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Square Charges New Fees for Quick Access to Funds

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Square Charges New Fees for Quick Access to Funds

Square is imposing new fees for merchants who transfer funds to their bank account, it announced on Tuesday. Beginning on February 7, 2020, the rate for instant and same-day transfers from a Square balance to a bank account is changing to 1.5% per transfer.

Don’t want to pay? You have two choices.

One, you can use the Square Card, a debit card that can be used anywhere Mastercard is accepted.

Or two, you can wait for your money: “If you don’t need instant access, our standard next-business-day transfers remain free, as always.” Note that in its FAQs, Square explained that for standard next-day transfers, “funds are usually transferred within 36 hours or 1-2 business days of a transaction, depending on the day of the week and ACH availability.”

The company explained, “This change goes into effect today for all sellers new to instant transfers, and on February 7, 2020, for all existing instant transfer users.”

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Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.