The announcement was made by CEO Jack Dorsey at an event held at London’s British Library.
Previously, businesses using Square would have to wait a full business day to receive funds. With the new service, called Instant Deposit, businesses will have to link their bank account to their Square account.
Each Instant Deposit will cost 1% of the deposit amount in addition to Square’s standard card processing fees. The current fees are 1.75% for face-to-face payments and 2.5% for payments made over the phone, online or via digital invoice.
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