Up to this point, Square has had most success with smaller and independent retailers. But it now is looking at larger retailers. One indication is a change in its policy of delaying retailer payments exceeding $1,000 per week, a policy Square originally implemented to prevent fraud, according to company CEO Keith Rabois. "Now that we've been commercially available for a year, we can now spot statistical anomalies." Such an improvement stands to lure larger stores into Square's fold, since they won't have to wait up to one month to receive their money. At the moment, Square's base is mainly small businesses, 70 percent of which did not previously accept credit cards because of associated fees.
The San Francisco, Calif.-based company now boasts 800,000 merchants and processes $2 billion in payments, according to Rabois.
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