Square Now Processing Millions Of Dollars In Mobile Transactions Every Week

Square Up

After ten months of a private pilot limited to only 50,000 users, Square has finally opened its doors to the public. The brainchild of Twitter co-founder Jack Dorsey, Square was unveiled last December as a small credit card reader that could turn any iPhone into a mobile cash register. The startup has since unveiled apps for the iPad, Android and iPhone. And Dorsey brought on PayPal and Slide veteran Keith Rabois as General Manager in August. As Square exits its pilot, the startup is hitting an impressive milestone: Square is now processing millions of dollars in mobile transactions every week.

So where is Square seeing the most traction? Without a doubt, small businesses, independent workers and merchants comprise most of Square’s rapidly growing user base. The technology only requires its tiny credit card scanner that fits into your audio jack and Square’s app. The device and the software are free, but Square takes a small percentage of each transaction (2.75% plus 15 cents for swiped transactions).

While merchants have to qualify for the app, Square’s qualification rules are more relaxed than those of standard credit card processors, There are no initiation fees, monthly minimums, and when merchants apply for a reader, Square doesn’t just focus on a credit check, but also takes into account the influence a company holds on Yelp, Twitter or Facebook.

quare is going to continue to grow in terms of employees, he says; the startup has been averaging three to six hires per month. And when we asked if here any new funding rounds in the future (Square raised $10 million From Khosla Ventures and a number of other prominent angel investors last year), Rabois didn’t really say yes or no. “We are getting an email per day from interesting investors and there are certainly lots of interesting things one could do with more capital.”

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