My first transaction is for $5000 - will there be a hold with square?

[mbg]

I have a company that wants to pay me for services rendered $5000 with a credit card.  If I use Square for this transaction (and I just signed up today) - will there be any red flags that go up?  

I just checked with Paypal and they want to put a 21 day hold on the credit card transaction I need to make.  I can't confirm how Square will handle this?  

Just want to know before I take the card from client - as I'd like to not have to wait that long to access the funds.  It's a large amount so wanting to make sure I know of any issues that COULD pop up.

Thank you for any help on this!

[jjgard]

If your checking account that you're set to receive funds at has been verified, you shouldn't experience any hold from Square.  

If the customer is using an actual credit card for the $5,000 transaction and the transaction is approved via chip or swipe, there shouldn't be any reason for the money to be held by Square.  If you manually type in the transaction using the card number, expiration date, and CVV code...who knows.  Those types of manually entered transactions tend to look more suspicious to the card issuer and you could encounter a hold on the other end as they try to verify the legitimacy of the charge.

[COTTONLAW]

The policies could use some work. They've got a problem with lawyers – either way too many or virtually none. I have no visibility into this company, so that's a blind guess, but that's my guess. Uneven lawyer-to-non ration = disjointed and confused policies that are incongruent with customer service. Kind of an "it works most of the time" approach to policymaking. 🫠