Square launch a new Instant Deposit Service
Square have launched a new Instant Deposit service for UK businesses with the aim to make it easier for small businesses to manage cash flow. With the launch of Instant Deposit, sellers can now get their money into their bank account in minutes – 24 hours a day, seven days a week.
“Since our founding, we’ve heard that cash flow is a major pain point for small businesses. Our products were all built to provide fast and predictable access to funds to help businesses of all sizes remain competitive and agile. We believe our sellers should have the ability to access the money they’ve made as fast as possible, so we’re thrilled to provide this new service to businesses across the UK.”
– Jack Dorsey, Square CEO and Co-Founder
Speed is a hallmark of Square services. Businesses using Square usually get their money the next working day – considerably quicker than many of the traditional banking services open to small businesses. With the launch of Instant Deposit, sellers can now click a button in the Square App to get their funds into their bank account in around 20 minutes. All they need to do is link their bank account to their Square account.
If you attend trade shows, markets or other events where you accept card payments, then Square might be one of the quickest ways to get the cash into your bank account, although there is an additional cost. Square charge a flat fee of 1.75% fee when taking in-person payments, and 2.5% for payments made over the phone, online or via digital invoice. Sellers using the Square Instant Deposit will be charged an additional 1%.
Francisco Prieto sells Argentinian steak sandwiches at weekend markets around South and East London from his stall Pireto’s Grill. He explained that due to trading on Fridays and at the weekends, they have always had to wait until the following week to get hold of their card takings – around 50% of the business involves card payments so waiting for that money really affected cash flow.
“If I’ve had a busy weekend I’ll want to restock supplies, but I don’t always have the cash to do that. With Instant Deposit, I can get my money straight away, 24/7, and put it right back into the business. It’s the nearest thing to cash I have found and, as a small business owner, I’d certainly recommend it.”
– Francisco Prieto, Pireto’s Grill