Mobile payment company Square has agreed to pay a fine in Florida for operating without proper licensing. Square has entered a payment of $507,000 to Florida’s Office of Financial Regulation on July 24th after the Office found out that Square was operating there without a money transmitter license. Florida law requires that any company that offers payment or processing services must be licensed with the Office. Square paid the fine, but did not admit to wrongdoing.
?Applicant neither admits not denies, but consents to the Office?s finding that Applicant engaged in business as a money transmitter (as that term is defined in Section 560.103(23), Florida Statutes) in the State of Florida without first obtaining a license?Specifically, the Office finds that Applicant?s existing payment processing services (including Square Register) and stored value/prepaid access card services required a license under Florida law,? states a document associated with the fine.
This fine covers Square’s operations in Florida from February 2010 to November 2012. Square applied for a license in November and it was granted once Square agreed to pay the fine.
?We worked with Florida to resolve our application and receive our license to operate as a money transmitter in the state,? stated Square spokesman Aaron Zamost. ?We look forward to continuing to help merchants across Florida grow their business with Square.?
Below is a copy of Square’s Florida fine filing:
Square Florida Fine