Square Now Processing $4 Million In Mobile Payments Per Day

Flush with $100 million in new funding, Square is continuing to grow like a weed in the mobile payments space. After passing the $3 million mark at the end of May, Square is now processing $4 million in mobile payments daily, and is on track to reach over $100 million in transactions in July. And COO Keith Rabois tells us that he expects the company to double this volume by October. In late June, Square raised a massive round of funding, which valued the company above $1 billion. At the time of the announcement, it was revealed that Square was processing nearly $4 million in payments per day, but the company has surpassed that mark a month later. Rabois tells us international expansion is part of the next phase of growth. He expects to initial launch payments capabilities outside of the U.S. in 2012.

Square Now Processing $4 Million In Mobile Payments Per Day

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Now Square Is Looking To Raise $50 Million At A $1 Billion Valuation

Payment processing company Square is looking to raise a new round of up to $50 million with a $1 billion valuation, multiple sources tell Mike Arrington at TechCrunch.

Square has been selling the latest version of its tiny credit card reader since last fall, and just rolled out an iPhone app called Card Case that could replace the loyalty and discount cards that merchants use, and an iPad app that could replace the cash register.

Founder Jack Dorsey recently tweeted that Square is processing more than $3 million in transactions per day. A picture of the company's dashboard back in April revealed it was pulling in about $60,000 in revenue per day on $2 million in transactions, so that means it's probably close to $100,000 per day.

See also: Jack Dorsey, Apple CEO? Probably Not.

 

 

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• Gossip From An Evening With All The New York Tech Greats
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Now Square Is Looking To Raise $50 Million At A $1 Billion Valuation

Backlink: http://www.businessinsider.com/square-looking-to-raise-50-million-at-1-billion-valuation-2011-6

Mo’ Money: Square Now Processing $3 Million A Day In Mobile Payments

That was fast. Just like that Square passed $3 million in transactions processed, on a Saturday no less, according to a Tweet an hour ago by CEO Jack Dorsey. The mobile payments startup is seeing an acceleration in transaction volume. It took about 10 months from its public launch for Square to reach $1 million a day in payments going through its mobile app. Getting to $2 million a day only took about two months. And now, less than a month later, it is passing $3 million.

Mo’ Money: Square Now Processing $3 Million A Day In Mobile Payments

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Turns Out Square Isn't Secure Enough For Its Big Fancy New Partner, VISA (V, PAY)

Mobile payments startup Square plans to make all of its dongles encrypt credit card data on the fly, a Square exec said at a conference. This is after Square said in response to accusations from competitor Verifone that it doesn't need to encrypt credit card data.

Square is doing this to conform to Visa's new set of mobile application best practices. Those new best practices were released yesterday, just as it was announced that Visa made a strategic investment in Square. So in other words, Visa made Square add encryption to its dongle.

This must be a bummer for Square, because it has to design and build new dongles all over again. Moreover, we assume that the chips that will be needed to encrypt credit card data will be more costly than what the current dongle has, which should be costly -- Square gives away the dongles and makes money from a commission on each transaction.

Just to be clear: even without encrypting credit card data, Square is by all accounts fully compliant with all industry regulations. So it's not like there's this huge gaping security hole with Square. But their new big and  important partner evidently feels that they have to beef up their security.

Now You Should Read: Why Square Will Need To Ditch The Dongle →

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See Also:

• Visa Invests Big Money In Square, Even Though Square Probably Wants To Kill Visa
• PayPal Buys Another Startup To Beat Google, Apple And Square In The Mobile Payments Race
• Square COO Explains Why The Web Is Dead

Turns Out Square Isn't Secure Enough For Its Big Fancy New Partner, VISA (V, PAY)

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Twitter Headquarters Moving to Market Square Building in San Francisco

Twitter signed a lease to move its headquarters to Market Square. In a blog post today, Twitter said: "The city where we have started and grown will remain our future home. Twitter is staying in San Francisco. Market Square is a historic building in San Francisco's Central Market neighborhood that is being managed by our new partner and landlord, Shorenstein Properties."

Twitter Headquarters Moving to Market Square Building in San Francisco

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Free Square Device

If you’ve not heard of Square, it’s a device that allows anyone with a phone to accept a credit card payment. You plug it into your phone, start the app, put in the amount, and run the card. You can even have the person sign their name on your touchscreen. At the Chevy Tweet House, they were giving a ton of them away. I grabbed 5 for readers of this blog. The first 5 people to comment on this post will get the free Square devices.

Free Square Device

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Square Now Processing More Than $1 Million In Payments Per Day (AAPL, GOOG)

Laugh all you want about Square's cute little credit card readers, but it's starting to get some traction, even in these wee days of mobile payments.

Square cofounder and CEO Jack Dorsey says that the company is now processing more than $1 million per day in transactions.

With a 2.75% commission, that suggests Square itself is generating about $27,500 in revenue per day, which puts it on a roughly $10 million revenue run rate.

(It's probably wildly unprofitable, though.)

Still, not a bad start!

Now we'll see what happens later this summer when Apple (and maybe Google) introduce their own mobile payment systems.

Read: 15 Features Apple Must Build Into iOS 5

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Square Now Processing More Than $1 Million In Payments Per Day (AAPL, GOOG)

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Union Square Creates New Fund as Social Media Goes Mainstream

Union Square Ventures is putting together a new fund to help it participate in later rounds of funding for growing companies. The VC says the new Opportunity Fund, first hinted at a couple of weeks ago, will allow it to continue to invest in social media and networking start-ups like its existing portfolio companies Twitter, Foursquare and Tumbler as they grow beyond the early stages that the firm has traditionally focused on.

Union Square Creates New Fund as Social Media Goes Mainstream

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LEED Projects Surpass One Billion Square Feet

This month, the total footprint of commercial projects certified under the U.S. Green Building Council's (USGBC) LEED Green Building Rating System surpassed one billion square feet.

Another six billion square feet of projects are registered and currently working toward LEED certification around the world. "This traction demonstrates the transformation of the way we design, build and operate buildings," said Rick Fedrizzi, President, CEO and Founding Chair, USGBC. "Not only does green building contribute to saving energy, water and money, it also creates green jobs that will grow and energize our economy." LEED is a leading program for the design, construction and operation of high-performance green buildings. Since it was first introduced to the marketplace in 2000, over 36,000 commercial projects and 38,000 single-family homes have participated in LEED. By consuming less energy, LEED-certified buildings save money for families, businesses and taxpayers; reduce greenhouse gas emissions; and contribute to healthier environments for residents, workers and the community. "The impact of these one billion square feet can be seen in communities around the world," said Peter Templeton, President of the Green Building Certification Institute, the certifying body for LEED projects. "The use of LEED represents a growing global commitment to improving our built environment for future generations." Photo by John McStravick/flickr/Creative Commons Reprinted with permission from Sustainable Business

Post originale: http://featured.matternetwork.com/2010/11/leed-projects-surpass-one-billion.cfm