Square is imposing new fees for merchants who transfer funds to their bank account, it announced on Tuesday. Beginning on February 7, 2020, the rate for instant and same-day transfers from a Square balance to a bank account is changing to 1.5% per transfer.
Don’t want to pay? You have two choices.
One, you can use the Square Card, a debit card that can be used anywhere Mastercard is accepted.
Or two, you can wait for your money: “If you don’t need instant access, our standard next-business-day transfers remain free, as always.” Note that in its FAQs, Square explained that for standard next-day transfers, “funds are usually transferred within 36 hours or 1-2 business days of a transaction, depending on the day of the week and ACH availability.”
The company explained, “This change goes into effect today for all sellers new to instant transfers, and on February 7, 2020, for all existing instant transfer users.”
