Square Hits 20,000 Outlets

Sites include square.com . Published on June 22nd, 2012. Written by Daniel Renfro.

Square is a company that has made it possible for people to accept credit card payments through their Android, iPhone, or iPad, with the Square card reader. This is perfect for large and small businesses alike, as well as individuals with various business needs. No more hassle with checks, receipts, tips, etc. It truly is amazing what all technology can do nowadays.

Square is available for sell at many different stores like Walgreens, Wal Mart, Apple, Staples, Fed Ex, Best Buy, and many other places. They have recently announced that they have hit 20,000 outlets now, doubling the 10,000 outlets that they announced they had at the beginning of the year. So in 6 months time they have doubled their outlets. This says a lot about how fast the business is growing and that it is convenient, successful, useful, and popular due to its recent growth report.

Here is some more info about Square:

“They sell for $9.99 in stores, but there’s a $10 credit that every buyer can redeem back to their bank account. Square has a store locator here where customers can find out where to buy Square units.

Overall, the business has three legs right now. They’ve got the readers, which work with the iPhone, Android devices and iPads. Then they’ve got an iPad app called Register. Lastly, there’s Pay With Square, which is an app that people can use at their favorite local shops to pay by merely saying their name to the cashier at the register.

The readers, along with Square’s other products, are now handling transactions at an annual rate of about $5 billion per year with more than 1 million registered customers. Given Square’s main transaction rate of 2.75 percent, a back-of-the-envelope calculation suggests the company is grossing nearly $140 million in revenue on an annualized basis. But remember that most of that fee goes back to credit card companies like Visa and Mastercard, so net revenue would be much lower.”