WILL NOT RELEASE FUNDS

ComplaintsBankssquare up

Complaint

0
SmallBizOwner1
Country: United States
I was previously cleared for charges up to $10,000 to be released within 24 hours. I had taken a card for $5000 and the amount was deposited into my account the next morning. Three weeks later, I ran a customer's card for $7200. Square placed a 30-day hold on the deposit.

Thirty days came and went, and no deposit placed into my account. Absolutely NOTHING has changed since the previous charge. My customer verified that he received and payed his credit card bill, meaning Square is holding on to the money and NOT releasing it.

Square has absolutely no interest in seeing companies grow or increase their business. They only want to hold your money for as long as possible for the interest that they get into their account.

DO NOT EVER USE SQUARE. THEIR CUSTOMER SERVICE DOESN'T EXIST. No, really - they have no customer service. You e-mail them, and they get back to you within 48 hours with a robo-response that is a repetition of their service agreement - even if it doesn't apply to your situation. Forget about speaking to anyone in person, and forget about getting an answer that applies to you. You'll only get an e-mailed response.

Comments

  • 0
    JTCTUSA23464
    I used square up once to handle a credit card charge of more than $5k. Two months later square up sent an email saying I had 15 days to dispute the chargeback. The very next day square up debited my account for the $5K amount. I sent emails to square up showing delivery of the products purchased from my company, and square up has yet to respond. The debit was not paid and my bank charged me $35. Four business days later they charged my account again. Same result and I was charged another $35. I closed the square up account, and closed that bank account. Two business days later square up charged my account again for that amount. I will have to pay the overdraft fee again. Lucky for me, the bank credited two of the three overdraft charges. Square up responded to the close account email faster then they replied to the dispute emails, and 2 weeks later I have yet to hear from them. This is not the best service to use. The banks charge excessive fees to handle credit card charges, so I guess we get what we pay for. Square was free (plus 1.25%), but it has cost me in the end.
  • 0
    BIZ OWNER
    Yes, Square is bad news!  We have been using square for hundreds of transactions over the last couple of years and whenever we exceed $3300 in any seven day period the funds are held for one month.  It seems ridiculous to me.  I realize there are some risks of fraud, but the amount of fees that we pay to them they should stop doing this.  We have already signed up for B of A Merchant Services and the rates are actually lower and they waived the monthly fee.

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