Earlier this week mobile payments company Square announced it is now processing $2 billion in payments volume per year and so far has registered 800,000 merchants for its service–that’s up from 500,000 card readers shipped in May. Remarkably, Square’s merchants are now 10% of the reach of the Visa/MasterCard world.

In case you’re not familiar with Square, it lets merchants process credit card transactions using a swiping device that plugs into a smartphone or tablet. TechCrunch reports that in May the company debuted a new service to replace the cash register and loyalty card, and in June, raised a $100 million in funding, resulting in a company valuation above $1 billion.

Square also announced it has done away with transaction limits that previously held funds of new users if they exceeded $1,000 in a week. Now all new businesses that use Square’s card reader will have funds triggered for processing the same day with proceeds arriving in merchant bank accounts the next business day.

Read more at TechCrunch ^[1].