SquareMobilePaymentSystem
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Square's feeling good, on pace to take $5 billion in payments per year
Despite growing competition from PayPal, Intuit and Verifone, it appears that Square's business is still going gangbusters. The grandaddy of all smartphone payment systems is set to take $5 billion in payments this year, up from $2 billion a scant six months ago. According to company COO Keith Rabois, such expansive growth has been fostered by the fact that Square makes the cash from transactions available to merchants the next business day -- a feature greatly appreciated by small businesses. Clearly, Huey Lewis was right, and you can see what we mean after the break.
Square ditches $1,000 per week limits, has 800,000 merchants processing $2 billion per year
Until now, when a merchant using Square racked up over $1,000 in payments in the course of a week, everything above that limit was held for a period of time, ranging from just a few hours up to a whole month. As of today, roughly a year and a half after the company's founding, that restriction has been lifted. Now all payments will be processed immediately and merchants will have access to the funds the next day. Square also announced that, in the year or so since it started offering its wares to the public, it has signed up 800,000 merchants who have processed over $2 billion in transactions. After ditching the $0.15 per-transaction charge and with the $1,000 per-week restriction limit lifted, we're sure those numbers will only increase in the year ahead.
Square mobile payment system gets simpler pricing, keeps angular shape
If you hate doing math and you run a small business then surely you've looked longingly at mobile credit card systems like Square's longingly. No handling of cash certainly would make life easier, but Square's system of fees and surcharges weren't exactly easy to figure out themselves. Now the company has simplified things, dropping the $.15 per-transaction fee for swiped purchases, charging a simple 2.75 percent on each transaction. If, however, that transaction is being made without swiping the actual card the $.15 transaction fee sadly comes back, but the percentage fee has gone down from 4.0 percent to 3.5. So, a little less of your handiwork will be absorbed by the man. [Thanks, Brent]
