Mobile credit card payment provider sees significant growth
If you are a small business owner and have not heard of Square, you probably need to look into this company. The are reporting a milestone of 2 million people who are using their services to accept credit card payments from customers. If you are a small business who is mobile this is a great idea for you. Even if you have a store front, Square can get you up and running to accept credit card payments in a matter of minutes. Then they will send you, for free, one of their square credit card readers for your business. It is that simple.
The “dongle” device plugs into your iPhone, iPad or Android mobile device to handle your credit card transactions. I have talked about the value of mobile payments for small business owners and with their recent news, they are continuing to show growth for a much simpler way to accept payments. In the most recent information, Square has doubled their clients in 6 months and that is showing just how popular they are becoming. The current estimates of the volume of transactions has them processing at $2 billion per year. That is a lot of money flowing through the Square clients and being processed.
While they take 2.75% of each transaction, the ability to set up your account quickly and the freedom of movement with their square device makes it well worth using. For your small business, it is the ease of use which brings value and is something new for most people to be seeing. At the moment, there is not a lot of competition in mobile credit card handling and Square has now positioned themselves as the leader in that area.
And with the recent growth, they are now starting to hire some formidable executives to round out their team. Their most recent addition is Sarah Friar from Salesforce to be the companies CFO. And there will be others in the next few months given the rapid growth they are seeing. As the economy continues to recovery, there will be more growth for mobile credit card handling.
You can head over to the Square website and take a look at what they offer.