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Square tops 341,000 readers, $2 million per day

updated 08:40 pm EDT, Fri April 29, 2011

Square doubles payment rate to 2m in two months

Square was known to have landed another coup on Friday after founder Jack Dorsey posted details of the company's metrics. The company is now known to have shipped 341,688 of the reader to Android and iOS users, 332,483 of which were still active. Transactions swiped by the readers were also hitting $2 million per day, or twice as much money as the company had been processing as recently as March 2.

The startup has handled $136.94 million transactions over its lifetime, making Friday alone about 1.5 percent of what was processed so far.

Dorsey made no mention of why the surge came about. However, Square just last week made a deal with Apple for its readers to sell in US Apple stores. Its agreement will have not only widened exposure to Square but given those already interested a way of getting a reader without having to wait for it to ship.

Performance is only likely to grow, both through the widened access as well as through an official blessing. An investment from Visa as well as advisors from Visa and JPMorgan will likely give it better marketing as well as a fast track for major deals.



By Electronista Staff
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Comments

  1. facebook_Michael

    Via Facebook

    Joined: Apr 2011

    0

    Congrats Square?

    A service that aims to beat our paypal via dongle readers that work some of the times and imposes strict holds and limits one can process may be viewed as a stepping stone to a real merchant account as users grow increasingly frustrated at its vast limitations and lack of performance on the readers part.

    I will continue to recommend using an app that conforms to an open merchant ecosystem and support a wide range of hardware solutions.

    Check out Billing app by Spartadata: http://www.spartadata.com

    Free app, no commitment merchant account and works without needing to signup as a merchant. Works with Authorize.net and anyone can use it without any service requirements.

    No limits, Holds or restrictions. A real merchant account and a real world solution for businesses of any size.

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