Square announced on Twitter Wednesday that it is processing $10 billion payments annually.
“We’re processing $10B in payments annually, an amazing and humbling milestone. To the small businesses growing with Square, thank you.”
An amazing feat for a company that has only been around since early 2010 and was conceived by Twitter co-creator Jack Dorsey trying to help a buddy make a credit card transaction. Square is now embedded into 7,000 Starbucks, performing credit card transactions for the Seattle-based coffee in addition to retailers, consultants, food truck operators and average Joes to perform all sorts of credit card transactions, at just 2.75 percent ($10 billion at 2.75 percent equates to a really big pile of money).
Square looks to continue to explode in popularity, just two months ago, Square was processing $8 billion in transactions. With the holiday shopping season around the corner, we suspect annual transactions to balloon.
Do you use Square to process credit cards? How do you like it?