Square has been fined $507,000 in the state of Florida by Florida regulators for unlicensed business activity. The company consented to the charges, but never actually admitted to the violation. The company reportedly didn’t have a money transmitter license in the state, though it applied for one back in November. However, Square was found to have been operating without a license from February 2010. After paying the fine, Square was given said license.
Square spokesperson Aaron Zamost released the following statement:
We worked with Florida to resolve our application and receive our license to operate as a money transmitter in the state. We look forward to continuing to help merchants across Florida grow their business with Square.
In the state of Florida, companies who offer payment processing services must be licensed with the OFR.
Square is a San Francisco-based startup that offers mobile payment solutions for individuals and small businesses. The company gives its users free credit card readers for their smartphones and tablets and charges a set fee per transaction.
