Business owners say Square has been withholding up to 30% of customer payments amid the coronavirus outbreak, forcing them to lay off employees or miss mortgage payments, according to a new report fromSquare has been using a tool called reserves, which is used to protect against "risky" transactions. But merchants told The Times they haven't had any such transactions flagged. that of its "millions of sellers, fewer than 0.
The company said in May that it has seen a "significant slowdown" during the pandemic, with losses totaling $106 million in the first quarter.
But several sellers told The Times that Square was withholding thousands of dollars worth of payments for up to 120 days, despite them not having any risky transactions. The sellers said it has affected the health of their business, forcing them to lay off employees or miss mortgage payments. Business owners told The Times that they felt as though they were helping keep Square afloat during the coronavirus outbreak.
"We know that reserves can be frustrating for sellers so we use them sparingly, and we spend a lot of time building and adapting our tools based on feedback," the blog post said. "Recently we enhanced our reserves process by ensuring that sellers receive an even earlier notice of a reserve decision before the policy goes into effect.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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Source: BusinessInsider - 🏆 729. / 51 Read more »