Square has seen its payment volume increase by 25% since March, which means the company should process $5 billion in transactions this year. However, the most important thing is the following:
The San Francisco company is making cash from sales before 5 p.m. on any day available in merchants’ accounts on the next business day, compared with as many as five days out for other processors.
So, you close your store at 5pm. You come back the day after and yesterday’s sales are in your bank account.
This is huge. Others take at least two days to process your payments. This time is risky for businesses and any way to make it shorter is great.