Originally Posted by costumeczar
I took a payment for $988 over the phone this past week using square, and it was in my bank the next day. Maybe I came in under the limit.
The way I understand it, only the amount over $1000 for card-not-present transactions within 7 days gets held. So if you took that payment 2 days ago and you take another payment for $500 over the phone tomorrow, you would get $12 deposited to your account, and the remaining $488 would be held for 30 days. Any further phone transactions for the next few days after that would also be held for 30 days.