Why Square Stock Sank 5% This Morning
Shares of point-of-sale credit card payments facilitator Square (NYSE: SQ) fell by more than 5% Wednesday morning before recovering to a nearly 4% loss as of 1:50 p.m. EDT -- and it's not hard to figure out why. Megabank JPMorgan Chase (NYSE: JPM) just announced that it will begin offering a "QuickAccept" feature built into its Business Complete Banking accounts -- and it's a feature that seems designed to siphon off some of Square's point-of-sale business. Chase will charge a flat fee for transactions conducted with QuickAccept.
