Jack Dorsey's Square Processed $2 Billion in Credit Cards | NBC Bay Area

Jack Dorsey's Square Processed $2 Billion in Credit Cards

San Francisco-based startup releases numbers about its early success



    Square CEO Jack Dorsey has some numbers he should be smiling about.

    For those wondering how Twitter co-founder Jack Dorsey is going to make his encore work, he has released numbers.

    Dorsey's second company, Square, allows merchants and small businesses to process credit cards with a small attachment added to their smartphone or tablet computer.

    Monday Square released data that shows the company has signed up 800,000 merchants who have processed over $2 billion in transactions in the past year since the company began handing out free credit card processing attachments.

    Square also announced that it is ending a practice where the company used to hold all transactions over $1,000 in a week for a short period before releasing the cash.

    Now the San Francisco-based company will release the money immediately. Squaremakes its money by charging 2.75 percent of every swipe on its device.