Square Tweets About Reaching 1 Million Merchant Milestone

It isn’t quite New Year’s Eve yet, but the executives at Square may already be reaching for the celebratory bubbly. On Thursday it was revealed that mobile payment platform Square has reached a major milestone. More than one million merchants across the United States now accept payment (via credit and debit cards) through Square’s hugely …   Read More

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It isn’t quite New Year’s Eve yet, but the executives at Square may already be reaching for the celebratory bubbly.

On Thursday it was revealed that mobile payment platform Square has reached a major milestone. More than one million merchants across the United States now accept payment (via credit and debit cards) through Square’s hugely popular mobile payment app.

Let’s put that number into perspective.

There are roughly eight million merchants in the United States that presently accept credit cards. Despite still being a start-up, Square already reaches 1 out of every 8.

“Just as small businesses are growing with Square, we’re growing with them: Over 1 million merchants now accept credit cards via Square,” the folks at Square tweeted this morning.

Just last October, Square had all but 800,000 merchant partners. The rapid autumn growth has made for a strong conclusion to the biggest year yet for Square and the mobile payments industry at large.

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1 comment

  1. J.G.

    The current incarnation of the dot-com madness will be no different from the previous one in that it will produce real companies which will be successful long after the bubble has burst. Square will be among them. Unlike LinkedIn and Skype, to name just a couple, Square shows you exactly how it will make real money. A while back we did the numbers on how profitable Square is and our estimate showed that for every $1 million processed, Square gets about $13,000 – $14,000 in revenues, but that was before the start-up dropped the per-transaction fee from its discount rate, which will reduce this total by at least a couple of thousand dollars. Still, Square probably gets about a cent for every dollar it processes. http://blog.unibulmerchantservices.com/why-square

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