The mobile payments company is now making it easier for sellers to get their money with on-demand deposits.
Square announced yesterday (Aug. 13) that Instant Deposit is now available to all Square sellers within the U.S., enabling money from a sale to be deposited directly into an account – 24 hours a day, seven days a week.
“Cash flow can be a big challenge for sellers. After all, you have inventory to purchase and vendors to pay — so getting your money ASAP can make a huge difference. We’ve always made speed a hallmark of our services, giving you fast and predictable access to your funds. That’s why we first premiered next-business-day deposits for our customers, and now we’re making your deposit schedule even faster — literally seconds after a sale,” the company said in a blog post.
In the few months the Instant Deposit feature has been in beta, merchants have deposited more than $10 million into their accounts, Square stated.
Each deposit made with Instant Deposit carries a 1 percent surcharge and the minimum deposit amount eligible for the service is $50.
Instant Deposit can be enabled at anytime via the Square App. After a merchant has linked a debit card, sales can be deposited into the accompanying account in real time, but the availability of funds will still be subject to the bank’s schedule.
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Just last month, Square launched another real-time product aimed at simplifying business for its merchant clientele.
The Square Dashboard app, which the company launched at the end of July, tracks a business’ sales data in real time. This includes everything from gross sales, number of sales and a calculation of the average sale to a breakdown to what customers are buying that day. It also provides a quick insight into how the day is comparing to the previous day and week.
Beyond basic sales features, the real-time tracking app provides business owners with: sales summaries, sales comparisons, breakdowns of best sellers and how individual locations are doing.
As Square noted when the Dashboard app launched, a majority of larger businesses taking payments with Square are already using its analytics tools on a daily basis. Now, with the app, those business owners can track the data on the go and adjust sales strategies throughout the day based on how specific items are performing.
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