
Square Is Withholding Money Merchants Say They Need - shill
https://www.nytimes.com/2020/06/23/technology/square-jack-dorsey-pandemic-withholding.html
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aritraghosh007
It'll be interesting to see what instruments Square might actually use to
"increase cash on hand by 290 percent", increasing withholding revenue doesn't
seem to be enough. Debt financing following the likes of Uber and Airbnb could
might as well be on the cards soon.

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jgalt212
I wonder how much this says about Square's cash flow situation and in addition
to what it says about their customer's economic conditions.

IIRC Square makes most of its money via small business lending. To the extent
that space is over-represented by retail and restaurants, defaults should be
spiking.

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philrhc
i think a big factor is spikes in chargebacks due to coronavirus

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ninjaturtlez
Oh god this poor guy had to sell his boat since square decided to hold a
portion of his transactions (well within their right).

The claims that square is not trying to help small businesses is just bullshit
though. They've helped a lot of businesses get loans when they couldn't from
the major banks and have also released a lot of new features to support
contact free sales.

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jkestner
Meet the new boss, same as the old boss. Great, they help small businesses
sometimes. But right here in a dire situation, they're hurting them. It’s fair
to want to know why Square is holding thousands of your earnings. This is why
businesses hate PayPal.

