Square has surpassed $10 billion in annually processed payments for the first time in the company’s short history. The announcement comes just weeks after another estimate placed the company’s processing numbers at $8 billion
Seen as a pioneer in the mobile credit card processing field, Square has been actively advertising on TV, in print, and online.
The $10 billion in payments do not include Starbucks processed payments.
At this time, more than 7,000 Starbucks stores in the US have begun accepting Square Wallet payments alongside other forms of payments. Starbucks is also in the process of integrating the Pay With Square app platform into the Starbucks mobile OS app platform.
Also part of the Starbucks deal is Square’s deal, which allows it to process US credit and debit card transactions at many Starbucks locations.
In 2013, the company’s value will likely increase quickly thanks to international expansion that now includes recently launched service in Canada.
At the time of this post, Square currently serves more than 2 million businesses. The credit processing firm also recently raised $200 million in additional venture capital for a valuation of $3.25 billion.
If Square executives can continue to land big box retailers, the company’s value could quickly skyrocket. In the meantime, Square is facing competition from the likes of PayPal Here and Visa.Me, both which hope to grab a big chunk of the mobile and internet payment markets.
With a simple transaction fee structure and free credit card processing dongles available for mobile use, Square has a bright future ahead of itself, but only if it can continue to offer the types of services in a web-based world desire and require.