$2 billion per year being processed by Square

Square has a peripheral that plugs into the microphone or headset jack of the iPhone and this allows merchants to use an app to process credit card transactions.

This process has now gone live in the US and Twitter co-founder Jack Dorsey is the boss here.

Square has said that it can help 27 million small businesses to adopt credit card transactions. None of these small businesses currently use credit card facility.

It has been some time now that Square has been changing its terms to accelerate usage. For example, there has been a recent change where rules for the upper limit on payments have been changed.

Earlier on, when any merchant using Square would rack up more than $1,000 a week in payments, Square would hold the amount over the limit for a week. Now, all the payments will be processed immediately and will be accessible to the merchants the next day.

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