Wednesday, November 10, 2010

Square Mobile C.C. Processor Goes Live

Square, the mobile credit card payment system from Twitter co-founder Jack Dorsey, unveiled last December, has developed apps for the iPad, Android and iPhone. PayPal and Slide veteran Keith Rabois is General Manager.

Finally out of its beta testing phase, Square is now processing millions of dollars in mobile transactions every week, according to TechCrunch. Small businesses, independent workers, and merchants comprise most of Square’s rapidly growing user base. Of the roughly 30 million US merchants who make less than $100,000 per year, only six million are currently accept credit cards. The remainder, or 24 million businesses, are all potential Square customers looking for a low-cost and simple way to process credit cards.

The technology only requires its tiny credit card scanner that fits into your audio jack and Square’s app. The device and the software are free, but Square takes a small percentage of each transaction (2.75% plus 15 cents for swiped transactions).

Mrchants have to qualify for the app, but Square’s qualification rules are more relaxed than those of standard credit card processors. There are no initiation fees or monthly minimums, and when merchants apply for a reader, Square doesn’t just focus on a credit check but also takes into account the influence a company holds on Yelp, Twitter or Facebook.

“We are getting an email per day from interested investors and there are certainly lots of interesting things one could do with more capital,” Rabois told TechCrunch.

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