Cash flow is one of the biggest challenges for small businesses. For busy store owners to refresh stock and stay on top of rent, and for trade professionals surviving invoice-to-invoice, deposits need to come quick.
Square’s goal has always been to give these companies a leg up in the economy by making the process of being paid fast and predictable. We started with next business day deposits as standard, and our Instant Deposit feature goes one step further to give you even quicker access to your money.
Available to Square sellers in the UK, Instant Deposit enables you send money from your sales direct to your bank account. With the tap of a button in your dashboard, you’ll get paid within 20 minutes. Instant Deposit works 24 hours a day, seven days a week, even on bank holidays.
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Since its launch here in April, hundreds of Square sellers have been using Instant Deposit each month to keep their businesses running like clockwork — and the numbers keep growing.
Francisco Prieto, owner of Pireto’s Grill, is one of them. Francisco has become well known for the delicious Argentinian BBQ cuisine that he makes and sells at markets in South and East London. But before Instant Deposits, he was coping constantly with the impact of delayed deposits:
“We trade on Fridays and at the weekends, and we have always had to wait until the following week to get hold of our card takings. My business is around 50% card payments so waiting for that money really affects my cash flow.
“If I’ve had a busy weekend I’ll want to restock supplies, but I don’t always have the cash to do that. With Instant Deposit, I can get my money straight away, 24/7, and put it right back into the business. It’s the nearest thing to cash I have found and, as a small business owner, I’d certainly recommend it.”
Instant Deposit is also affordable, costing just 1% of the total deposit amount, with the freedom to send up to £1,000 in one go.
You can enable Instant Deposit at any time, straight from the settings section in your Square app — just make sure you’ve linked and verified your bank account, and voilà, you’re good to go.