xù)通過信用卡支付獲得收入外，Square還推出了一些商家愿意買單的重要功能，比如開發(fā)票、現(xiàn)金預(yù)付、預(yù)約安排、營(yíng)銷功能、業(yè)務(wù)數(shù)據(jù)分析等等，從而形成了新的收入來源。

????時(shí)至今日，Square面向企業(yè)的服務(wù)種類已經(jīng)超過了面向消費(fèi)者的服務(wù)，其中包括點(diǎn)對(duì)點(diǎn)支付應(yīng)用Square Cash，以及該公司去年剛剛收購(gòu)的食品速遞服務(wù)Caviar。而且這些服務(wù)也獲得商家好評(píng)。消息人士對(duì)《財(cái)富》稱，向小企業(yè)提供現(xiàn)金預(yù)付服務(wù)的Square Capital的表現(xiàn)已經(jīng)超過了預(yù)期。Square公司最近稱，去年它已經(jīng)向2萬(wàn)多家企業(yè)貸出1億美元資金。單單今年4月，Square Capital就預(yù)付了近2500萬(wàn)美元資金。

????《華爾街日?qǐng)?bào)》的報(bào)道稱Square的利潤(rùn)非常稀薄，但根據(jù)《財(cái)富》去年通過內(nèi)部文件掌握的數(shù)據(jù)，Square的利潤(rùn)率高達(dá)34%，非常健康。在一筆100美元的交易中，Square可以獲得3美元的手續(xù)費(fèi)，Square會(huì)將這筆錢記為收入，從中賺取大約1美元的毛利潤(rùn)。該公司去年處理了約300億美元的交易，由此算來，它去年的毛利潤(rùn)應(yīng)為3億美元左右。

????換句話說，如今的Square更像是一家金融服務(wù)公司，而非消費(fèi)產(chǎn)品公司。由此可以想象，該公司即將做出一系列戰(zhàn)略決策。

????上市

????由于無(wú)法獲得該公司的具體收入、利潤(rùn)和支出，我們依然很難斷言作為一家企業(yè)，Square到底有多健康。這就是為什么Square上市的可能性如此令人好奇。等它的S-1表格最終發(fā)布后，我們將會(huì)看到那些數(shù)字，但應(yīng)該指出的是，是否發(fā)布有關(guān)數(shù)據(jù)的決定權(quán)還是在Square手中。（根據(jù)《促進(jìn)新興企業(yè)法案》的要求，直到IPO路演前的21天，Square才必須公開上市申請(qǐng)文件。）

????多爾西現(xiàn)在又開始在觀眾和媒體面前的頻繁露面，Square公司也開始重新定位，強(qiáng)調(diào)它的愿景是成為一家數(shù)據(jù)型商家服務(wù)公司。Twitter的轉(zhuǎn)型也給多爾西的形象帶來了一定裨益。Twitter甚至宣布，在迪克·科斯特羅離任后，多爾西將兼任Twitter的過渡期CEO，這個(gè)消息再次將多爾西放在聚光燈之下。（Twitter的CEO遴選委員會(huì)已經(jīng)排除了多爾西永久性兼任Square和Twitter公司CEO的可能性。由于Square已經(jīng)申請(qǐng)IPO，多爾西不大可能會(huì)為了Twitter而放棄自己在Square的權(quán)杖。）

????上周二，自信且誠(chéng)懇的多爾西主持了他在Twitter的首次收益電話會(huì)議，這也是一次極好的預(yù)習(xí)機(jī)會(huì)，因?yàn)閷淼哪骋惶欤矔?huì)在公開上市的Square公司主持同樣的會(huì)議。多爾西的支付公司還有很長(zhǎng)的路要走，特別是他還要向華爾街證明，Square是一家具有可持續(xù)發(fā)展實(shí)力的公司?，F(xiàn)在看來，Square早期的坎坷和波折更加堅(jiān)定了它的決心，也使它的目標(biāo)更加明確。2015年的Square與2010年大不一樣了。這是件好事。（財(cái)富中文網(wǎng)）

????譯者：樸成奎

????審校：任文科

????Refocus

????Earlier this year, a newish strategy began to take form at Square. In addition to collecting revenue from credit card payments, Square focused on new ways to make money by introducing new, related features that merchants would pay for: invoicing, cash advances, appointment scheduling, marketing features, and slicing and dicing business data, among others.

????Today at Square, business-focused services outnumber those for consumers, among them the peer-to-peer payments app Square Cash and Caviar, a food delivery startup it acquired last year. And they’re doing well with merchants: Sources tell Fortune that Square Capital, which offers cash advances to small businesses, is exceeding expectations. Square said recently that it has loaned $100 million to more than 20,000 businesses over the past year. In April, Square Capital advanced nearly $25 million in capital.

????And then there are the numbers that contradict the Journal report that margins are slim. As Fortune learned from internal documents last year, Square’s margins are a healthy 34%. On a $100 transaction, the company takes a cut of about $3, which it records as revenue and from which it earns about $1 in gross profit. Last year, the company processed about $30 billion in transactions annually, which would put its gross profit at an annual rate of about $300 million.

????In other words, Square today is more of a financial services company than a consumer product company—a harbinger for strategic decisions to come.

????Taking its public turn

????It remains difficult to ascertain just how healthy Square is as a business without knowing its exact revenues, profits, and expenditures. That’s why the possibility of it making a public offering is so tantalizing. We’ll see those numbers when its Form S-1 is eventually released—a decision, it should be noted, that is controlled by Square. (Until 21 days before its IPO roadshow, that is, when the JOBS Act requires Square to release the document to the public.)

????Dorsey appears to have resumed his appearances in front of audiences and the press, and the company has repositioned its message to emphasize its vision as a data-focused merchant services company. That presence has been bolstered by transition at Twitter; the company’s announcement that Dorsey would become interim CEO following the departure of Dick Costolo thrust Dorsey into the spotlight once again. (Twitter’s CEO search committee has ruled out the possibility that Dorsey could run both Twitter and Square permanently, and now that the latter has filed for an IPO, he’s unlikely to vacate that role.)

????On Tuesday, a confident and refreshingly candid Dorsey led his first Twitter earnings call, a practice run of sorts for the man that may one day lead the same call at a publicly traded Square. Dorsey’s payments company still has a long road ahead, especially when proving to Wall Street that it has a sustainable business. But it appears that Square’s early difficulties in the limelight have fortified its resolve and clarified its purpose. Square in 2015 looks a lot different than Square in 2010. And that’s a good thing.