Square Drops User Limits – Hits $2 Billion in Annual Payments

Posted by at 3:54 pm on October 10, 2011

Square, the company that allows the use of Android and iOS smartphones and tablets to process credit card payments, revealed on Monday that it is now processing $2 billion in payments. At the same time, the company has axed its $1,000 per week transaction limit to users. Now, instead of having to wait between a few hours to a few days, even new merchants get the proceeds from a sale the next business day.

Square COO Keith Rabois also took the time to say there are now 800,000 merchants using Square and that number represents 10 percent of all transactions enjoyed by credit card companies, including Visa and MasterCard.

“We’re not going to sleep until we improve the entire experience of buying and selling,” Rabois said. “Every month we’ll have improvements to the product.”

Square takes a 2.75 percentage of the sale price and another 15 cent fee for its service. Its free app is compatible with iPads, iPhones and the second-generation or newer iPod touch devices. Android users need 2.x or newer is support the app, though not all handsets are supported. A hardware adapter that plugs into the handsets’ auxiliary input jack is required to read credit card strips.

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