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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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.)