Square merchants in the U.S. can now instantly deposit money into their accounts.
With a minimum deposit of $50 and a 1 percent surcharge, the new feature allows merchants to deposit funds via their linked debit card with the tap of a button — 24 hours a day, seven days a week.
The past year has been a roller coaster for Square. In April 2014, we reported that Square had lost $100 million amid rumors of an acquisition. Square has since axed two products, launched a suite of business products, and purchased a restaurant delivery app. The company has also built its cash-advance business.
This new Instant Deposit, on the heels of so many new products and reorganizations, could be another nod toward Square’s confidential filing for an IPO.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more