Square Removes Deposit Limits for Canadian Customers

Commerce transaction platform Square has eliminated holds and deposit limits on manually entered transactions in Canada.

The US-based mobile payments processor, which launched in Canada in October 2012, says funds from both swiped and non-swiped payments will be deposited in merchants' bank accounts within two business days, a move it notes is an important step "to further remove barriers to growth for local businesses."

The company makes a tiny credit card reader that plugs into mobile devices, allowing small-scale business owners to accept credit card payments. In 2013, Square processed $100 million in credit card payments in Canada.

Square was cofounded by Jack Dorsey, who cofounded Twitter.


Toronto, Ontario, Canada

Square helps anyone take care of their business. Square's complete register service is a full point of sale with tools for every part of running a business, from accepting credit cards to tracking sales and inventory. Founded in 2009 and headquartered in San Francisco, Square is currently available in the United States, Canada and Japan. Square operates in Canada only through its wholly owned... more

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Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more

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