Business Insider just released an article this week about Square holding funds in reserves but this is no small number – it is an astonishing 20-30% of processing revenues (read more here). While COVID-19 has hit almost all businesses very hard, including Square, it is not reasonable to hold 20-30% of a business’s processing revenues without warning at a time such as this. This is the type of practice that forces businesses to pursue desperate financing options just to stay afloat or, even worse, close doors. Sadly, this is not uncommon for Square – as the article notes, it is a common practice.
If you know someone who uses Square, now is the time to change processing systems; very few, if any, businesses can survive revenues decreasing unexpectedly by 20-30%. There are many businesses that use Square and, sadly, they will be very strongly and very negatively impacted by this withholding policy but that does not mean that the business has to simply accept this… there are alternatives. If you know a business that uses Square, please help us connect with them so they can actually keep the money they have worked so hard to earn. Very few, if any, businesses can survive a policy like this, and time is of the essence if businesses are to survive COVID-19 restrictions and now this. Please forward this message to a business you know that uses Square so they can find an alternative to this terrible policy by following the link HERE.
Stay safe and stay blessed!
Merchant Masters DFW provides online and in-house solutions with superior technology, high-level security, and unparalleled customer service that will elevate your POS Systems and Terminals to the next level.