Square Passes One Million Active Merchants

Square, the mobile payment processing service founded by Twitter’s Jack Dorsey, has passed the one million merchant mark.

Square launched in early 2010 and offers merchants free hardware that allows them to accept payments on iPhones, iPads and Android devices. Square currently charges merchants 2.75% per transaction.

Dorsey announced the milestone Tuesday via his Twitter account, saying that the one million merchant number is those who have made a transaction via Square.

Just as small businesses are growing with Square, we’re growing with them: Over 1 million merchants now accept credit cards via @Square.

— Jack Dorsey (@jack) December 13, 2011

To put that in perspective: there are only 8 million merchants who accept credit cards in the US. @Square has added 1 million.

— Jack Dorsey (@jack) December 13, 2011

Square mails its free hardware to merchants, and also offers it at retail outlets like Wal-Mart, Target and Radio Shack.

(tip via TNW)