Square is the company that provides a free credit card reader for a Android, iPhone or iPad. Its service and free app lets you accept credit card payments without a merchant account monthly fees. So, how’s this working out? TechCrunch reports that:
A little arithmetic will tell you that this is over $1 billion a year. And, Square’s transaction rate is on the upswing. They reported $3 million per day in payments just a few months ago in May. However, the math is a bit shaky based on Square’s own reports. The $4 million per day in payments milestone was reported in late June. However, Square reported “over $100 million in transactions in July.” This works out to $3.3 million per day. A good number to be sure but not “near $4 million per day.” TechCrunch notes that the $4 million per day mark was eclipsed in July.
Square’s COO told TechCrunch the company expects to see about $200 million in transactions in October. This works out to about $6.66 million per day.
iOS devices account for 69% of the transactions. The remaining 31% comes from Android devices.