Square, Inc SquareUp Square, Inc. Holding Funds and Unauthorized Bank Withdrawal AGAIN!!! San Francisco California

We activated our account on Nov. 6 to begin using Square Reader for our in-person retail transactions. We processed a few transactions and everything seemed to be ok (Credit Card is processed, Square deducts their fees and deposits the verified funds to our linked and verified bank account).

Nov. 25 they began holding funds and sent an email stating: "To ensure the financial security of both you and your customers, we need to verify some information about your account." On Nov. 26th we provided Square with the following documents: Federal Tax ID, Seller's Permit, Bank Statement, Purchase Order, and 2 Sales Orders (verbally requested by Square). We contacted Square, virtually impossible, through a random phone hack that took us out of the loop and into a 2 hour hold for customer service. At that time, we were told that we have provided everything and more for their "Review Department" and there should be no problem with funds being deposited. So we continued to transact using Square Reader.

Nov. 30 received email that states: "We've received your completed form. We'll review your information and get back to you within 1-2 business days." You never speak to an actual representative and there is no way to call customer service like so many others have complained about.

Dec. 1 they deactivate our account stating: "transactions associated with high-risk". They don't tell you what high-risk means but the BBB complaint section mentions a small business artist with repeat customers that apparently sold "high-risk" paintings and they held their funds, so it's anybody's guess. The email continues: "Any funds currently in your account will be held for 90 days before being released to your linked bank account." We're talking operating capital for a small local business = SERIOUS TROUBLE!  Also, when they deactivated our account the email they sent stated: "If you prefer to receive funds more quickly, you should consider refunding the payments back to the original cards and seeking alternate forms of payment." We kindly asked a few of our amazing customers if we could refund their purchase and seek alternative payment, as Square instructed us. We refunded $10K of the funds they were holding, as they suggested, and that should be reflected in the deposit they are holding for 90 days because those are the same transactions...  On Dec. 3rd Square withdrew $10,000 from our bank account in addition to the funds they are holding which include the transaction they suggested we refund!!!

On top of that they illegally withdrew the funds per their own Sellers' Agreement Section 26 which states: "If your available balance is insufficient to cover the refund, Square will request your authorization to withdraw up to the requested refund amount from your bank account." Stay away from anything related to Square, Inc. and Jack Dorsey, unfortunately he's the new CEO of Twitter, good luck with that. Everything you read about them in the forums can't all be untrue if thousands of people are complaining about the same thing and have physical proof. If you value your business and your customers, avoid Square, Inc.