Mobile payment company Square announced today that it has removed all the limits on deposits for US businesses that use the service.
The company said that it had “eliminated holds and deposit limits on manually entered transactions”, meaning vendors should get their cash a whole lot quicker – within one to two business days, regardless of whether it was a swiped or non-swiped payment. Previously, deposit limits were set at $2,002. That extra 2 at the end isn’t a typo.
Square said that removing these limits is “crucial” for local sellers who don’t tend to collect payments in person, such as caterers and contractors. Alas, Square users in Canada and Japan are still subject to the normal deposit limits.