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.
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.