Mobile payments processing platform Square has been used by a variety of individuals and businesses, from charities to taxis to food trucks to political campaigns. Next up—art fairs and farmers’ markets.
The company says that at Etsy’s New York’s Spring Handmade Cavalcade last weekend in Brooklyn, over 90% of the vendors used Square to accept payments. And this weekend, Square says that many vendors at Unique LA, the largest independent fashion market in the country, will use Square to process card payments. Unique LA expects over one and a half million dollars to be spent in its market over the weekend.
It’s not surprising that Square is being used by independent purveyors at fairs and markets. The company’s smartphone dongle and companion payments app makes taking credit cards easy. The payments app has been a favorite amongst independent workers, merchants and small businesses for the past few years.
As reported a few weeks ago, 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. And payment volume is up 25 percent over the past month. The company also just started making funds available in merchants’ bank accounts the next business morning (for any sales made before 5 pm), while other merchant processors can take 2 to 5 business days to get merchants their money.