We have been using square for over a year without any problems. In one year of business we have had 415 completed transactions with 1 chargeback request, which was ruled in our favor.
Recently we got an email (and then a reminder) requiring additional information to evaluate the likelihood of our payments being disputed.
We go to fill out the form and the first option is to enter bank information (our bank account has been connected to our square account for a year). Our bank is not listed in the drop down so we can’t go to the next question and as a result we cannot complete the form.
Messaged customer care twice. The first time the rep just stopped responding, the second time the rep has no idea what I am talking about.Called the customer care as well was told that the issue would be sorted and we would get an email within 2 business days (no dice).
Then got the email again and this time we were told not to worry about it and our account will not be restricted.
Very next day we got an email stating there is a 20% reserve on my account for 90 days. So now I have to (in the middle of our busy season) mark all items as sold out - and move my payment processing to a different provider. We had already shared payment links with customers so we also have to email every customer that we shared the links with updating them with new links with a provider.
The customer care experience was very frustrating - it was not easy communicating with the reps, I was assured our account was in good standing and I didn't have to worry about any restrictions.
Thankfully there are other providers out there or as a small business we would be fighting for survival if Square was the only option and held on to 20% of our revenue for 90 days.
