I’m intimately aware with the hurdles involved with merchant accounts and bank payment processing (which were the root of GPal/Gpay’s well-publicized disaster spiral last year). For face-to-face retail sales, this is infinitely better. If it works for over-the-web/over-the-phone transactions as well (and they’re idiots if they didn’t include that functionality in Square) then everybody’s going to be jumping ship to Square based on price alone, not to mention the low entry cost.
Genius!
Of course, this was GPal/Gpay’s very problem right here:
Square abandoned the unpopular $100 cap in transactions and in its place imposed a “threshold”: if a user takes in more than $1,000 in one week, the amount over that sum is not paid out immediately but held for 30 days in case the funds must be returned.
Maybe this isn’t the bees’ knees quite yet….