Square Sets The Bar Higher in Mobile Payments Processing

Square has effectively moved from a red-hot entity in mobile payments to a white-hot force to be reckoned with.

According to new reports surfacing this week, Square is now processing $2 billion in transactions annually.

What’s more, Square COO Keith Rabois reveals in an exclusive interview with TechCrunch that the company has now partnered with some 800,000 merchant -300,000 more than were partnered with Square just last spring.

Venerable long-time credit giants Visa and MasterCard, by comparison, have only 8.2 million authorized merchants combined.

“We’re not going to sleep until we improve the entire experience of buying and selling,” Rabois said. “Every month we’ll have improvements to the product.”

As a result of the platform’s unbridled growth, Square is making the service even easier and more attractive to current and prospective users.

Previously, for instant, Square had restricted new merchant users to only $1,000 in transactions per week. That cap has now been tossed. No matter how many transactions are processed, funds are deposited into new accounts by the close of business the following day.