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This article was published on November 13, 2013

    Mobile payments processor Square removes deposit limits for all US businesses

    Mobile payments processor Square removes deposit limits for all US businesses
    Ben Woods
    Story by

    Ben Woods

    Europe Editor

    Ben is a technology journalist with a specialism in mobile devices and a geeky love of mobile spectrum issues. Ben used to be a professional Ben is a technology journalist with a specialism in mobile devices and a geeky love of mobile spectrum issues. Ben used to be a professional online poker player. You can contact him via Twitter or on Google+.

    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.

    ➤ Square