Square, the mobile payment processor most recently valued at $6 billion, said its sellers recently processed more than $100 million in sales in a single day. If that type of volume were to persist for an entire year, Square would rank as the 13th largest U.S. retailer by annual sales, just ahead of Sears Holdings, Macy's, SuperValu and Apple's iTunes and App Store, according to the National Retail Federation. The growth comes as more big retailers start using Square and its register services. More than 40% of Square's payment volume now comes from retailers that process more than $125,000 a year, up from just 25% in 2012. It says the number of retailers processing more than $500,000 in card volume a year now represents its fastest-growing segment. Square, which competes with Apple Pay and eBay's PayPal at the register, is reliant on the collective processing power of thousands of small businesses, taking a small fee for every swiped card. However, the company, which was founded by Twitter co-founder Jack Dorsey and is backed by Goldman Sachs and Rizvi Traverse, has faced criticism this year regarding the pace at which it is burning through cash. The Wall Street Journal in April reported that Square was losing money.
Copyright © 2014 MarketWatch, Inc.