Disruptive mobile payments company Square has received a big retail boost over the past few months, with its card readers being sold at Apple, Best Buy, RadioShack, Target and most recently, Wal-Mart retail stores. And to help new users find a brick and mortar retailer where they can purchase a Square card reader, the company is launching a new store locator feature.
It’s basically a map of all retail locations nationwide that carry Square card readers, and you can simply type in your zipcode, and you’ll see all the stores that carry the mobile device near your location. Square tells us that card readers are now available in over 9,000 retail locations nationwide, up from only approximately 200 locations this summer. The readers sell for $9.99 in stores but each purchaser can redeem a $10 credit to their bank account.
As we reported a few weeks ago, Square’s payments service is now processing $2 billion in payments volume per year. To date, Square has been activated by 800,000 merchants which is up from 500,000 card readers shipped in May. And Square’s merchants are now 10% of the reach of the Visa/MasterCard world.
While it’s unclear what percentage of merchants buy Square at these retail stores vs. ordering the device for free online, the presence in high traffic stores like Target, Wal-Mart, Best Buy and Apple is great advertising for the company.