Square Processing $2B In Payments Per Year • Hacker News Board

Re: Square Processing $2B In Payments Per Year

#11

Post by Cherian_Abraham » Tue, Oct 11, 2011, 1:26 AM UTC

Wonder what portion of the $2B in transactions are those that come under $6 on which, Square actually loses money. Also, it averages $2500 per merchant, which seems that these are low volume merchants, and unlikely that Square has recouped their merchant setup costs yet. Transaction volume has to still improve significantly before Square will find itself in the black. Yet, much kudos to a true disruptor.

Re: Square Processing $2B In Payments Per Year

#12

Post by [deleted] » Tue, Oct 11, 2011, 1:50 AM UTC

pitdesi wrote: post #2

"Rabois says that Square’s merchants now represent 10 percent of the transactions in the Visa/MasterCard world." This is either a) completely untrue, or b) a clever play on words (I don't know what "Square's merchants" means) 800k card readers shipped is significant and would be about 10% of the total companies that take credit cards, but the vast majority of those with readers are not actually companies (I have gott…

[deleted]

Re: Square Processing $2B In Payments Per Year

#13

Post by learc83 » Tue, Oct 11, 2011, 2:43 AM UTC

yakto wrote: post #10

learc83 wrote: post #3

Has anyone heard any rumors about when Square is going to release 1.0 of their android API. I'm building a POS into some tablet based software my company sells, and I'd really like to do microtransactions without the $0.30 fee per transaction.

Google Payments ( https://checkout.google.com/inapppayments/ ) has no transaction fee, just a flat 5%.

Thanks for the suggestion, but I need something that will work with a card swiper and do card-present transactions.

Re: Square Processing $2B In Payments Per Year

#14

Post by ericxtang » Tue, Oct 11, 2011, 3:59 AM UTC

Square does an amazing job at solving both a hardware and a software problem in just 2 and half years. Pretty impressive.

Re: Square Processing $2B In Payments Per Year

#15

Post by hoopti » Tue, Oct 11, 2011, 2:14 PM UTC

I have not interacted with Square at all... not in any store or online presence that I have seen.... Where are they?

Re: Square Processing $2B In Payments Per Year

#16

Post by garydevenay » Tue, Oct 11, 2011, 2:37 PM UTC

hoopti wrote: post #15

I have not interacted with Square at all... not in any store or online presence that I have seen.... Where are they?

I seem to think that they are used by smaller or personal organisations (that's what I think they would be ideal for anyway). So maybe a lot of trades-people and freelances could be utilising their service.