Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Business Finance

Square removes deposit limits, we can finally recommend it

Square has made a minor announcement today with major implications, opening up many more businesses to actually use the service.

square payments

square payments

Square makes a small announcement with a huge impact

Mobile payment system, Square announced today that effective immediately, they’ve eliminated deposit limits on manually entered transactions for all businesses in the U.S.

One of our major complaints about Square (and other mobile payment readers) is these hidden restrictions, having eliminated the seven day holding period on funds, and $2,002 caps, Square has instantly removed the primary reason we could not recommend the system to anyone.

In a statement, the company said, “For businesses like yours, larger-ticket, manually entered transactions are simply a necessity. You shouldn’t receive your money on a different schedule than other businesses. No more confusion about when your next deposit will be. Square will be sending all your payments to your bank account in 1-2 business days, regardless of transaction type or deposit size.”

The timing is perfect

Previously, Square was really only most advantageous to entrepreneurs selling small ticket items like quilts or jewelry, or smaller services like mobile mechanics or tailors. But anyone that sells higher cost products or services were kept in a holding pattern where they couldn’t access their earnings for seven to even 30 days, if the amount exceeded $2,002.

Advertisement. Scroll to continue reading.

This is an important move for Square as Square Register, launched early this year, seeks to replace cash registers and put product sellers and service providers on their systems.

Their timing is perfect, as tablets have gone mainstream, and most people now understand how mobile payment systems work and are less leery.

We are frequently asked what tools we use, and when Square comes up, until this point, we have had to confess that it was useless to us, given the hold periods and deposit limits, but with this single announcement, it has become useful for any type of business.

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

1 Comment

1 Comment

  1. Pingback: Why mobile payment systems aren't catching on - AGBeat

Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Tech News

Finding an app or software that works for your small business can be a challenge, but we've rounded out out top 15 to try.

Business News

(BUSINESS NEWS) Square is losing money like many other companies due to COVID-19, but their way of padding this loss doesn't seem fair or...

Business Finance

(FINANCE NEWS) Cryptocurrency lovers rejoice, you can now buy, sell, and store bitcoin in your Square wallet.

Business Finance

Facebook and Square just got busy, and it might be the best thing that to ever happen to marketing on social media.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.