To use Scheduled Deposit, users tap on their apps, and can also time their transactions to coincide with the end of their business day. Deposits can be made on business days, weekends and holidays.
The feature allows sellers to make same-day deposits for a fee that totals 1% of the total deposit amount. The program aims to avoid wait times for merchants, and Square reports test users deposits are an average of 30% larger than Squares existing Instant Deposit service. Instant Deposit has existed for about a year, and Square merchants have completed more than two million deposits in that time, the company reports.
In recent news, Square has incorporated a business called Squareup Europe in Britain, lining itself up for its first incursion into Europe. Square began beta testing of its payments system in London in June 2016 to prepare for an initial launch.
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