Canadian businesses will receive funds in 1-2 business days, regardless of transaction type or deposit size
SAN FRANCISCO – January 30, 2014 –Square, the company making commerce easy for everyone, has eliminated holds and deposit limits on manually entered transactions in Canada. Funds from both swiped and non-swiped payments will be deposited in merchants’ bank accounts within 1-2 business days, a crucial advantage for local sellers who typically don’t take payments in person, such as caterers and contractors. The move is an important step to further remove barriers to growth for local businesses, and makes Square an industry leader in eliminating deposit limits and related holds for customers.
“No deposit limits and no holds improves our day to day working capital and also reduces the turn-around time to pay our suppliers and vendors. This is a win not only for us but also our customers,” said Maciek Hunek, co-owner of Eph Apparel, a Winnipeg-based custom suit company that outfits thousands and is expanding throughout Canada.
Merchants get their money quickly, whether they swipe a payment card with Square Reader 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.
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.
Last year Square announced that tens of thousands of Canadian small businesses have accepted credit card payments on their mobile devices and processed over $100M in sales.
About Square, Inc.
Square is making commerce easy for everyone. Starting with a free credit card reader for the iPhone, iPad, and Android devices, Square Reader allows anyone to accept credit cards anywhere, anytime, for a low transaction rate of 2.75 percent per swipe, with no hidden fees. Square Register serves as a full point of sale system for businesses to accept payments, manage items, and share menu and location information. Founded in 2009, and headquartered in San Francisco, Square is currently available in the U.S., Canada, and Japan. More information is available at square.ca.