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NFT: Square, Pay Service, Is Withholding Merchant's Money

gidiefor : Mod : 6/23/2020 7:37 am
Quote:
Small businesses say the Twitter chief’s other company is holding on to 30 percent of their customers’ payments.


Just an awful story in the Times today about Square's suddenly expanded policy of withholding 30% of Merchants customer payments for up to six months. I use charge invoices and have a Square account since they first were founded as "Square Up." They did have this as a policy when they first started especially for charges that were over a certain amount, so I continued to work with other services. But I have always rotated who I am using. Nevertheless, I am cancelling my account with them today. That's bogus and there are so many good alternatives out there.
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Stock went through the roof  
Bobby Humphrey's Earpad : 6/23/2020 8:12 am : link
But are they in essence cooking the books here by holding back money?
Sounds like grounds for a class action lawsuit  
US1 Giants : 6/23/2020 8:18 am : link
by the companies affected by this sudden change.
Nothing like a free loan  
section125 : 6/23/2020 8:44 am : link
with interest! Bastids.
I'm a Consultant Who Charges a Monthly Retainer  
Jim in Tampa : 6/23/2020 8:52 am : link
Most of my clients allow me to auto-draft their biz bank accounts, but I do have a couple that insist on using a credit card to pay my fee.

I use Square to process payments for those clients and Square hasn't held back any funds in my account yet. (Then again, I've never had a cc charge back with Square either, so they likely don't consider me a risk.)
Wow that is ridiculous  
beatrixkiddo : 6/23/2020 9:27 am : link
I use Braintree/PayPal for my business, no issues whatsoever. Hope they don’t follow Sqaures lead here.
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