Just set up E-Gift Cards.. Not sure how receiving money from sales works, haven't sold any yet..

MPG — Sat, 04 Dec 2021 22:48:58 GMT

When you sell an E-Gift Card, or a Plastic card for that matter, for say... $100.00... does that $100 go directly to my Square Banking Account, minus credit/debit card processing fees?.. or do I have to wait until the gift card is actually used by the recipient to receive the money from the sale?

and if I do receive the money right away, is the processing fee from online E-Gift Card sales taken at the "keyed in" rate, since I'm not Swiping/Reading the card?

Thanks!

Re: Just set up E-Gift Cards.. Not sure how receiving money from sales works, haven't sold any yet..

crystalimages — Fri, 10 Dec 2021 23:05:50 GMT

Here's a link to Gift Cards and Gift Card FAQ on the Square Support site.

From FAQ

When am I paid for gift card sales?

You’ll receive the funds from the sale of a gift card when it is loaded and sold, according to your transfer schedule. You won’t receive a transfer for purchases made with a gift card, as it’s deducting pre-paid credit that was paid when the gift card was purchased.

So basically, you get paid when the gift card is purchased, when the gift card is used, there will be a record, but you won't receive additional money from square, as you've already been paid.

The processing fee depends on how the Gift Card is purchased. It follows the same rules as all your other sales.

Dip/Swipe, keyed in, online, cash sale, etc.

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Just set up E-Gift Cards.. Not sure how receiving money from sales works, haven't sold any yet..

Re: Just set up E-Gift Cards.. Not sure how receiving money from sales works, haven't sold any yet..