Square Rolls Out Chargeback Protection for Merchants
Yesterday, Square announced a new program for merchants that protects them when customers dispute purchases. When buyers contest a charge on their credit or debit card, that money is immediately put on hold. That means the merchant loses the money generated from the sale as well as the product or service it sold. Square is giving merchants in the U.S. and Canada access to chargeback protection, which will cover the money being held in instances of fraud. Meaning, sellers won't lose out on sales that are being contested. Square will cover expenses related to sales disputes up to $250 per month.