Square abolishes deposit limits

Funds in merchant’s bank account in 1-2 business days.

Square, has announced it has eliminated holds and deposit limits on manually entered transactions in the U.S.

Square merchants get their money quickly, whether they swipe a payment card with Square Reader, sell online with Square Market, or take an order over the phone. Square sends funds to a merchant’s bank account in 1-2 business days, regardless of transaction type or deposit size.

“At a small company like ours, it is all about cash flow,” said Vadim Semenov, co-owner of Planet Construction. “We’re remodelling 15 kitchens a week and typically take payments over the phone. If we don’t get our money quickly, we can’t buy the drywall, flooring, or lumber we need to get our projects started. Not having to worry about deposit limits is huge for my business and our customers.”

Removing deposit limits and related holds is the latest step by Square to upend financial norms and make running and growing a business easier than ever for merchants. Square was the first company to introduce a flat, transparent rate for all credit cards, eliminate fixed per-transaction fees, and institute next business day deposits for customers.

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