$1M Per Day Processed by Square

Square has announced that it is now seeing more than $1,000,000 per day in sales from people using it’s small device. Last fall, the company was processing around a million dollars per week, so what we see here is quite a decent sized increase in the number of transactions being made.

The number of merchants being signed up has increased to about 100,000 per month which is up from 30,000 per month from last fall. In Quarter 1, Square expect to process $40 million in transactions.

It isn’t fully clear what happens next although the company has its eyes on moving in to large-scale implementations with retailers which if successful, would see the amount of transactions per day increase a whole lot more.

Expect to hear more about Square throughout this year. For details on Square and what they offer, you can check out their website here. At the most basic level, Square provide a free card reader that attaches to the top of an iPhone. By using an app, small stores are enabled to take credit card payments without all the hassles that normally accompany setting up an account.

Via: TechCrunch

Speak Your Mind