Square is now processing over a million dollars a day. Co-founder Jack Dorsey (who also co-founded Twitter) said as much on Twitter.
That number should continue to grow pretty quickly as not only has the startup attracted a great deal of buzz, but last week it announced that it was eliminating its 15 cent transaction fee.
"Now when you swipe a card with Square there is just one fee: 2.75%. What you see is what you pay," the company said. "Square lets you accept credit cards quickly and easily, using what you already have in your pocket: your phone. When you want to know how much money you’ve made, you no longer have to wade through a complex maze of hidden costs and fees. Just simple multiplication and you know what will be in your bank account."
Before dropping the fee, users had to pay both the 2.75% and the 15¢ fee.
As of today @Square is processing more than $1,000,000 a day. Think of all the individuals & businesses behind that number. Congrats to all!
Jack Dorsey
jack
"Merchants don’t know how much they pay to accept credit cards (a lot)," said Dorsey about the move. "That cost is passed on to you, the payer. No more."
If you’re still not familiar with what Square actually is, it’s a service that lets anyone accept credit cards using their mobile devices. The company offers a free credit card reader that you can simply plug into phones/iPads.