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

San Francisco-based startup releases numbers about its early success

By Sajid Farooq
|  Thursday, Oct 13, 2011  |  Updated 8:33 AM PDT
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Jack Dorsey of Twitter

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

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Jack Dorsey of Twitter

"Press:Here" talks with Jack Dorsey of Twitter, Sarah Lacy of Businessweek and Jon Fortt of Fortune.
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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. Square makes its money by charging 2.75 percent of every swipe on its device.
 

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