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Mobile payments juggernaut Square says it's now handling $5B (annualized) in transactions, up...

  • Wednesday, April 25, 2012, 4:04 PM ET
    Mobile payments juggernaut Square says it's now handling $5B (annualized) in transactions, up from $4B just a month ago and $2B in October. Square, said to be seeking funding at a $4B valuation, is popular with small businesses not only because of its low fee and ease-of-use, but also its ability to pay merchants within a day of a purchase, compared with 2-5 days for regular credit-card payments. PayPal Here has its work cut out for it.
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This news story has 3 comments:

  •  
    And Paypal will withhold Ebay seller funds for up to 21 days, a miserable program they are expanding in a typical Ebay orgy of greed against the small business person.

    Potential customers should be warned that, absent a complete culture transplant at the top, associations with Ebay and Paypal are always subject to brazen, clumsy and crude overreach into their wallets and businesses with little or no regard for the ensuing damage to the small or sole proprietorship.
    25 Apr 2012, 07:21 PM Reply Like
  •  
    There is a big typo in this article. Square is processing transactions at an "annualized" rate of $5 billion and not at the "daily" rate of $5 billion. At the daily rate of $5 billion, Square would be processing $1.8 Trillion in transactions, which is probably the world retail transactions. I am sure Square would like to eventually reach there, but currently they are about 0.3% there.
    25 Apr 2012, 10:55 PM Reply Like
  •  
    Thanks for noting; we clarified this item to note this is their annualized rate.
    25 Apr 2012, 11:26 PM Reply Like
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