After ten months of a private pilot limited to only
50,000 users, Square has finally opened its doors to the public. The
brainchild of Twitter co-founder
Jack Dorsey, Square was
unveiled last December as a small credit card reader that could turn any iPhone into a mobile cash register. The startup has since unveiled apps for the
iPad, Android and
iPhone. And Dorsey
brought on PayPal and Slide veteran
Keith Rabois as General Manager in August. As Square exits its pilot, the startup is hitting an impressive milestone: Square is now processing millions of dollars in mobile transactions every week. So where is Square seeing the most traction? Without a doubt, small businesses, independent workers and merchants comprise most of Square's rapidly growing user base. The technology only requires its tiny credit card scanner that fits into your audio jack and Square's app. The device and the software are free, but Square takes a small percentage of each transaction (2.75% plus 15 cents for swiped transactions).
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