Printed from http://www.electronista.com

Square at $2 billion in annual payments, drops user limits

updated 03:40 pm EDT, Mon October 10, 2011

Square to continually improve on monthly basis

Square, the company that allows the use of Android and iOS smartphones and tablets to process credit card payments, revealed on Monday that it is now processing $2 billion in payments. At the same time, the company has axed its $1,000 per week transaction limit to users. Now, instead of having to wait between a few hours to a few days, even new merchants get the proceeds from a sale the next business day.

Square COO Keith Rabois also took the time to say there are now 800,000 merchants using Square and that number represents 10 percent of all transactions enjoyed by credit card companies, including Visa and MasterCard.

"We're not going to sleep until we improve the entire experience of buying and selling," Rabois said. "Every month we'll have improvements to the product."

Square takes a 2.75 percentage of the sale price for its service. Its free app is compatible with iPads, iPhones and the second-generation or newer iPod touch devices. Android users need 2.x or newer is support the app, though not all handsets are supported. A hardware adapter that plugs into the handsets' auxiliary input jack is required to read credit card strips. [via TechCrunch]




By Electronista Staff
toggle

Comments

  1. darkelf

    Fresh-Faced Recruit

    Joined: Nov 2003

    +2

    correction

    it's just 2.75% per swipe, that's all. if you enter a card manually, it's 3.5% + 15 cents.

  1. greekt

    Fresh-Faced Recruit

    Joined: Jun 2000

    0

    International sales

    I assume one still can't do international sales with Square. Also if you key in the card instead of swiping it, and have over $1000 in sales, they hold your money for a month. In other word, if you are an internet vendor, Square has huge drawbacks.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Apple 13-inch MacBook Pro (Early 2015)

Although the new darling of the Apple MacBook line up is the all-new MacBook, Apple has given its popular 13-inch MacBook Pro with Ret ...

Seagate Wireless

It seems like no matter how much internal storage is included today's mobile devices, we, as users, will always find a way to fill the ...

Lenovo Yoga Tablet 2 (Android, 10.1-inch)

Lenovo is building a bigger name for itself year after year, including its devices expanding beyond desktop computers. The company's l ...

Advertisement

toggle

Most Commented

 
toggle

Popular News