Wednesday, 12 October 2011

70% of mobile payment company Square's merchants did not previously accept credit cards

"Square is nixing a policy that prevented merchants from immediately receiving any profits exceeding $1,000 per week, looking to attract even bigger businesses and edge out rivals in the growing mobile payment market.
Square originally implemented this measure to prevent fraud, according to company CEO Keith Rabois. "Now that we've been commercially available for a year, we can now spot statistical anomalies," he explained.
Such an improvement stands to lure larger stores into Square's fold, since they won't have to wait up to one month to recoup their additional profits. At the moment, Square's base is mainly small businesses, 70 percent of which did not previously accept credit cards because of associated fees.
The San Francisco, Calif.-based company now boasts 800,000 merchants and processes $2 billion in payments, according to Rabois.
"In a year, we've been able to offer payment services to the equivalent of 10 percent of Visa and MasterCard's network," the CEO said."

No comments: