Square doubles its retail reach with Walgreens, Staples deals
Square signed new retail agreements with Walgreens, Staples and FedEx Office, doubling the number of locations selling its signature credit card reader to 20,000.
The Square Card Reader is now available in more than 7,000 Walgreens stores, 1,500 Staples stores and 1,500 FedEx Office stores across the U.S. The chains join existing Square retail partners including Apple (NASDAQ:AAPL), Best Buy, OfficeMax, Radio Shack, Target, UPS and Walmart.
Square enables small businesses and other users to accept credit and debit purchases by swiping cards through the reader, a small dongle that plugs into their smartphone's audio jack. The reader retails for $9.95; new users receive a $10 rebate upon signup.
Square lets businesses accept credit and debit purchases by swiping cards through the reader
Square charges a flat fee of 2.75 percent on all transactions and promises users no contracts, monthly fees or hidden costs. In April, the company reported it is now processing mobile transactions at an annualized rate of $5 billion. More than 1 million merchants now use Square services.
Recent reports indicate Square is currently raising a new round of financing that values the company at $4 billion--roughly four times what it was worth less than a year ago. Square has raised about $137 million from investors including Kleiner Perkins as well as Tiger Global Management, Sequoia Capital and Khosla Ventures. During its last round, completed in June 2011, Square raked in $100 million, vaulting the firm's valuation to more than $1 billion.
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