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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
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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.

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