The iOS-based payment system, Square, is blowing up lately, just like we figured it would way back when. The company already handles up to US$2 billion in payments per year, according to the AP, and is used by 750,000 merchants. That "per year" is a little weird to say, especially considering the company has only been around for a little over a year. In short, Square's experiencing phenomenal growth, and merchants everywhere are already depending on the company to see through billions of dollars in revenue. That's pretty unprecedented, even in this crazy fast-moving world of iOS apps.
And that's not all. Square is also lowering the barrier of entry to the program, allowing even new merchants to have their money deposited in the bank as quickly as possible. Previously, merchants had a limit of $1000 that could be processed per day, but those limits are apparently now gone for all merchants, so everyone who sends a payment through Square will get it as soon as the company can send it out.
That means we'll see even more money going through the system. I've already used Square a few times with various merchants I've dealt with -- early on, those were the folks at Macworld who were more than ready to depend on an iPhone-based processing system, but since then, I've seen it running everywhere from a local theater to a flea market merchant processing credit card payments. Square's growth is really impressive, and if all the indications are true, it's only beginning.