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Square rolls out instant deposit service to all US sellers

13 August 2015  |  3584 views  |  0 Source: Square

Cash flow can be a big challenge for sellers. After all, you have inventory to purchase and vendors to pay — so getting your money ASAP can make a huge difference.

We’ve always made speed a hallmark of our services, giving you fast and predictable access to your funds. That’s why we first premiered next-business-day deposits for our customers, and now we’re making your deposit schedule even faster — literally seconds after a sale.

Today we’re excited to make Instant Deposit available to all Square sellers in the United States. With a tap of a button in the Square app, the money from your sale goes straight to your account — 24 hours a day, seven days a week. In just a few short months of our beta, thousands of merchants deposited more than $10 million into their accounts using Instant Deposit.

Instant Deposit has been a game-changer for sellers like Carlos Hernandez, the owner of Solexcollectors in Wheaton, Maryland. He buys and sells high-end sneakers — anything from Jordan Retro shoes to Adidas designed by Kanye West. His whole brand is built around the promise that his store is always stocked with the most coveted merchandise. (Check out his Instagram for some sneaker eye candy.) Carlos needs to quickly jump on opportunities to snatch up rare shoes, which means he needs funds readily available at all times.

“Since I am constantly buying and selling shoes, I need to get the money from my sales quickly — so I have cash on hand should a killer pair of shoes come up for sale,” says Carlos, who is about to open a second store in Baltimore. “I like that I get my money instantly and can immediately invest that back in my merchandise. I fell in love with that.”

With Instant Deposit, each deposit costs just 1% of the total deposit amount. (You need to deposit at least $50 each time you use Instant Deposit.) You can enable Instant Deposit at any time, straight from the settings section of the Square app. All you need to do is link your debit card — most U.S. debit cards are supported — and voilà, your sales can be deposited right after you ring them up, subject to your bank’s availability schedule. 

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