One year on from the day it launched Square the mobile phone credit card processing service has made a number of announcements today unveiling a few new features and the news that its now passed 800,000 customers and is processing around $2 Billion in payments per year.
Square also revealed it will be dropping its $1,000 limit. Previously if a new client processed over $1,000 is transactions anything over the $1,000 limit would then have been kept by Square for a period of time from a few hours to a month, depending on the merchants standing with Square. If you are a merchant of Square you will be pleased to know this limit has now been dropped and is sure to make a welcomed change to small business cash flow.
From now on all new businesses who use Square’s card reader will have funds triggered for processing the same day, the proceeds will then arrive in the merchants bank accounts the next business day. Square also dropped its $0.15 per transaction charge for businesses a few months ago earlier this year.
Square’s Keith Rabois explains: “We’re not going to sleep until we improve the entire experience of buying and selling,” – “Every month we’ll have improvements to the product.”
Source: Tech Crunch