Laugh all you want about Square’s cute little credit card readers, but it’s starting to get some traction, even in these wee days of mobile payments.
Square cofounder and CEO Jack Dorsey says that the company is now processing more than $1 million per day in transactions.
With a 2.75% commission, that suggests Square itself is generating about $27,500 in revenue per day, which puts it on a roughly $10 million revenue run rate.
(It’s probably wildly unprofitable, though.)
Still, not a bad start!
Now we’ll see what happens later this summer when Apple (and maybe Google) introduce their own mobile payment systems.