• Square Now Processing $4 Million a Day in Mobile Payments

    by
    Phillip Swanson
    Published on 2011-08-01 06:09 AM
    15 Comments Comments


    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
    This article was originally published in forum thread: Square Now Processing $4 million a Day in Mobile Payments started by Phillip Swanson View original post
    1. Categories:
    2. iPhone,
    3. iPad,
    4. iOS,
    5. Apple
    Comments 15 Comments
    1. Cowboy's Avatar
      Cowboy - 2011-08-01, 07:22 AM
      I have used my square just a few times and love it makes it easy
    1. Orby's Avatar
      Orby - 2011-08-01, 08:03 AM
      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.
    1. Cowboy's Avatar
      Cowboy - 2011-08-01, 08:07 AM
      See i am taking any where between 30-75 dollars payments on average so losing a 1.50 not to big of a deal
    1. The Man of Sand's Avatar
      The Man of Sand - 2011-08-01, 09:02 AM
      Quote Originally Posted by Orby View Post
      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.
    1. kdeazy21's Avatar
      kdeazy21 - 2011-08-01, 09:56 AM
      Quote Originally Posted by Cowboy View Post
      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?
    1. digzz's Avatar
      digzz - 2011-08-01, 11:32 AM
      They need to bring this to the U.K. ....What's with the long thing !!!
    1. rkswat's Avatar
      rkswat - 2011-08-01, 03:22 PM
      Quote Originally Posted by Orby View Post
      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.
    1. atorres062's Avatar
      atorres062 - 2011-08-01, 04:24 PM
      Quote Originally Posted by kdeazy21 View Post
      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.
    1. macimaster's Avatar
      macimaster - 2011-08-01, 04:49 PM
      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
    1. thetoothfairy's Avatar
      thetoothfairy - 2011-08-01, 05:21 PM
      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.
    1. iRepairIndy's Avatar
      iRepairIndy - 2011-08-01, 05:23 PM
      I've been using Square for a while now.. love it
    1. snarkster's Avatar
      snarkster - 2011-08-08, 07:01 AM
      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!
    1. Orby's Avatar
      Orby - 2011-08-08, 07:45 AM
      Quote Originally Posted by rkswat View Post
      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.

      Quote Originally Posted by snarkster View Post
      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.
    1. Cowboy's Avatar
      Cowboy - 2011-08-08, 08:34 AM
      Better than PayPal 3% shaving percentage my help but better advertising I think would go a lot further
    1. themedream's Avatar
      themedream - 2011-08-08, 09:08 AM
      muaah nice service love it

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