Article: Square Now Processing $4 Million a Day in Mobile Payments

[Phillip Swanson]

It was only the end of May when Square, the mobile payment startup that could, announced it was processing a staggering $3 million a day in payments. The company is now processing $4 million a day and on track to surpass the $100 million mark in total transactions during the month of July.

Square, started by Twitter founder Jack Dorsey, was recently valued at nearly $1 billion after a round of very lucrative ($100 million) funding. It helps that the company's card readers are now sold in every Apple store (with a $10 credit) and still available for free online. It has helped to the tune of 500,000 card readers being shipped so far and with more than a million transactions processed per month. Which only equates to like 2 transactions per person, but a lot of people probably just signed up online cause it was free.

Anyway, it appears Square is here to stay. Or here to move around and take your money.

Source: TechCrunch

[Cowboy]

I have used my square just a few times and love it makes it easy

[Orby]

2.75% flat-rate per-swipe is still a bit steep, especially for larger payments or a large-volume operation. Until that hurdle gets passed, I can't see this as really ubiquitous.

I still love the concept, just want to see it really take off... all in due time I hope.

[Cowboy]

See i am taking any where between 30-75 dollars payments on average so losing a 1.50 not to big of a deal

[The Man of Sand]

2.75% flat-rate per-swipe is still a bit steep, especially for larger payments or a large-volume operation. Until that hurdle gets passed, I can't see this as really ubiquitous.

I still love the concept, just want to see it really take off... all in due time I hope.

The reason they have those rates is to incourage use on small purchases, unlike credit cards.

[kdeazy21]

I have used my square just a few times and love it makes it easy

still waiting to get mines in the mail but wanted to know how long does the payment take to process?

[digzz]

They need to bring this to the U.K. ....What's with the long thing !!!

[rkswat]

2.75% flat-rate per-swipe is still a bit steep, especially for larger payments or a large-volume operation. Until that hurdle gets passed, I can't see this as really ubiquitous.

I still love the concept, just want to see it really take off... all in due time I hope.

What are you talking about? You hope they take off? They're doing 4,000,000 a DAY, you don't think that's taking off? How is it living in lala land?

My wife and I use it from time to time.... We love it and will continue to use it as long as it's the best thing out there.

[atorres062]

still waiting to get mines in the mail but wanted to know how long does the payment take to process?

2-3 days depending on your bank, not too bad.

[macimaster]

i know i have been waiting on this to come to UK FOREVER!! i have been emailing them every now and then but no luck!! they don't have any plans as of yet, i was hoping that now Apple had decided to start selling them instore, that Apple would push it to the UK

[thetoothfairy]

We haven't used the one we have yet however I guess my husband is going to use my iPhone 3G so he can start using it. But going to give it a try using my iPhone.

[iRepairIndy]

I've been using Square for a while now.. love it

[snarkster]

2.75% is less than I pay for accepting Paypal payments on my website. It may not be ideal but it sure makes accepting payments a lot easier- and it makes impulse buys much easier for my customers which easily makes up for square's cut of my profits!

[Orby]

What are you talking about? You hope they take off? They're doing 4,000,000 a DAY, you don't think that's taking off? How is it living in lala land?

My wife and I use it from time to time.... We love it and will continue to use it as long as it's the best thing out there.

Four million transactions a day... in one nation of three-hundred-twenty million people. Visa's global processing volume in '09 was 62 billion transactions. Less than a sixtieth of one of four major cards' processing? That's smaller potatoes if you ask me. Yes, they're doing very well; but their overall market penetration is minimal at best.

2.75% is less than I pay for accepting Paypal payments on my website. It may not be ideal but it sure makes accepting payments a lot easier- and it makes impulse buys much easier for my customers which easily makes up for square's cut of my profits!

Less than eBay, yeah; but Verifone for example is charging an average 1.73% plus fifteen cents on each transaction. I've seen Authorize.net resellers going for 1.55% plus fifteen cents (on smaller transactions). I personally support Square, I love their business model; but shaving off a few more percentage points could further boost business. My two cents.

[Cowboy]

Better than PayPal 3% shaving percentage my help but better advertising I think would go a lot further

[themedream]

muaah nice service love it