How to Put a Hold on a Credit Card With Square
Square is a popular payment processing platform that allows businesses to accept credit card payments. In addition to its payment processing capabilities, Square also provides a feature that allows users to put a hold on a customer’s credit card. This can be useful in situations where a customer wants to reserve an item or service but does not want to make a full payment right away. In this article, we will discuss how to put a hold on a credit card with Square and address some frequently asked questions about this feature.
Putting a hold on a credit card with Square is a straightforward process. Here are the steps to follow:
Step 1: Log in to your Square account. If you don’t have an account, you will need to sign up for one.
Step 2: From the Square dashboard, navigate to the “Virtual Terminal” tab. This tab is located on the left-hand side of the screen.
Step 3: Select the “Charge” button.
Step 4: Enter the customer’s credit card information, including the card number, expiration date, and CVV code.
Step 5: In the “Amount” field, enter the desired hold amount. This is the amount that will be temporarily reserved on the customer’s credit card.
Step 6: Add any necessary notes or descriptions in the “Note” section.
Step 7: Click on the “Charge” button to process the hold.
Once the hold is processed, the specified amount will be reserved on the customer’s credit card. It is important to note that the hold will expire after a certain period of time, usually within a few days. If the customer does not complete the transaction within this timeframe, the hold will be released, and the funds will become available again on their credit card.
Q: How long does a hold last on a credit card with Square?
A: The duration of a hold can vary depending on the credit card issuer and the type of transaction. In most cases, holds last for a few days, typically between 3 to 7 days. It is recommended to inform customers about the hold duration to avoid any confusion or dissatisfaction.
Q: Can I cancel a hold placed on a credit card with Square?
A: Yes, it is possible to cancel a hold on a credit card. To cancel a hold, you will need to contact Square’s customer support and provide them with the necessary details, including the transaction ID and the customer’s information. They will then be able to assist you in canceling the hold.
Q: Are there any fees associated with placing a hold on a credit card with Square?
A: Square charges a processing fee for each transaction, including holds. The fee varies depending on the type of transaction and the pricing plan you have with Square.
Q: Can I put a hold on a credit card with Square for any amount?
A: Square has certain limitations on the amount that can be put on hold. The maximum hold amount may vary depending on your business’s transaction history and Square’s policies. It is recommended to check with Square’s customer support or refer to their documentation for specific details on hold limits.
In conclusion, Square offers a convenient way to put a hold on a customer’s credit card. By following the simple steps outlined above, businesses can reserve funds on a credit card for a specified period of time. It is important to communicate the hold duration and any associated fees to customers to ensure a smooth and transparent transaction process.