Angie's List shares rise after news of Square deal
INDIANAPOLIS (AP) — Shares of Angie's List Inc. rose Wednesday after the company said it's working with startup Square Inc. to offer mobile payments as one of the services through its mobile app for businesses.
THE SPARK: The consumer review service's founder Angie Hicks said the partnership with Square will make for "happier" transactions for its members, who review businesses, and service companies.
THE BIG PICTURE: Angie's List said its app allows companies to accept payments in the field, track online purchases, create invoices and respond to member reviews. Merchants will also have access to free analytics reports. It's currently available for Apple Inc. devices.
Square offers a free credit card reader that allows merchants to accept credit card payments on cellphones. It charges 2.75 percent per swipe, with no extra fees. Funds from swiped payments are typically available the next business day.
THE SHARES: Up 66 cents, or 5.5 percent, to $12.59 in afternoon trading, after peaking at $12.62 earlier in the session. Over the past 52 weeks, the stock has traded between $8.94 and $19.82.
Angie's List shares tumbled during 2012, losing about 26 percent of their value, but have been relatively flat since the beginning of this year.