thread Re: Square Banking Q&A: What is Square Banking? in Archived Discussions (Read Only)

Square Banking Q&A: What is Square Banking?

Tom — Mon, 15 Jul 2024 20:48:27 GMT

Hello Seller Community,

We're continuing to release new features with Square Banking — some of you might have seen the recent mobile check deposit announcement! With that, our Square Banking team hosted a Q&A on Wednesday, December 8th. The main focus areas related to account setup, loans, transfers, and other key features. 💵 🏦 💳

We're unable to share specific details with regard to our product roadmap, though we will incorporate the experiences shared on this thread as we navigate future releases.

A few example questions:

How does Square Banking help small businesses like me manage my money?
What are the helpful features Square Banking products provide?
How does Square Banking compare to a traditional bank? How are its products different?
What’s the best way to start using Square Banking for my business?
Is it okay to have two different bank accounts?
How does Square Banking connect to payments I get from customers?

Block, Inc. is not a bank. Banking Services provided by Square Financial Services, Inc. and Sutton Bank, Members FDIC.

Re: Square Banking Q&A: What is Square Banking?

JayaGirl — Thu, 25 Nov 2021 00:32:53 GMT

I already signed up for this awesome service! On the same day I noticed my bank had increased monthly fees from $6 to $9, I received Square's email invitation to Square Checking. No fees and no wait for money transfer....another great service Square!!! As a small business, I have nothing but appreciation for Square. Thank You!

AmyO

Spavacious Skin

Re: Square Banking Q&A: What is Square Banking?

Hollyc — Fri, 26 Nov 2021 13:43:19 GMT

Can I transfer money between my square accounts? example (checking and savings)

How can I make an outside transfer and why is maximum amount?

does square checking accept apps like Zelle?

Re: Square Banking Q&A: What is Square Banking?

pizzashak — Sat, 27 Nov 2021 01:58:27 GMT

how can we recieve bank statements like a regular bank account

Re: Square Banking Q&A: What is Square Banking?

TreborTech — Mon, 29 Nov 2021 12:19:18 GMT

This has been my question. Today, many banks and Fintech companies use a businesses bank statements as part of the application process.

The other question I have is if/when paper checks will become available.

Re: Square Banking Q&A: What is Square Banking?

jenni513 — Mon, 29 Nov 2021 14:21:37 GMT

I've been interested in Square Banking, My Sq account is in my previous Last Name and has changed due to marriage. I want to do Sq Banking but in my new last name, without having to close my current Sq and open a new account. Is there a way to do this yet?

Re: Square Banking Q&A: What is Square Banking?

Kerry0507 — Wed, 01 Dec 2021 06:42:52 GMT

Just signed up for Square Checking, thought it would be easier to do everything in one location. Unsure if I still need to link my account up to my personal checking account or if I do not have to do that now that I have Square Checking?

Re: Square Banking Q&A: What is Square Banking?

bodmodshop — Tue, 07 Dec 2021 01:31:11 GMT

When are we going to be "allowed" to use our debit cards *functionally* at ATMs?

The $1000 weekly/ $2000 monthly withdrawl limit is crippling.

I have to pay even more fees to transfer money over to Venmo (which allows roughly $2800 weekly & $12,000 monthly withdrawls) to use cash to get supplies from some of my vendors.

Don't try to say it's a safety thing - no other service is anywhere as limiting, and if you want to pretend you're a bank now, you need to provide bank-like services.

Re: Square Banking Q&A: What is Square Banking?

BSLprints — Tue, 07 Dec 2021 01:36:13 GMT

Amazon also requires new sellers to show paper bank statements.

Re: Square Banking Q&A: What is Square Banking?

BSLprints — Tue, 07 Dec 2021 01:38:01 GMT

I applied when it came out but it said my business type (LLC) was not eligable yet. Would be super nice to automatically put a % of credit card sales into a business savings account or something like that.

Re: Square Banking Q&A: What is Square Banking?

Horsebits — Tue, 07 Dec 2021 02:10:17 GMT

1. Can we have multiple checking accounts from Square? This question is related to the concept in the book “Profit First” by Mike Michalowicz. This concept has been a hot topic in one of my bakery business groups. To implement it, though, a business needs multiple checking accounts.
2. Can we have sales funds split and deposited into multiple accounts, say a Square checking account and my savings account at my local bank? Or split deposited into multiple accounts (3 Square checking or 1 Square checking and a Square savings)?

3. How do you we handle Square recorded cash sales for deposit? How do we deposit cash? Withdraw cash?

4. Do you have a minimum balance requirement?
5. Is there a maximum transaction withdrawal amount? What are fees for these?
6. What other kinds of transaction limitations are there associated with a Square account?

7. What are the fees associated with a Square checking account?

8. Are there any interest accruing accounts?

9. what are the benefits of having a Square checking account versus a local bank business account?

Re: Square Banking Q&A: What is Square Banking?

allwhowander — Tue, 07 Dec 2021 15:33:24 GMT

Looking into this more as we are becoming increasingly more frustrated with our current bank. One question I have relates to convenience on our end. Is there a way to send our Square sales into two different accounts, specifically to separate sales tax from our normal revenue? Ideally each daily transfer would move 8% of the sales over to a sales tax only checking account so I don't have to go in and do it manually every week.

Re: Square Banking Q&A: What is Square Banking?

RedSix — Tue, 07 Dec 2021 15:54:04 GMT

How do I get QuickBooks to see the checking account? It imports sales but not transactions. For example, if we use the debit card, QuickBooks does not see it. Accounting is a bit cumbersome with square already.

Re: Square Banking Q&A: What is Square Banking?

jgriffy — Tue, 07 Dec 2021 17:53:18 GMT

When using a square checking acct. and accepting check should I have the customer address the check to my business name? or my name?

Re: Square Banking Q&A: What is Square Banking?

Bevpaganucci — Tue, 07 Dec 2021 20:11:33 GMT

without the ability to write paper checks to cover rent (my landlord wont accept electronic payments, so this is a MUST) this business account falls short of meeting my needs, especially if it doesn't communicate accurately with quickbooks.

Re: Square Banking Q&A: What is Square Banking?

Relaxstudiok — Tue, 07 Dec 2021 20:51:16 GMT

Does Square Banking offer a way to deposit cash into my account, like through an ATM?

Re: Square Banking Q&A: What is Square Banking?

Juicefactoryvii — Wed, 08 Dec 2021 00:46:15 GMT

How to obtain a report for the specific year from using the square card?

Re: Square Banking Q&A: What is Square Banking?

shelyn — Wed, 08 Dec 2021 01:40:01 GMT

I'm very interested in the banking for the ease of having funds all in one place and doing the electronic check deposit (that is a huge draw for me) I'm concerned about not having someone readily available to contact if need be - such as occurs with a local B&M institution.

Re: Square Banking Q&A: What is Square Banking?

catkins — Wed, 08 Dec 2021 18:12:40 GMT

we are a very small art business who also sell other artists work via consignment. How can we pay out other artists with our the ability to write checks?

Re: Square Banking Q&A: What is Square Banking?

MayaHope — Wed, 08 Dec 2021 19:08:54 GMT

And we appreciate you! Our goal is to provide you with fast and fair access to your money.