Mobile payments solution Square has announced that it will provide all its U.S. and Canadian sellers with chargeback protection.
Chargebacks, which are a real and significant problem for many small businesses, occur when buyers dispute charges. Resolving chargebacks can be incredibly time consuming for small businesses, however, and leaves funds in digital limbo.
Square says it will cover chargebacks of $250 or less for its customers with a limit of $250 per month. Perhaps most interesting, however, is that the company will also cover losses if the seller ends up losing the dispute with the customer.