No plastic, no problem: Square does away with deposit limits for U.S. businesses

No sale cash register

Square already has made it simple for businesses to take credit payments while in the field, in the retail shop and in an online store. Now it’s easing the way for its merchants to accept those same payments over the phone.

Square is eliminating holds on funds taken from payments where no physical card is present. Instead of waiting a month to get paid from a manually entered credit card transaction, merchants will get find their money deposited in their accounts in the same one-to-two business days that companies using Square Reader or Stand must wait.

Businesses from flower shops to caterers take down payment info over the phone all the time. While Square allows its merchants to type in credit card numbers into its Register app, there have been limits on how quickly businesses relying on manual entry can access their funds. According to Square, businesses previously received the first $2,000 from card-less transactions in a seven-day period, but had to wait a full 30 days to receive any more.

With the new policy, though, the field is leveled for all Square merchants – they get paid at the same time no matter how they manage the transaction. It’s also another example how Square is branching out from its initial focus on point-of-sale hardware into transactions of any sort.

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