Square Removes Deposit Limits for Canadian Customers

Commerce transaction platform Square has eliminated holds and deposit limits on manually entered transactions in Canada.

The US-based mobile payments processor, which launched in Canada in October 2012, says funds from both swiped and non-swiped payments will be deposited in merchants’ bank accounts within two business days, a move it notes is an important step “to further remove barriers to growth for local businesses.”

The company makes a tiny credit card reader that plugs into mobile devices, allowing small-scale business owners to accept credit card payments. In 2013, Square processed $100 million in credit card payments in Canada.

Square was cofounded by Jack Dorsey, who cofounded Twitter.

 

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