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Square shows it’s still growing with $100 million processed in a single day

More than 1 billion customers pay using Square a year.
By Alice Truong
Published Last updated This article is more than 2 years old.

Square said today that it hit a new milestone on Dec. 5, processing $100 million in transactions. Collectively, its merchants represent the 13th-largest retailer by annual sales, according to the payments company.

The company has remained tight-lipped on its own financials, but it raised $150 million in October amid increasing competition, including Amazon’s $10 credit-card reader, Apple Pay, and PayPal. (That same month also brought rumors of acquisition talks between Square and PayPal.)

Square’s latest milestone shows it’s still growing. To differentiate itself, it has launched a number of new products (they also help to diversify its revenue sources, which is especially important given the tight margins of payment processing), including financing for small businesses, an order-ahead platform for restaurants, and an iOS app for its meal-delivery acquisition, Caviar.

More than 40% of the company’s merchant base comes from sellers who process more than $125,000 a year. Overall, the company said more than a billion customers pay using Square annually, and that its fastest-growing segment of merchants transact more than $500,000 in sales a year.

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