thread Re: Is the next day transfer option free? in Archived Discussions (Read Only)

Is the next day transfer option free?

jjh0728 — Thu, 05 Dec 2019 22:19:00 GMT

I'm new to square. Is the next day transfer the free deposit option? And do I need to notify my bank so my business name on square matches my bank account? I added my card/bank info in and verified my bank account through square. Thanks for your help!

[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]

Re: Fees

VanKalkerFarms — Thu, 05 Dec 2019 22:19:45 GMT

The next business day option is the standard transfer schedule. You only pay an extra fee for the instant transfer.

Your business name will appear on your customers credit card statement as "SQ* Your Business Name"

if your bank account has been verified by square you should be all setup and ready to go.

[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]

Re: Fees

jjh0728 — Thu, 06 Oct 2016 22:02:20 GMT

Ok great thank you!

Re: Fees

jnfinance — Sat, 27 May 2017 22:37:50 GMT

Even Square said I was ready on all the screens and website. It did not work. The instant deposit didn't and now the next day didn't.

Re: Fees

VanKalkerFarms — Thu, 05 Dec 2019 22:20:53 GMT

I'll assume since you're posting on Saturday that is when the next day transfer didn't happen. Friday's transfers will happen on the next Monday, as will Saturday and Sunday's transfers due to bank hours and the weekend. The only time Monday deposits don't happen is because of a holiday on Monday (like today's Memorial day) so that will then be transferred on Tuesday.

Here's a link to a page explaining the deposits. https://squareup.com/help/us/en/article/5438-next-business-day-transfer-schedule

Re: Fees

FTLMessengers — Tue, 27 Feb 2018 18:45:03 GMT

I seem to be charged even though my account settings are on the free one and I can't get an answer from SQ Customer Service regarding this issue - [Redacted]

Re: Fees

katieand — Tue, 27 Feb 2018 18:47:52 GMT

Hi @FTLMessengers - Can you tell us a bit more about the product you are using so we can look into fees for you?

As a reminder, we ask all members of the community abide by our Etiquette Guidelines, which include being respectful. I've had to redact part of your message so please refrain from using language like that in the future when posting. Thanks for your understanding.

Re: Fees

FTLMessengers — Tue, 27 Feb 2018 19:06:48 GMT

Square Up - I sell services not products. I took the percentage Square charges and put that into my tax bracket line in the invoice so it calculates automatically.

I am also enrolled in the FREE next day deposit option.

Once the Invoice is paid the percentage is removed but once the money is deposited on the FREE next day option they subtract different amounts so I don't actually receive what I am supposed to get paid.

Re: Fees

VanKalkerFarms — Tue, 27 Feb 2018 20:06:49 GMT

an example would help but I think I know where your problem is if I understand what you said you are trying to do.

It sounds like you are trying to add the Square Credit Card processing fee to your client's invoice. IF that is correct you have to enter the correct amount into the invoice if you want your original total to be what is deposited.

It is because you are taking 2.9% of the additional money added also, so you have to take into account for that too.

if you invoiced $100

$2.90 for CC charge

$.30 for invoice fee

$.08 for the CC charge on the $2.90

so take your total you want to net. Times it by 1.0298 and add $.30. Your net after fees should be what you want.

In the case of $100, $2.98 + $.30 would need to be added on the invoice to cover the fees that square would take netting you exactly $100

Also be aware that adding the credit card fees to a customers bill is illegal in many states.

whwn taking payments. And account is linked it deposit to that account in 1-2 days?

Levisdetailing — Tue, 12 Nov 2019 20:47:30 GMT

So when taking payment via square: and i have a business account linked to it, it is deposited directly into that account within 1-2 days correct?

Re: whwn taking payments. And account is linked it deposit to that account in 1-2 days?

ashc — Thu, 05 Dec 2019 22:22:23 GMT

Hey @Levisdetailing and welcome to the Community!

I moved your post to a relevant thread in the Community around our normal next business day transfer schedule.

See the answers above for more details but yes- you are correct on the 1-2 business days.

[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]

Re: Is the next day transfer option free?

brucesmovingmad — Sat, 17 Sep 2022 17:35:09 GMT

How do I change my account setting from Instance to the next day?