Square now processing $10 billion in payments annually

Jack Dorsey can do the Dr. Evil impression 10 times over

Square, the mobile payments startup founded by Jack Dorsey, is now processing $10 billion in payments annually.

Since Dorsey is also the co-founder of Twitter, the announcement of this milestone came not from a press release, but from a tweet.

"Today we're processing $10 billion in payments annually, an amazing and humbling milestone," said Square, Inc. on Twitter.

Rounding out the 140 character limit, the company credited its users, saying, "To the small businesses growing with Square, thank you."

Square talks

Square spokeswoman Faryl Ury added to that small business-focused sentiment.

"We've seen growth across the board," Ury told TechRadar, "from small food trucks and coffee shops, to retail stores and larger brick and mortar merchants."

A jolt expected from Starbucks

While Square may have a growing user base of small and medium-sized businesses, it's about to add a much larger client with 7,000 national stores: Starbucks.

Starbucks is scheduled to start accepting the Square Wallet this month following the coffeehouse chain's $25 million investment in the startup.

Square faces growing competition from PayPal Here, Intuit GoPayment and Groupon Payments, all of which offer slightly more affordable transaction fees.

However, the company remains the mobile payments leader.

Two months ago, Square reached $8 billion payments processed annually. With the impending addition of Starbucks, the "humbling milestone" tweets should keep on coming.

Source : http://www.techradar.com/news/mobile-computing/square-now-processing-10-billion-in-payments-annually-1112684

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Square now processing $10 billion in payments annually

Jack Dorsey can do the Dr. Evil impression 10 times over

Square, the mobile payments startup founded by Jack Dorsey, is now processing $10 billion (UK£6.3 billion, AUD$965,158,000) in payments annually.

Since Dorsey is also the co-founder of Twitter, the announcement of this milestone came not from a press release, but from a tweet.

"Today we're processing $10B in payments annually, an amazing and humbling milestone," said Square, Inc. on Twitter.

Rounding out the 140 character limit, the company credited its users, saying, "To the small businesses growing with Square, thank you."

Square spokeswoman Faryl Ury added to that small business-focused sentiment.

"We've seen growth across the board," Ury told TechRadar, "from small food trucks and coffee shops, to retail stores and larger brick and mortar merchants."

A jolt expected from Starbucks

While Square may have a growing user base of small and medium-sized businesses, it's about to add a much larger client with 7,000 stores: Starbucks.

Starbucks is scheduled to start accepting the Square Wallet this month following the coffeehouse chain's $25 million (UK£15.7 million, AUD$24,128,950) investment in the startup.

Square faces growing competition from PayPal Here, Intuit GoPayment, and Groupon Payments, all of which offer slightly more affordable transaction fees.

However, the company remains the mobile payments leader.

Two months ago, Square reached $8 billion payments processed annually. With the impending addition of Starbucks, the "humbling milestone" tweets should keep on coming.

Source : http://www.techradar.com/news/phone-and-communications/mobile-phones/square-now-processing-10-billion-in-payments-annually-1112684

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Square raises $200m and touts a $3.25bn valuation

Square mobile has been a huge success

Twitter founder Jack Dorsey's mobile payment service Square is now worth a reported $3.25 billion (£2bn) following a recent injection of cash.

A round of funding has raised $200 million (£125m), which will see the company expand beyond the United States later this year, according to AllThingsD.

Significantly, a large chunk of that sweet investment dollar came from Starbucks, which will now switch to using the Square technology and allow customers to pay for coffee using the Square app.

Boost for small businesses... and Starbucks

Square has been a huge boon for small business owners allowing them to take credit card payments, simply by plugging a white dongle into the headphone jack of an iOS or Android devices.

Square is now processing $8 billion a year in credit and debit card transactions.

Once Starbucks starts using the service, those numbers are likely to go through the roof.

Source : http://www.techradar.com/news/software/square-raises-200m-and-touts-a-3-25bn-valuation-1098030

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