Is square withholding your payout?

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Morticia's picture
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05/22/2008

Just read an article in the NYT (behind firewall) that says Square is withholding payouts of 20-30% on ‘hard hit businesses like tourism.’

 They are holding the money for 120 days (a full cycle).

 If you use Square, and are actually talking in money right now, are you seeing this happen?

 It sounds like it’s only for online payments, like deposits, not in person transactions. But it is definitely in the tourism sector that it’s happening. We’re going to all online payments this year and things are bad enough that not getting that 20-30% won’t make the least bit of difference to us. Ha.

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What a long, strange trip it’s been.

 

Arks's picture
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05/22/2010

I hate it when big companies try to squeeze every penny out of their customers. I guess they're trying to avoid all the refunds coming from lodging at present. Online reservations mean it's for the future, and might be canceled, so they don't send you the money for a while (a LONG while). Card present transactions means the guests are at the inn so won't likely cancel.

I use Stripe, love them and so far they haven't done anything like this. SO much cheaper than Authorize.net, which I used to use. I delayed changing over for years because I thought it would be a huge headache, but the change over to Stripe was really easy.

Luckily, I think my C19 cancellations are pretty much done with. Almost all reservations on the books now were made after C19 hit, so people know whether they plan to come or not...I hope.

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All saints can do miracles, but few of them can keep hotel. ~ Mark Twain

 

Morticia's picture
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05/22/2008

Most of my reservations for the rest of the year were made last year. No idea if any of them are coming. They are responding to my reminders by saying they don’t know yet (6 weeks away) but will let me know in another month.

 

Silverspoon's picture
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10/16/2011

That's what I thought.  Returning guests from this state made a 5-night reservation in May and I figured, with the big improvements our state has made against the virus, they surely would be coming in mid-July.  Nope...canceled yesterday.  My guests are dropping like flies.  Sigh

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Gardens are not made by singing "Oh, how beautiful" and sitting in the shade.
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gillumhouse's picture
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05/22/2008

Thankfully, mine are still coming.

gillumhouse's picture
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05/22/2008

I do not take deposits so cannot comment on that part of it. I took a payment Sunday (ran card) and it was in my account at the bank  Monday.

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