Mobile Minute: Let's Square Up
Mobile payment start-up Square raised $100 million in late July and seems primed for its upcoming battle with Pay- Pal. According to company officials, the service is now processing over $2 billion in payments volume per year and has been activated by over 800,000 merchants. In early October, Square dropped its new user limits (which held the funds of merchants processing more than $1,000 in transactions per week) and now allows businesses to have their funds triggered for processing the same day and appearing in their accounts the next business day. Square offers iPhone, Android and iPad apps for merchants to process and manage credit card transactions through a credit card swiping device that plugs into the headset/microphone jack.