Square Comes to Best Buy​, Radio Shack​, and Target

Posted by at 11:33 am on October 24, 2011

Square significantly widened the reach of its mobile payment reader hardware on Monday with a retail expansion. The device was already available at Apple stores but is now available at Best Buy​, Radio Shack​, and Target. The reach gives it 9,000 potential places to buy the iOS- and Android-ready add-on, which normally costs $10 and should give users an equal amount of initial credit in payments.

The startup, created by Twitter co-founder Jack Dorsey, has been growing rapidly and has been one of the biggest challenges to traditional retail purchasing. It’s now on track to process $2 billion in payments a year. About 10 percent of all MasterCard and Visa transactions now go through the small white cubes.

Much of the company’s success has come through a combination of the payment model as well as the nature of the devices. At a 2.75 percent cut per payment, the overhead is relatively light. On an Android phone, iPhone, or a 3G iPad, they also make it possible for vendors to digitally process credit cards that would never have had the option before, such as food trucks or even individuals at home.

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