Square Reveals Annual Processing Volume — Up 25% Since March

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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.

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