Get help from all our vendors with one click.
In a report from Bloomberg, Square Inc. COO Keith Rabois said the mobile POS provider is now processing $5 billion in transaction at an annualized rate. That's a 25 percent increase from just last month.
Additionally, Rabois said the company is speeding up the time it takes for its merchants to receive funds, depositing money in merchant accounts within one day instead of the two to five days common for other processors.
Rabois told Bloomberg, "Sole proprietors and small businesses live and die by their cash flow." He said scarcity of capital, caused by banks not loaning money, means small businesses need their money quickly. "(H)aving access to funds is super-crucial for them."
While Square may be processing more transactions, the story comes just a week after AllThingsD reported the company is looking for additional funding. To that point, the Bloomberg article said only, "The company doesn’t release its financial results, and won’t say whether it is profitable."
For more stories on this topic, visit the POS research center.
User Comments