Square addressed what it called myths about its products and services a day after Amazon grabbed headlines with the release of a competing mobile point-of-sale reader.

"There's a lot of misinformation out there about Square. So let's set the record straight. Below are 10 myths about Square, and why they're totally bogus," the blog began in its introduction. 

Square discussed its fee structure and customer service, and attempted to quell rumors that its overall business is struggling. 

"We're well-capitalized and putting our money to good use: investing in people and new products. Reports that we tried to sell the company, or of a delayed IPO? False. We’re here for the long-term," the company wrote in the blog. 

Amazon Wednesday released Amazon Local Register, a mobile card reader similar to offerings from Square, PayPal, ROAM and others. The company's initial promotion rate is 1.75 percent for each swipe for merchants who sign up by Oct. 31. That rate is good until the end of 2015. Merchants then pay a rate of 2.5 percent.