Square claims $10 billion in annual mobile transactions, not including Starbucks

by Colton Kaiser on
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Mobile payment giant Square Inc. has announced today that it is now processing $10 billion in transactions annually, thanks to its widely adopted  mobile payment infrastructure. Just a few weeks back the company made it known that it was raking in $8 billion annually, equating to a $2 billion increase in less than a month.

Similar to Google Wallet, users are required to have an application installed, whereas brick-and-mortar retailers must have the company’s physical checkout system to conduct transactions. Interestingly, it’s being reported that this figure doesn’t include payments processed by Starbucks, whom the company struck a major deal with earlier this year to install its systems in 7,000 stores.

Taking into account the amount of money that flows through Starbucks stores each day, it’s entirely possible Square could see its yearly processing figure double.

Source: Square (Twitter)
Via: TechCrunch

Square mobile payment solution now available in Canada

by Jeff Causey on
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For small business owners or individuals selling goods or services, a common business challenge is the ability to accept payments from customers wanting to use a credit card. This is especially true for those who conduct business “in the field” or otherwise don’t have a fixed point-of-sale system. Square introduced a unique solution to this problem in the form of a mobile card reader that plugs into the headphone jack of iOS or Android devices. Users can then accept payments using the Square Register app on the device for a fee of 2.75% per swipe without having to jump through the normal hoops associated with establishing a merchant account with a financial institution.

Until now, one of the limitations has been geographic as Square was only doing business in the U.S. That changed today with Square’s announcement that they are expanding into Canada. Hit the break to read the full press release. » Read the rest

Square’s Card Case is now Pay With Square, Pay merchants without touching your phone

by Robert Nazarian on
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With all the talk about NFC, how about the ability to pay merchants by simply telling them your name? One of the most popular mobile payments service providers, Square, just reintroduced the Card Case app as Pay With Square. Card Case has actually been around for a while, but now it’s a whole lot better. With Pay With Square, the biggest change is the ability to automatically open a tab when you arrive, which means you never have to touch your phone. All you have to do is tell them your name and your done. You will also be able to find supported merchants quicker, save them to your favorites, and easily share them with your friends.

Hit the break for a demo video and download links

» Read the rest

Verizon Wireless And Intuit Team Up To Offer GoPayment, Allows Mobile Credit Card Processing For Small Businesses

by Axl Logan on
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Looks like mobile payment systems are catching on pretty quickly and starting to become the norm around these parts.  We saw Square update their mobile application to support a slew of new features, offering a better mobile payment experience.  In recent news, Verizon Wireless and Intuit have announced that they’re teaming up to bring you a mobile payment solution as well.  The GoPayment service will focus on allowing mobile payment processing for small to medium sized business owners.  I personally hope this trend kicks off, as these companies and carriers are quickly recognizing the need.  We’re doing  more and more on or smartphones these days and it would be wise for companies to continue to acknowledge that by meeting the need.
Verizon Wireless and Intuit Inc. today announced a strategic alliance to give all small businesses – from the sole proprietor to a medium-sized business – the ability to process credit card payments on smartphones and tablets. The companies are now offering Intuit’sGoPayment app and pocket-sized credit card reader in Verizon Wireless’ 2,300 retail stores and business-to-business sales channels.
Hit the break for the full presser and screenshots.  Don’t forget to let us know what you think in the comments below.  Just check with your nearest Verizon Wireless outlet on how to obtain the free pocket-sized credit card reader.  Then, when you’re ready, head on over to the Android Market for the download and give it a go.  There’s even a version for Tablet owners.     » Read the rest

Square gets $100 million, valuation now at $1 billion

by Robert Nazarian on
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Square, a service that lets anyone with an Android or iOS device accept credit card payments, received $100 million from venture capitalist Kleiner Perkins Caufield & Byers.

This also brings Square’s valuation to $1 billion. This is the third round of funding. Back in January they raised $27.5 million and the company was valued at $240 million.

The first question is where are these values coming from?  Right now there are 500,000 Square readers that have been delivered. There are 1 million transactions processed per day for a total of $3 million. Square’s take is 2.75% so they are generating $82,500 in revenue per day for a total of approximately $30 million annually. How does $30 million annually equate to a $1 billion valuation?

» Read the rest

Visa invests in Square payment solution

by Jesse Bauer on
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Square is getting some heavy financial support for the one company you’d most want to support you if you’re going to launch a mobile payment device, Visa. In exchange for the mountains of money Visa may be giving Square, Visa gets to sit on the advisory board for Square. This will certainly boost things for Square as they have apps and card readers compatible with the major mobile platforms, obviously Android being one of them. You can get the app to process mobile payments, and when you sign up for an account at Square, they’ll shoot you a free card reader for your device. The only cost to you is 2.75% of each transaction you swipe.

I can see pizza and Chinese delivery drivers carrying these, as mobile interac payments just take a standard fee, not a percentage of each transaction. All depends on how big the bill is I guess. A $30 pizza bill could cost you $2.00 for mobile interac, or $0.82 with Square.

[via engadget]