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Square sees wider use of payment technology

December 15, 2011

A major issues for some retailers accepting credit card payments is the fees charged

A major issues for some retailers accepting credit card payments is the fees charged

One relatively new payment processing firm recently announced that it had reached a major milestone when it comes to the number of merchants implementing its systems.

On it’s Twitter account, Square stated that more than 1 million businesses are using its swiping mechanism to accept credit card payments. Though the product only became available in 2009, it has already made a major dent in the market filled with well-known brands such as Intuit, PayPal and Google.

Posting on the social media platform that he helped to create, Square co-founder Jack Dorsey tweeted that it was a major player. He said 1 million users mean that the system was making waves.

“Just as small businesses are growing with Square, we’re growing with them: Over 1 million merchants now accept credit cards,” the firm stated in a tweet.

The merchant services company made news last moth as well, when it announced a new round of funding. The firm stated that SalesVu poured $600,000 into the startup, hoping to help it achieve growth initiatives.

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