Square has grown exponentially since the last time a story on it ran here at NY Tech Blog. Hardly four months since a huge funding round that grabbed headlines, Square has now shaved off its client charges, a move that may disrupt the whole business of mobile payments. The previous numbers used to be Square collected 2.75% off of every amount in a transaction and a 15 cent transaction charge. Now the latter has been snuffed from existence, allowing Square’s fast growing clientele of SMEs to conduct more business than ever before.
That ‘small business clientele’ is no joke. At the rate it’s growing, Square is on track to sign in 100,000 users a month with ample room for even larger figures throughout this year. Keep in mind that Square only launched in 2010 and by fall it already processed multimillion dollar transactions from an active userbase that grew by 30,000 warm bodies a month.
General Manager Keith Rabois explained the move:
“The vision of Square is to simplify create zero friction and complexity around payments, which is difficult to do in financial services. In the end accepting payments should be as easy as using a microwave.”