Square introduces Instant Deposit
Depositing funds into my bank account always pisses me off.
See… when I go to the corner pizzeria to buy a slice, that money has left my bank account before I reach the crust. I can see it right on my online banking app. Boom. Money gone.
But if I want to access funds that are rightfully mine, I have to wait 3 to 5 business days.
Do they really expect that we don’t realize that it’s the exact same transaction?
I first saw improvement on this front when Patreon announced it was using Stripe as a transaction provider. My funds hit my account on the day after I sent ’em. Paypal — perhaps feeling the pressure — has started delivering funds more quickly as well.
Now Square has raised the bar even further. Their transfers have always been fast. When I make money at a convention Thursday, I usually see it in my account Friday morning. And money generated Friday-through-Sunday is typically available Monday. That’s hard to beat.
But they’re trying.
Square’s Instant Deposit enables you to send money (as little as $50 to as much as $2000) to your bank account right now.
That’s pizzeria fast.
So, if you’ve made a sale Friday morning and want to access that money Friday night for a round of celebratory drinks, you can. You don’t have to wait for all of that day’s receipts to tally.
And you can initiate this transaction any time, day or night, weekday or weekend — even holidays.
Of course, you’re going to pay a little extra for the speed. Square’s gonna take 1% of the overall transaction. That’s after the fees they would normally charge (i.e.: 2.75% per swipe). But if you’re tight on funds, that might be worth it to you.