Square removes deposit limits, says Canadians will now receive funds within 2 business days

Square launched its mobile commerce platform in Canada over a year ago in Canada and the San Francisco-based company recently announced that over $100 million in credit card payments have been processed by Canadian businesses. Forty percent of these payments are reportedly coming from businesses located in Ontario. In addition, the total amount of mobile payments from the 3 countries that Square operates — Canada, United States, Japan — recently passed over the $16 billion milestone.

When Jack Dorsey, Square’s Founder and CEO, was in Canada to announce the opening of its Kitchener-Waterloo office he declared that Square has “millions of merchants” across Canada. Good news for those merchants as you will now see the money in your bank account a bit faster. Square stated in a press release to us that they have eliminated holds and deposit limits for Canadian merchants — this now means that when you accept a payment via Square, either swiped and non-swiped, the funds will be deposited in your bank accounts within 1-2 business days. This same structure follows the United States who went live with 1-2 business day deposits last November.

Square offers its Square Reader and Square Register POS terminal for businesses to securely accept mobile payments by their iOS (iPhone, iPad) or Android device. These app is free, but for every credit card transaction that occurs Square takes a standard 2.75%.

Source: Square Canada


Ian Hardy

Ian is publisher at MobileSyrup. He's been quietly creating and building things for years and is completely addicted to Tim Hortons.

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