Square to process $5 billion in payments this year

Square, the cool mobile payment platform, is growing increasingly by the day, as the company just released some impressive stats. According to a Bloomberg report, Square is now processing $5 billion in annual payments (or around $416 million in payments per month), which is up from $4 billion in annual payments in March. Not bad for a one-year old startup, huh?
As a Square user myself, one thing that drove me crazy about the payments service was transactions that took a few business days to complete, but now this seems to be nearing an end. Square claims that it will be making funds available in merchants’ bank accounts the next business morning (for any sales made before 5:00 p.m.), which is crazy convenient when you consider that other merchant processors can take two to three business days to give businesses their hard-earned loot.
As you can see, Square is making much progress, as they’re clearly head and shoulders above the competition. Companies like PayPal are trying to mimic the same kind of success with their new PayPal Here mobile payment platform, which recently put out a meaningless report that bragged about more than 200,000 merchants signing up.
Do you use Square as your payment platform of choice?
[via Bloomberg]