October 11, 2011 03:41 am EDT

Square ditches $1,000 per week limits, has 800,000 merchants processing $2 billion per year

Until now, when a merchant using Square racked up over $1,000 in payments in the course of a week, everything above that limit was held for a period of time, ranging from just a few hours up to a whole month. As of today, roughly a year and a half after the company's founding, that restriction has been lifted. Now all payments will be processed immediately and merchants will have access to the funds the next day. Square also announced that, in the year or so since it started offering its wares to the public, it has signed up 800,000 merchants who have processed over $2 billion in transactions. After ditching the $0.15 per-transaction charge and with the $1,000 per-week restriction limit lifted, we're sure those numbers will only increase in the year ahead.

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Original Link: http://www.engadget.com/2011/10/10/square-ditches-1-000-per-week-limits-has-800-000-merchants-pro/

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