Understood. I apologize if you interpreted my response as someone snarky, it was not at all intended. I was in a rush but wanted to share what I had found out thus far. And if you or anyone else finds out more I would love to know just for curiosity's sake, especially if it applies to transactions of any amount below $20K and under 200 transactions annually.

As far as I can see it's basically the same as PayPal, slightly lower fee and you don't need a second person to go back and forth with, only your own linked bank account.

They used to have a sort-of limit: $1000 would be deposited next business day in any rolling 7 day period but anything over that in the past 7 days would be held for 30 days - to cover chargebacks, etc. They now base it on individual account history so if a business has no chargebacks they can charge progressively more over time and still get next business day deposits.

I happen to know someone who sells his handmade Steampunk creations at SciFi conventions and he uses Square a lot, easily going over $1000 with his Droid and Square for the weekend events. System was designed for him, it seems. Latest update even allows you to set the sales tax rate.