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The second method Square uses to limit fraud is much less transparent and the reason for the company’s low score in this section. Merchants are reporting in great numbers that Square has randomly and without explanation, or notification, placed lengthy holds on their funds – even with swiped transactions.  Square appears to rely on undisclosed algorithmic “risk factors” to place automatic holds on transactions or amounts that it deems suspicious.  It many cases it appears to flag a high number of legitimate transactions without notifying the merchant of the hold, or the reason for it.  Square’s policies regarding these types of holds are murky at best and make the service highly undesirable for higher volume merchants. It appears that the company needs to do a much better job of educating merchants about the types of transactions the have a risk of being held, notifying merchants when transactions have been held, and communicating with the merchant through the hold process.  Since fund holding can greatly impact a merchant’s operations, the grade for this section will remain low until Square improve the system.

[$1000 card-not-present hold a problem? Find a mobile provider that doesn't have it]

Square Customer Service, Complaints & Dispute Resolution | F

Another area that Square comes up short in this review is in its customer service.  For a company that has only been around for about two year, Square is racking up a lot of complaints. The majority of the complaints fall on three areas: Practically non-existent merchant phone support, misunderstanding and non-disclosure of the $1,000+ card-not-present deposit hold policy, and complaints of random fund holding with no explanation or communication.

The company appears to rely too heavily on customer service provided by email, a Twitter support page, and a support blog. This can pose a big drawback for many, especially for merchants who are not willing to wait for an email response.  The company does, in fact, have a phone number ((415) 375-3176) but it appears to go to a voicemail system for the majority of callers.  Additionally, many merchant are reporting wait times of several days before getting a response from Square regardless of how they contacted the company. For many, it seems inexcusable for a financial services company to not have a readily available 800-number helpline.

Square could greatly improve its rating in this section by adding a dedicated customer support number and better communicating its hold policies.

[Need a mobile processor with a dedicated customer support line? Check out GoPayment]

Square Better Business Bureau Report | F

As of this update, Square is not showing as accredited on the Better Business Bureau website and the BBB is reporting a “No Rating“ stating that the report is under review – which had an “F” rating during our last check  A total of 105 complaints have been filed in the last 36 months which is up from 44 complaints as of the last update of this review.  Of the complaints 55 are regarding problems with service, 38 with billing and collection, eight with delivery and four in advertising and sales. It should also be noted that Square has been in business for less than the 36 month reporting period.

Based on the volume type of complaints, and that the last updated report had an “F” rating, we will hold the rating to an “F” until the BBB updates its report.

Bottom Line

Square is definitely on the right track with providing an easy credit card processing solution with no long-term commitments and no monthly fees.  The service is proving to have some major drawbacks for higher volume merchants because of murky fund holding policies and poor customer support.  It appears that Square is best suited for individuals who have an occasional need to accept a credit card, and merchants with small ticket and low volume credit card sales.

Leave your review of Square in the comment section below:

Square Review1.875Phillip Parker2012-05-16 11:12:07Unlike most Square (squareup.com) reviews, this Square up review focuses on the things that matter to merchants and business owners, instead of just focusing on the Square’s technology. Square is often called “Square up” or “Squareup” because of the domain that Square uses for its website; however, the official name is for the company is “Square.” The names will be used interchangeably in this review.

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