NEW YORK (TheStreet) –– Square's footprint continues to grow, as the mobile payments company announced its sellers processed more than $100 million in sales in one day, driving what it calls "meaningful economic growth" throughout the country.
San Francisco-based Square noted in a press release that more than 40% of the company's payment volume comes from businesses which process more than $125,000 a year, up from 25% in 2012. The company noted its fastest-growing segment is sellers who process more than $500,000 worth of credit card transactions, but it declined to give specifics on how fast it's growing.
As Square moves to expand its reach beyond just small businesses, the company highlighted some statistics showing the breadth and scope of its payment reach:
• One in four active U.S. credit or debit cards have paid with Square this year.
• Square businesses now get more than 1 billion customer visits per year.
• Square Register, Square's free point-of-sale software, is now available to sellers around the world, offering support for 130 currencies.
The company, which is thought to be doing more than $30 billion in annual total payment volume in 2014, is expanding its business beyond the traditional point-of-sale system its known for, and expanding into other back-end services for small and medium-sized businesses. The company's financing arm, Square Capital, has loaned out more than $75 million in financing throughout the U.S. The company is also working on adding software and other capabilities to its services, including digital receipts for businesses and Square Appointments, an online appointment booking service dedicated toward small businesses that allows their customers to make appointments online.
Square recently unveiled a new card reader designed to cut down on credit card fraud, working with the latest EMV (Europe, Mastercard, Visa) that will allow small businesses to accept new credit cards with chips inside them, making the cards harder to clone than the traditional magnetic-stripe credit cards.
--Written by Chris Ciaccia in New York
>Contact by Email.