Square Reveals Annual Processing Volume — Up 25% Since March
Square is processing payments at an annualized rate of $5 billion, a new report from Bloomberg says.
Square Chief Operating Officer Keith Rabois told Bloomberg’s Danielle Kucera that April’s $5 billion annualized rate is up 25 percent from a month ago.
More than 1 million merchants accept payment using Square, the report says.
Square also tells Bloomberg that it is making a new timing commitment to its merchant partners: the company says funds processed before 5 p.m. will be made available to merchants by the morning of the next business day.