ED Magedson – Founder
Square, IncInternet USA
Square, Inc Immoral business practices Internet
This compan is POS! I signed up to do credit card processing for my clients. I did ONE transaction for over $8,000 and they asked for more information to verify my identity and proof of the authorized payments before they could deposit money into my bank account. I gave them the required documentation.
On the 13th, August, they sent an email saying they will deposit the funds to my account THAT day. Well they lied, because they didn't. And the next email I received stated that they detected a pattern of high risk activity on my account (A pattern? I did one transaction!) and that they were permanently deactivating my account and holding on to my funds for 90 days! 90 days freaking days. Are you serious?
Because of the nature of my business, I deal with large payments from my clients all the time. They based their decision on ONE transaction which is not fair. Their only solution is for me to refund my client and find another way of collecting payment. [continued below]....
If you check their profile on bbb.org, you will see the hundreds of complaints similar to mine. And their response is always a copy & paste of a section from their sellers agreement basically saying one of their employees reveiwed my account and decided they didn't me to have my money, so we're holding it. They are horrible for people and small businesses trying to process real transaction and not babysitting fees. This business is not very small business friendly at all.
If you keep getting the same complaint over and over again, it's time to sit own and change your policies. It's ridiculous and immoral for a business to keep your money for 3 months. Not only does my business depends on it, but my family does as well. They don't care how something like this affects the person and their business. , REAL business owners, stay away from Square.They are horrible! Unless you process anything under $50 a day.
This report was posted on Ripoff Report on 08/18/2014 06:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Square-Inc/internet/Square-Inc-Immoral-business-practices-Internet-1170448. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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