Square: Is it the Best Option for Your Small Business

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Square: Is it the Best Option for Your Small Business

If you’ve been in business for any length of time, you’ve likely heard of Square. Years ago, the company revolutioned the credit card processing industry by introducing a simple, technology-based platform. This platform made it possible for small businesses to seamlessly accept credit card payments from their customers.

It also allowed them to rid themselves of long-term contracts and oppressive rates, expensive terminals and hidden fees. Pricey traditional merchant accounts are simply too expensive for many small business owners and entrepreneurs. Square offered a great solution to this problem.

Fast forward to today, there’s a long list of options that vary widely in features, pricing and contract terms. The decision between getting a merchant account or opting for Square can be a confusing, complicated one. If this sounds like your current situation, this focus on Square credit card processing for small business owners will help.

Square Services Review

Since its launch, Square has rolled out many successful services both for business owners and personal use. Sqaure Register, Square Stand, Square Terminal, Square Online Store, Square for Retail, Square Cash, Square Capital, to name a few. Depending on which of these different programs and services you choose, it can make it easy for your business to accept payments online and in-person, create an ordering/booking website, provide pickup, delivery options and more.

Where Square Falls Short – Complaints & Lawsuits

While Square has helped business owners simplify processes over the years, it does have a high number of online complaints (2,300+). The most common complaint is that Square places holds on funds often. The complaints can be broken down into three areas: nearly nonexistant phone support, an unclear hold policy and a high number of reports on random fund-holding. Account deactivation exceeding 30 days with no explanation is also a big problem customers have experienced with Square.

There is also evidence of multiple lawsuits that have taken place over the last few years. Square faced charges of holding large amounts of funds from merchants it considered “too risky”. And recently, charges were brought against the processor for what is being called “price-fixing over the use of the interchange fee”.

Other complaints include long wait times, and only active accounts receiving real-time help. The bottom line: if you’re considering Square, make sure you also pull some other options on the table for comparison. Make sure the processor you choose has years of experience in working with your industry – and provides services and processes that will fuel further growth.

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of Square Review. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.

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