Even with the threat of PayPal looming, Square continues to grow. The company told Bloomberg Wednesday that its annualized rate of processed transactions is now up to $5 billion, up from $4 billion a month ago. It’s unclear how much Square is actually making on all this action and if it’s even profitable, but the growth is showing that Square is executing on its bid to become a payment tool for small businesses.
The company also announced that it is now guaranteeing that any funds processed by 5 p.m. will get deposited into a merchant’s bank account by the morning of the following business day. Square has been offering next day deposit for many transactions but the later 5 p.m. cut off makes more of the money available the next day. Typically, other processors can take two to five days to deposit money into a merchant’s bank account.
Fast deposits have been one of Square’s selling points. But PayPal has also been touting the ability for businesses using its new PayPal Here product to get access to their funds on the same day if they deposit into a PayPal account and then withdraw it using a PayPal debit card. PayPal is trying to get more businesses to use their PayPal accounts and is offering 1 percent back on purchases that use the debit card.
Square’s latest milestone still puts it behind PayPal, which is expecting to do $7 billion in mobile payment volume this year. And it’s still a far cry from $118.7 billion in net payment volume PayPal did last year. But with the way Square is growing, it could be on a much higher pace by the end of this year. The company, which has more than a million merchants using its payment system, is reportedly trying to raise $250 million at a valuation of $4 billion.
Photo Illustration by Sean McCabe
As you’ve no doubt noticed, your viewing options got a little shorter last week. Starz, the longtime supplier of popular movies and television series to millions of Netflix streaming devices, took their catalogue and went home rather than play with Netflix any longer. Popular titles like “Secretariat,” “Toy Story 3,” and “Scarface” disappeared from instant queues the world over.
While it may sound like Armageddon for the Los Gatos-based provider, especially in the wake of 2011’s pricing debacle – you know the one where they wanted subscribers to pay 60% more for the same thing – Netflix may be more prepared than you think, and that only bodes better for those same subscribers. In the past few months, Reed Hastings and company have been busy locking up lucrative, and not to mention exclusive, content deals with some of the biggest names in entertainment, something that Comcast’s recently announced Streampix or the still unnamed RedBox / Verizon partnership can’t replicate.
In what may be a sign for the mobile industry, Google has announced that effective today, all available AdMob cost-per-click (CPC) inventory will be entered into Google’s AdWords-style auction, where the winning bid will be determined by the quality of the ad and other competing bids at that time. No minimum bids will be required, which will let advertisers compete for mobile inventory based solely on supply and demand.
The mobile war is in full swing. Reports already indicate that Facebook will be launching their first mobile advertising with its famed sponsored stories ad format, while Apple famously already offers its rich iAds across the mobile ad network previously known as Quattro. While Facebook sponsored stories on Mobile will allow for individual endorsements to travel to a much larger audience and create larger impact, AdMob’s self service CPC model will open up the market and allow a whole set of new advertisers to enter the market.
Much like Google’s AdWords, with AdMob’s offering:
- There will be no minimum bid requirement
- You will not pay more for a CPC click than your maximum bid
- Your ads quality score will be a factor in how much you pay
- This will only affect CPC banners and CPC text & tile ad units
Online Ad Guru
iPhone #1 for Web Browsing
Although Apple ships the same iPhone 4S devices to Sprint, Verizon and AT&T, their performance and features differ once they are configured for each network.
On AT&T’s network, for example, the iPhone can talk and surf at the same time — a feature not supported on Verizon and Sprint’s CDMA networks. Other factors, like call quality and service levels, also differ by network.
A new study from Metrico Wireless outlines the core values for each type of phone in which performance is directly tied to the selected carrier.
The iPhone 4S is fastest on AT&T, due to the original contract between Apple and AT&T and hence the device supports AT&T’s HSPA+ network. Apple currently does not provide support for either Verizon’s 4G LTE network or Sprint’s WiMax-based 4G network.
Metrico said that Verizon performed best in the category of completing calls, edging out Sprint and AT&T. Important note, Sprint is the only one still offering unlimited data, which it heavily promotes within high-profile programming such as NFL football.