Account Verification Process

[RyanShannon]

I just signed up with square and I understand that everyone has procedures, just as my company has. However I think it's ridiculous that when you have access to all my bank records and they are years old, that you are still going to flag my account and hold my money.

In my opinion that is just poor business practices and is really holding me back from purchasing items for this client in which we are waiting for the money/identity to be confirmed.

Already sent my ID and other information requested, with my bank account logged in it should be a 2 second review and approved. What more do you want? A blood and hair sample as well?Get your stuff together square. 

[Donnie-M · Accepted solution]

@RyanShannon I understand your frustration.  Unfortunately, account specific questions have to go through customer service.

If you have opened a new account with square and have a large credit card transaction, this is generally one of the most risky types of transactions for fraud and chargebacks.  I am not sure on square, but I know sometimes when companies do online account verification through online banking it goes through a third party like plaid or another company.  I recently couldn't use online access for my banking due to my bank requires 2 factor authentication with online banking.  You just simply can't turn it off.  This can cause delays too.

While this doesn't help you with what you are currently facing, square protects the greater community by really scrutinizing new accounts and large transactions.  Sometimes however, it isn't square that puts the hold on things, it is actually Mastercard or Visa, and then square is the middle man.  Lastly, any transaction that is "card not present" is always held to a higher standard.  The most secure transaction to keep account problems to a minimum are dipped chip card transactions.  Technically, you have no fraud protection if the card is not present and dipped/tapped with a chip because of the EMV liability shift.

I just wanted to give you a little insight into something that I have seen here in my experience.  But reach out to customer service as they are the only ones who can really help you at this point with questions.

Best of luck,

Donnie-M

[RyanShannon]

Donnie, I appreciate your insight and now will have a greater patience threshold when something like this occurs.

It's just very frustrating when you have game plan and it's held up over a week bc of such an insignificant amount of money really, however I get it now .. and thanks again. 

[Lakeside2020]

Don't Worry they will do it over and over again. They hit me with a 2nd review which then let to me not being able to purchase a customers equipment which led to customer disputing the charges and the cycle has just started to spin out of control.