Cash flow and access to capital are some of the biggest challenges faced by local sellers when growing a business, often due to lengthy settlement times as long as five days.
Today, with the introduction of Scheduled Deposit, Square gives sellers the option to deposit their daily sales in their bank account the very same day, seven days a week. For just 1% of the total deposit amount, sellers get their money when they need it, without extended wait times — including holidays and weekends.
We’ve always made fast and dependable access to funds a priority, from next-business-day settlement and Instant Deposit to fast access to loans through Square Capital. Our sellers love it. Since the launch of Instant Deposit last year, Square sellers have completed more than two million deposits instantly. And the number of sellers choosing to receive their money instantly has more than doubled since the beginning of this year.
Eden Myles, the owner of Five Points Pizza in Denver, Colorado, opened his first full-time restaurant earlier this year. He juggles expenses like sourcing high-quality ingredients and building a distinctive brand all on a lean budget that requires reliable, same-day access to his money.
“As a new business owner, I need healthy cash flow to cover my operating costs,” he said. “Getting my money the same day is especially important to pay for everything from an unexpected broken refrigerator to weekly employee pay runs or newly branded pizza boxes and T-shirts.”
Contributed | what does this mean?