Square, the mobile payments company headed by Twitter founder Jack Dorsey, is now processing $4 million in payments each day. That’s quite a leap over its millions-per-week figure just nine months ago. And when you consider the fact that Square only opened its doors for business just 10 months ago, its really a testament to its staying power and influence in mobile commerce.
After passing the $3 million mark at the end of May, Square is now processing $4 million in mobile payments daily, and is on track to reach over $100 million in transactions in July. And COO Keith Rabois tells us that he expects the company to double this volume by October.
If the daily dollar figure is going to double in October, which is just two months from now, perhaps Square’s billion-dollar valuation is justified. Over $100 million in transactions in just nine months is impressive, although it has undoubtedly been helped by the fact that Apple now sells the Square credit card reader on its online store and in its retail locations.
Many believed that Square would just be a gimmick or a niche in a market that would be dominated by NFC, but clearly it has been the other way around. Few devices ship in the U.S. with NFC capabilities, and the Square credit card reader is compatible with multiple devices like the iPhone, iPad and Android handsets. Individual retailers and small merchants are finding that Square’s low, flat rate is desirable when compared to what credit card companies charge merchants for transactions.
If you’re considering an alternative to your payments system in your store, or you’re the type who sells all kinds of junk on Craigslist and you want to take credit card payments from your buyers, consider using Square. The credit card reader is free, and it’s also free to sign up. Once you start accepting payments, the company takes a small percentage of each transaction, regardless of the size of the funds.
Are you currently using Square? What do you think?