Square Payment Pace Rises 25% in Niche Coveted by EBay
This article is for subscribers only.
Square Inc., maker of credit-card readers for smartphones and tablets, has increased its payment volume 25 percent since March, when EBay Inc.’s PayPal showed off a new mobile scanner and underscored growth in the field.
Square, founded in 2009, is processing transactions at an annualized rate of $5 billion, up from $4 billion a month ago, as more consumers embrace mobile payments, Chief Operating Officer Keith Rabois said in an interview. The San Francisco company is making cash from sales before 5 p.m. on any day available in merchants’ accounts on the next business day, compared with as many as five days out for other processors.