| May 3, 2011

Mobile payment processing company reaches milestone

One of the nation’s foremost mobile credit card debt processors recently announced that it reached an important milestone less than two months after its first major high point.

Jack Dorsey, founder of the mobile credit card payment startup Square, announced via Twitter that the company processed more than $2 million in purchases on Friday, April 29, according to a report from Business Insider. The company processed more than $1 million for the first time on March 2.

The jump in sales pushed Square’s Friday revenues to $59,930, up 40 percent over the same day in the previous week, the report said. This came on more than 23,000 transactions, which itself was an increase of 17 percent over the previous period. In addition, the company now has more than 9,000 active users, a 14 percent increase.

Square’s growing popularity and success should come as no surprise. Visa, the world’s largest credit processing network, recently gave the startup a tacit endorsement with a small monetary investment, and Apple recently began featuring its credit card reader in its Apple Stores.

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