One of the leading mobile credit card processing companies has experienced a major increase in payment volume during March.
Transactions using Square totaled an annualized rate of $5 billion last month, 25 percent higher than the month before when the number stood at $4 billion. According to a Juniper Research study cited by Bloomberg, mobile payment transactions are expected to total $170 billion annually by 2015, with more consumers adopting the system.
One of the ways Square is hoping to get more merchants to use the method is by giving them better access to capital.
“Sole proprietors and small businesses live and die by their cash flow,” Square chief operating officer Keith Rabois said in an interview with the source. “They don’t have access to capital; banks don’t give them loans. They need to take the money they make today and use it to pay bills, buy things and pay employees the next day, so having access to funds is super-crucial for them.”
The firm’s CEO and Twitter co-founder Jack Dorsey said in recent interview with Charlie Rose that the company was hoping to be the “point of sale for every merchant.”Back To Blog