Square can change its terms of service and fees at any time, and your continued use of the service means you agree to the new terms even if you didn't explicitly accept them.
Merchants may unknowingly agree to less favorable terms simply by continuing to process payments, without realizing the rules have changed.
Unilateral amendment clauses in merchant agreements raise issues under contract law principles of mutual assent; compliance and procurement teams should establish processes to monitor Square's communications for material term changes and assess whether notice periods satisfy applicable state consumer protection requirements.
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Square's terms grant the company broad discretion to hold, delay, or withhold merchant funds for risk management reasons, which can significantly disrupt business cash flow. Merchants waive their right to participate in class action lawsuits and must resolve disputes through binding arbitration, limiting their legal remedies. You can opt out of the arbitration clause by sending written notice to Square within 30 days of first accepting the terms.