Square Card Terms

Published 28 October 2024. Effective 29 October 2024

1. THESE SQUARE CARD TERMS

1.1 These Square Card Terms set out the terms and conditions that apply to your use of the Square Card and comprise a legally binding agreement between you, the Square Seller business entity that owns the Square Account, and Squareup Europe Limited, a company incorporated in England and Wales with company number 08957689, including its successors, affiliates, and assignees (“Square”, “we”, “us”, “our”).

1.2 These Square Card Terms supplement and amend (as the context requires) your existing agreement with Squareup Europe Limited and Squareup International Limited for Seller Services, which comprises the General Terms of Service and the Payment Terms plus any Additional Terms, such as these Square Card Terms. The General Terms of Service and the Payment Terms (as amended where relevant by these Square Card Terms) therefore also continue to apply to your use of the Square Card. In the event of an inconsistency between these Square Card Terms and the General Terms of Service or the Payment Terms, these Square Card Terms shall take precedence in relation to your use of the Square Card and the payment services associated with the use of the Square Card.

1.3 Capitalised terms used and not defined in these Square Card Terms shall have the meanings given to them in the General Terms of Service, Payment Terms and / or the
Privacy Notice

1.4 You must apply for a Square Card: In order to be eligible for a Square Card you must (i) have a valid and operational Square Account; (ii) be in material compliance with the General Terms of Service and Payment Terms; (iii) ensure that your Square Account Data is true, accurate, current, and complete; (iv) accept these Square Card Terms; and (v) provide us with any information requested in accordance with Section 1.5 below.

1.5 At application stage and on an ongoing basis as a Square Card user, you may be asked to provide certain information about your business or employees in order to assist Square in complying with its obligations under applicable laws. By providing Square with this information you are certifying that the information provided is true and accurately reflective of your business and your use of the Square Card.

1.6 You are required to review and accept these Square Card Terms as part of the Square Card application process. The Square Card Terms shall become effective and binding on you at the point you order your Square Card.

YOU SHOULD READ THESE SQUARE CARD TERMS CAREFULLY BEFORE ACCEPTING THEM AND ORDERING YOUR SQUARE CARD. BY ORDERING YOUR CARD, YOU REPRESENT THAT YOU HAVE READ AND UNDERSTAND THESE SQUARE CARD TERMS AND YOU AGREE TO BE BOUND BY THEM AND ACKNOWLEDGE YOU HAVE READ AND UNDERSTOOD OUR PRIVACY NOTICE.

WHERE THE PERSON THAT ACCEPTS THESE SQUARE CARD TERMS IS A PRIVATE INDIVIDUAL ACTING FOR YOU (I.E. WHERE YOU ARE BODY CORPORATE AND THEY ACT FOR YOU AS AN EMPLOYEE OR OFFICER), YOU WARRANT THAT THE INDIVIDUAL HAS THE AUTHORITY FROM YOU, AS THE SQUARE SELLER BUSINESS AND SQUARE ACCOUNT OWNER, TO ACT ON BEHALF OF AND BIND YOU TO THESE SQUARE CARD TERMS. IN THIS EVENT, THE PRIVATE INDIVIDUAL’S ACCEPTANCE OF THESE SQUARE CARD TERMS ADDITIONALLY CONSTITUTES HIS OR HER PERSONAL REPRESENTATION AND WARRANTY THAT HE OR SHE IS SO AUTHORISED AND THAT SHE OR HE HAS THE POWER TO BIND YOU TO SUCH TERMS.

2. YOUR SQUARE CARD

2.1 The Square Card is a prepaid Mastercard card issued by Square. The Square Card is not a credit card, charge card or debit card and will not improve, enhance or affect your credit rating. The Square Card is our property and must be surrendered upon demand.

2.2 We shall only issue you with one Square Card for your Square Seller business and you may not have more than one active Square Card in use at any one time.

2.3 We shall issue you with a Square Card in the name of the private individual who is verified as owner of your Square Seller business entity, and that individual will be deemed to be an “Authorised User” of the Square Card. If you or the person named on the Square Card allow other persons to use or access the Square Card and PIN, such persons will also be an “Authorised User” of the Square Card.

2.4 You shall be solely responsible and liable for the Authorised User’s use of the Square Card. Any act or omission of an Authorised User will be deemed to be your act or omission and we shall be entitled to treat Square Card transactions authorised by any Authorised User as duly authorised by you. You must ensure that each Authorised User has read, understood and complies with these Square Card Terms as any breach of these Square Card Terms by an Authorised User will be deemed to be a breach by you.

2.5 You will not be able to use your Square Card after it has expired. If your Square Card is nearing the expiry date we will send you an email notifying you that your Square Card is due to expire and you can order a new replacement Square Card. You will be required to activate the replacement Square Card as described below.

2.6 Once you activate your replacement Square Card, your old card will be automatically deactivated (even if it is not yet expired) and you will no longer be able to use the old Square Card.

2.7 If your Square Card is lost or stolen, you must immediately contact us on +44 (0)800 098 8008. Subject to Section 2.2, you can request a replacement Square Card by phoning such number or requesting one from the Balance section of the Square application on your mobile device (“Square app”) or the Balance section on the website (“Online Square Dashboard”).

2.8 If you contact us to request a replacement Square Card for whatever reason, you will need to provide us with certain Square Account Data so we can verify your identity.

2.9 We reserve the right to refuse to issue a replacement Square Card at our sole discretion.

3. YOUR SQUARE BALANCE

3.1 Subject to Sections 3.5 and 3.6 below, we will issue you with electronic money following our receipt and processing of Proceeds to create a balance of funds (“Balance”), from which you may make purchases or cash withdrawals using your Square Card as set out in these Square Card Terms.

3.2 You can view all activity regarding your Square Card balance, and your spending activity on your Square Card from the Balance section of the Square app and Online Square Dashboard.

3.3 Your Balance is electronic money and is not a deposit. You will not earn interest on your Balance. Your Balance is not protected by the Financial Services Compensation Scheme. Instead, regulated electronic money issuers such as Square are required to protect customer funds using a process known as ‘safeguarding’ in accordance with the Payment Services Regulations 2017.

3.4 You are responsible for keeping track of your Balance. If you do not have sufficient available Balance to cover the requested transaction amount, the transaction will be declined. You must not incur a negative Balance, however in the event that your Balance becomes negative, this comprises a debt owed by you to us and you further agree that we can recover any negative Balance amounts through various means including, but not limited to, setting off the debt owed against any subsequent Proceeds and/or by debiting any linked funding sources in accordance with our rights under the General Term of Service and/or Payment Terms. We reserve the right to block or suspend your use of the Square Card for as long as you have a negative Balance.

Settlement of Proceeds to your Square Card

3.5 On the day that you order your Square Card, all Proceeds received to your Square Account will no longer be settled to the bank account linked to your Square Account (your “Linked Bank Account”). By ordering your Square Card you authorise Square to settle all future Proceeds to your Square Card in the manner set out at Section 3.6 below and you acknowledge and agree that Section 9 (Settlement) of the Square Payment Terms shall be amended accordingly.

3.6 Subject to any Reserve or Holdback (as defined in the Payment Terms), all Proceeds received to your Square Account will be credited to your Square Card instantly and section 11 (Payout Schedule) of the Payment Terms is amended accordingly.

3.7 You will not be able to add funds or receive credits to your Balance through other methods.

3.8 You will be able to manually transfer any available funds from your Balance to your Linked Bank Account at any time via the Balance section of your Square app or Online Square Dashboard. There is no fee for a standard transfer which will arrive in your Linked Bank Account on the following Business Day. There is a fee when you complete an Instant Transfer to your Linked Bank Account. To learn more about Instant Transfers and the current fee for making an Instant Transfer please read our Instant Transfer Terms. You will not be able to transfer funds from your Balance to any other bank account, other than to your Linked Bank Account.

3.9 If you deactivate your Square Card or if your Square Card expires, Proceeds will continue to accrue in your Balance while you wait for your replacement Square Card to arrive. You will be able to manually transfer money from your Balance to your Linked Bank Account at any time.

4. USING YOUR SQUARE CARD

4.1 Before it can be used, you must activate your Square Card and set a personal identification number (“PIN”) in the Balance section of the Square app or Online Square Dashboard. Your PIN is used to authorise Square Card transactions and you must keep it secure.

4.2 You can change your PIN at any time by changing your online PIN in the Square app or Online Square Dashboard and then using your Square Card at an ATM. You will need to use your new PIN at an ATM (to either view balance or make a cash withdrawal) to ensure it is fully activated.

4.3 Your Square Card is a commercial card, for use for business expenses only. This means you are only permitted to make purchases or ATM cash withdrawals for lawful purposes directly related to and necessary for your Square Seller business activities (i.e. the business, trade or profession for which you receive Proceeds and which you have notified to Square for the purposes of receiving Square Services). Neither we nor third parties to whom we assign or delegate rights or responsibilities will be liable for any claims or damages resulting from any Square Card transactions that you initiate that are prohibited. All costs for research and resolution for any prohibited Square Card transactions will be your sole responsibility and not ours.

4.4 You may use your Square Card to make such business purchases at any merchant or ATM that accepts Mastercard, subject to the funds available in your Balance from time to time, the transaction limits set out in Section 5.1 below, and the terms and conditions agreed between us.

4.5 Certain merchants, such as hotels, restaurants, petrol stations, and car rental companies, may request to place a hold on the available funds in your Balance. The funds subject to the hold will not be available to you for any other purpose until the merchant sends us the final transaction amount. Once we receive the final transaction amount, it may take up to 7 days for the hold to be removed. During that period, you will not have access to the funds subject to the hold.

4.6 Subject to Section 5.2, with your PIN, you may use your Square Card to obtain cash from any ATM that bears the Mastercard®, or Maestro® Acceptance Mark, or you may use your Square Card to withdraw funds at any Point of Sale (“POS”) device, as permissible by a merchant, that bears the Mastercard® Acceptance Mark. Some of these services may not be available at all terminals and we have no liability to you in the event that an ATM does not accept your Square Card. You may be charged a fee by the ATM operator or any network used. We are not responsible for such fees. Any such fee will be deducted from the Balance along with the amount of the withdrawal performed at the ATM.

4.7 You acknowledge that we may refuse to process any transaction we believe violates these Square Card Terms.

4.8 If you choose to add your Square Card to one or more digital wallets, you remain liable for complying with these Square Card Terms and the Square Card Digital Wallet Terms, particularly in ensuring the security of your Square Card and PIN. We shall not be liable for the services of the digital wallet provider.

4.9 You cannot use your Square Card or Balance to set up pre-authorised transfers to external bank accounts and s.36 of the Payment Terms (Settlement Remittance Service Terms) is hereby disapplied.

4.10 Transactions in Foreign Currencies: If you make a purchase using your Square Card in a currency other than in pound sterling, the amount deducted from the available funds in your Balance will be converted by Mastercard into pound sterling. The applicable exchange rate will be determined by Mastercard from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate Mastercard itself receives or the government-mandated rate. This rate is available each business day here. The exchange rate used for the conversion on the processing date may be different than the rate that was in effect on the date you performed the transaction and may include a margin, which is the difference between the exchange rate Mastercard is able to obtain for the foreign currency and the actual foreign exchange rate Mastercard uses for the conversion into pound sterling and may be an indirect cost to you.

5. TRANSACTION LIMITS

5.1 We set daily, weekly and monthly transaction limits when you use your Square Card for purchases and cash withdrawals. The following transaction limits apply when using your Square Card for purchases:

(a) Maximum spend per transaction: £10,000

(b) Maximum spend per day: £25,000

(c) Maximum spend per week: £50,000

(d) Maximum spend per month: £150,000

5.2 The cash withdrawal limits from ATMs or POS devices may vary and the limits applicable to your Square Card may be viewed from the Balance section of your Square app or Online Square Dashboard. Cash withdrawal limits may change from time to time. Some ATM providers apply their own limits to cash withdrawals from their ATMS, particularly abroad. These limits may be lower than the daily withdrawal limit set by us.

5.3 In order to protect the security of your Square Account, Square Card or the funds held in your Balance, or to comply with applicable laws relating to combating money laundering, we may temporarily impose additional limits on your use of the Square Card. To the extent permitted by applicable law, we reserve the right to: (a) change the transaction limits; or (b) limit, block, or place a hold on certain types of Square Card transactions. Unless prohibited by applicable laws, we shall notify you regarding any temporary limits placed on your Square Card and we shall remove such limits once we are satisfied that the security-related reasons for placing such limits no longer apply.

6. FEES

You will not be charged any fees by Square for obtaining or using your Square Card. You may, however, be subject to third party fees relating to the use of your Square Card, such as ATM fees for withdrawal.

7. SECURITY AND NOTIFYING LOST OR STOLEN CARDS AND UNAUTHORISED TRANSACTIONS

7.1 It is your responsibility to ensure that you and any Authorised Users protect the security of your Square Card and PIN. You must not write the PIN on your Square Card or keep it in the same location as the Square Card or send your Card details or PIN in an email or text message or similar. You must not use your PIN when anyone else is watching. You must not share your PIN or Square Card or Square Card number with anyone other than Authorised Users. Failure to comply with these obligations may be treated as gross negligence attributable to you and may affect your ability to claim any losses.

7.2 You must immediately lock your Square Card, change your PIN or cancel your Square Card and notify us if you have any concerns about the security of your Square Card, including if your Square Card is lost or stolen or you believe that someone has or may gain unauthorised access to your PIN, your Square Account, Square Card details or the Square Card. You can use the Balance section of your Square app or Online Square Dashboard to notify us, lock your Square Card temporarily, change your PIN, or cancel your Square Card and order a replacement. Alternatively you can notify us by calling +44 (0)800 098 8008.

7.3 We may temporarily block your use of your Square Card (including blocking specific transactions) if we consider this to be necessary to protect the security of your Balance, Square Account or Square Card, for example if we notice transactions that are unusual or appear suspicious to us. We will, unless prohibited by applicable laws, notify you of any such block and what steps you must take to lift the block on your Square Card. If you wish to request that we lift a temporary block on your Square Card or provide us with information to satisfy us that your use of the Square Card is legitimate and authorised, you must contact us by calling us on +44 (0)800 098 8008.

7.4 If you notice an unauthorised transaction made using your Square Card or you consider that a payment was incorrectly executed, you must immediately notify us by contacting +44 (0)800 098 8008 or by filing a claim in respect of the disputed payment via the Balance section of the Square app or Online Square Dashboard. We will refund unauthorised or incorrectly executed payment transactions as soon as practicable and no later than one Business Day after the disputed payment occurred, provided that you notify us without undue delay and in any event within 13 months of the date that the payment was made. Your right to a refund under this Section 7.4 is, however subject to the following:

(a) If the unauthorised transaction arose from the loss, theft or misappropriation of your Square Card you may be liable for any losses incurred up to a maximum of £35, unless the loss, theft or misappropriation of the Square Card was not detectable by you prior to the unauthorised payment; or the loss was caused by our acts or omissions or our employees, agents or other persons carrying out activities or our behalf (in which case you shall not be liable).

(b) We will not refund the payment, and you will be fully liable for all losses arising out of an unauthorised transaction where you have acted fraudulently or have with intent or gross negligence failed to protect the security of your Square Card or PIN in accordance with this Section.

7.5 You may be entitled to a refund of a payment transaction that is initiated by or through the payee merchant if the following conditions are met:

(a) the authorisation provided to the payee did not specify the exact amount of the payment transaction when the authorisation was given;

(b) the amount of the disputed payment transaction exceeded the amount that you could reasonably have expected taking into account your previous spending pattern, the Square Card limits and the circumstances of the case; and

(c) you notify us of the disputed transaction within 8 weeks of the date on which the funds were debited by filing a claim in respect of the disputed payment transaction via the Balance section of the Square app or Online Square Dashboard or by contacting us on +44 (0)800 098 8008.

8. TERMINATION

8.1 We may terminate these Square Card Terms and your use of Square Card for any reason by giving you two months’ notice.

8.2 We can terminate these Square Card Terms and your use of the Square Card immediately on notice to you in any of the following circumstances:

(a) if you have breached these Square Card Terms, the General Terms of Service or the Payment Terms and (where the breach is capable of remedy) have not remedied the breach within such time period as we may reasonably specify to you for taking remedial action;

(b) If we have good reason to suspect that you are behaving fraudulently or otherwise criminally;

(c) if you have not, on request, provided us with information in accordance with section 1.5, or we have good reason to believe that any information you have provided to us is false;

(d) if you have been declared bankrupt or insolvent; or

(e) we are required to do so under any law, regulation, court order or at the direction of our regulator, the Financial Conduct Authority.

8.3 Where we terminate the Square Card Terms under Sections 8.1 or 8.2 we reserve the right to also terminate the Payment Terms and the General Terms of Service in respect of your Square account.

8.4 Any notice sent by you to terminate the Payment Terms (in accordance with such Payment Terms) will also comprise a notice to terminate these Square Card Terms and these Square Card Terms will terminate on the same date as the Payment Terms.

Cancelling your Square Card - Having Proceeds Settled to your Linked Bank Account

8.5 Should you wish to terminate these Square Card Terms and close your Square Card Balance but keep open your Square Account, you may do so at any time from the Balance section of your Square app or Online Square Dashboard. Any amounts remaining in Balance will be automatically settled to your Linked Bank Account. Cancelling your Square Card and closing your Square Card Balance will not prevent processing of pending transactions initiated prior to cancelling your Card.

8.6 On the day you cancel your Square Card and close your Square Card Balance, you agree and authorise Square to settle all future Proceeds to your Linked Bank Account. The amendments made in Section 3 of these Square Card Terms to the Payment Terms will no longer apply and settlement of your Proceeds will resume in accordance with Section 9 (Settlement) and Section 11 (Payout Schedule) of the Payment Terms.

8.7 Termination of these Square Card Terms will not affect any of our rights or your obligations arising under these Square Card Terms prior to such termination.

9. CHANGES TO THESE TERMS

9.1 We may amend these Square Card Terms at any time. We will give you at least two months’ prior notice of any intended change. Revised versions of these Square Card Terms will be posted to our Square website, effective as of the time it is posted.

9.2 If you do not agree with any such proposed change, you must terminate these Square Card Terms in accordance with Section 8 above before the date that the change will come into effect.

9.3 If you do not terminate these Square Card Terms before the date that any such change comes into effect, you will be deemed to have accepted such change.

10. COMMUNICATING WITH YOU

10.1 You may obtain information about the available funds in your Balance and a history of your Square Card transactions on your Online Square Dashboard. You will not receive paper statements for your Square Card, but you can access and download your monthly statements in digital format and view all of your transaction history by logging in to the Balance section of your Square app or Online Square Dashboard. You may also view your card spend report in the Balance section of your Square app or Online Square Dashboard.

10.2 By providing us with a mobile phone number, you acknowledge you will receive transactional text (SMS) messages from us. If you provide your mobile phone number or download the Square app to your mobile device:

(a) we may send you important notices, including security related notices, to your mobile phone via SMS or to your mobile device via the Square app pushing notification; and

(b) you will receive text (SMS) messages relating to your Square Card at that mobile phone number and / or pushing notifications via the Square app. Third-party data and message fees may apply.

10.3 We may contact you via your mobile phone number for security reasons relating to your Square Card. For this reason, you must provide a valid mobile phone number in the Square app or Online Square Dashboard and verify such number as instructed by us. To verify your mobile phone number, we may send you a security code via text message to the mobile phone number you provide, and you must enter that code as instructed by us. If you change your mobile phone number, you must promptly provide and verify your new mobile phone number.

10.4 Notification of Changes

Any Communication (as defined in the General Terms of Service) including but not limited to notification of changes to these terms, may be made to you by electronic means by (i) posting it on the Square Website, (ii) pushing notifications through the Square app, (iii) emailing it to the email address listed in your Square Account, (iv) sending you a text message to the primary mobile phone number you have listed in your Square Account, (v) uploading it to your Square Account or (vi) making the Communications otherwise accessible via the Square Website or other applications. In such circumstances, a Communication has the same meaning and effect as if we had provided you with paper copies. A Communication is considered received by you twenty-four (24) hours after it is issued, unless we have received notice that it was not delivered.

10.5 If your UK postal address, email address or mobile phone number changes, you must notify us immediately. Failure to do so may result in information regarding the Square Card or Square Account being delivered to the wrong person or your transactions being declined. In such event, we shall not be responsible for any resulting losses arising out of your failure to update your contact information. You must notify us immediately in the event of the insolvency, receivership, conservatorship, bankruptcy, reorganisation or change in the principal owners identified when you opened your Square Account. Your Square Account may be terminated by us in the event of a change of control, reorganisation, restructuring, conversion, consolidation, division or merger of principal owner for your business.

10.6 We may monitor and/or record telephone calls and electronic communications between you and us to assure the quality of our customer service or as required by applicable law upon prior notice to you and in line with all applicable data protection legislation.

10.7 For customer service, you may contact Square by phone at 0800 098 8008 or if dialling from outside the UK +44 800 098 8008.

11. OUR LIABILITY TO YOU

11.1 We will not be liable for your losses or damages if:

(a) through no fault of ours, you do not have enough available funds in your Balance to perform a transaction;

(b) circumstances beyond our control (such as fire, flood, water damage, power failure, strike, labour dispute, computer breakdown, telephone line disruption, or natural disaster) prevent or delay any transactions you make using your Square Card despite reasonable precautions taken by us;

(c) the system, was not working properly, and you knew about the problem when you initiated the transaction;

(d) the merchant refuses to accept your Square Card;

(e) if we block a transaction because we have reasonable grounds to believe the transaction is unauthorised or fraudulent;

(f) such losses or damages are caused by, arise out of or relate to any product or service purchased using the Square Card;

(g) the transaction cannot be completed because your Square Card is damaged (though circumstances beyond our control); or

(h) any other exception stated in these Square Card Terms.

11.2 Except as otherwise expressly provided for in these Square Card Terms or as otherwise required by applicable law, we, our affiliates, and the parties with whom we contract in order to offer the Square Card and related services are neither responsible nor liable for any indirect, incidental, consequential, special, exemplary, or punitive damages arising out of or relating in any way to the Square Card, the Square Account, any products or services purchased using the Square Card, or these Square Card Terms (as well as any related or prior agreement that you may have had with us).

12. INDEMNIFICATION

You agree to defend, indemnify, and hold harmless us and our parents, subsidiaries, and other affiliated companies, and our and their employees, contractors, officers, and directors against any and all claims, suits, damages, costs, lawsuits, fines, penalties, liabilities, and expenses (including, without limitation, reasonable legal fees) that arise from your violation of these Terms and Conditions, applicable law, or any third-party rights or your fraud or willful misconduct. We reserve the right to assume the exclusive defence and control of any matter subject to indemnification by you, in which event you will cooperate in asserting any available defences.

13. ASSIGNMENT

To the extent permitted by applicable law, we may assign our rights and obligations under these Square Card Terms without obtaining your consent. You may not assign or transfer your Square Card, your Square Account, or any of your rights or obligations under these Square Card Terms without our prior written consent.

14. SEVERABILITY AND WAIVER

If any provision of these Square Card Terms is held by a court of competent jurisdiction to be invalid or unenforceable, such provision will be deemed to be modified to the minimum extent necessary to make it valid and enforceable and the rest of the Square Card Terms will not be affected. We do not waive our rights by delaying or failing to exercise them at any time.

15. GOVERNING LAW AND JURISDICTION

15.1 This Agreement and any dispute relating to these Square Card Terms (“Card Dispute”) are governed by the law of England and Wales, without regard to choice of law or conflicts of law principles.

15.2 Subject to and without waiver of the arbitration provisions in Section 19 (Arbitration) of the
General Terms of Service you irrevocably agree that the English courts in London, England will have exclusive jurisdiction to settle any Card Dispute, but Squareup Europe Limited and Squareup International Limited are each entitled to apply to any court worldwide for injunctive or other remedies in order to protect or enforce their respective Intellectual Property Rights and/or Confidential Information.

15.3 Section 18 (Disputes) and Section 19 (Arbitration) of the General Terms of Service are hereby incorporated by reference.