thread Square Banking Q&A: Ask us anything about transfers! in Archived Discussions (Read Only)

Square Banking Q&A: Ask us anything about transfers!

Tom — Tue, 16 Jul 2024 19:15:51 GMT

On November 4th, we were delighted to have @aiqiliu with the Square Banking team join us for a Q&A focused on sellers who are new to Square Banking — specifically to address questions related to account setup, transfers, and cashflow.

Aiqi Liu has been with Square for 3.5 years and she is the Product Manager for Transfers. Before that she was a Software Engineer at Square building the Square Debit Card and Web Payments SDK products.

Aiqi responded to your questions about receiving funds from processing, managing linked bank accounts, and transferring funds in and out of Square.

A few example questions:

What are the benefits of banking with Square vs. sticking with my current bank account when it comes to accessing, moving, and spending my money?
I need a transfer option that does "______" — what is your best suggestion?
What are the differences between transfer schedules?
How do I know which payments were included in my last transfer?

Square Inc. is not a bank. Banking services are provided by Sutton Bank or Square Financial Services, Inc.

Re: Square Banking Q&A: Ask us anything about transfers!

keicollective — Fri, 29 Oct 2021 23:55:08 GMT

The main thing missing for us currently from Square Banking is the ability to send money to our vendors. Is there any plan to add something like this to the Square platform?

More details: We operate on a consignment basis and sell on behalf of over 80 different independent artists. Since we do consignment instead of wholesale, we pay our artists for their items AFTER the item sells (end of month payouts for any items that sell within the month). We currently use PayPal to send the artists their earnings, but would love for this to be handled within Square as well!

Re: Square Banking Q&A: Ask us anything about transfers!

CAPGROUPceo — Sat, 30 Oct 2021 16:14:09 GMT

Id like to know, the best way To set up direct deposit. For my staff.And the best way to go about makin smoove payments. On time, all the time.

Re: Square Banking Q&A: Ask us anything about transfers!

cmeshine — Sat, 30 Oct 2021 18:30:02 GMT

What impacts would our Square banking accounts have with receiving an invitation for Square Loans?

Re: Square Banking Q&A: Ask us anything about transfers!

cmeshine — Sat, 30 Oct 2021 18:34:27 GMT

I have a Quikbooks Online that is not currently synced to my Square account, I would like to send the payments collected from Quikbooks directly depoited into my Square account. Would entering my Square Checking account information onto Quikbooks for payments to be direct deposited to the account work?

Re: Square Banking Q&A: Ask us anything about transfers!

BXgirl72 — Sat, 30 Oct 2021 18:45:12 GMT

I would like to know if there are any plans in the future for sending ACH payments from the Square Checking account. I'd like to have the option to direct deposit to another bank for non payroll transactions.

Re: Square Banking Q&A: Ask us anything about transfers!

cateifer — Sun, 31 Oct 2021 15:17:11 GMT

how do I use it

Re: Square Banking Q&A: Ask us anything about transfers!

Cedesrain — Sun, 31 Oct 2021 18:55:49 GMT

Hello . I had a customer use cash app for payment . And on their end it says waiting for me to accept payment. But on my end it’s not showing up anywhere for me to accept. It doesn’t even show a transaction.

Re: Square Banking Q&A: Ask us anything about transfers!

jstcesq — Sun, 31 Oct 2021 23:40:59 GMT

Hi, what is the best way to resolve a transfer showing from Square's website that never made it into my bank account?

Re: Square Banking Q&A: Ask us anything about transfers!

Eom26llc — Mon, 01 Nov 2021 00:22:00 GMT

I need to speak to a live read on the phone

Re: Square Banking Q&A: Ask us anything about transfers!

GrandmaTess — Mon, 01 Nov 2021 04:55:14 GMT

Hi. I have a very simplistic question (I’m new!!)

I decided I would be charging my customers the 2.6% fee for a credit card transaction and then I would take ‘the hit’ of the $.10 per transaction. I set this up accordingly on the app (easy to do- thank you!).
However, today, for example, I had a $25 sale. They were according charged $.65 additional in the sale. I expected an additional $.10 to be deducted (as mentioned) But my total fee for using square for the transaction was $.77 and not the $.75 as I expected. (So a $.02 difference). This also occurred on a slightly less sale of $20 (where it seems there is a $.01 difference)

I’m having a wing-dinger of a time trying to balance my books. Can someone please tell me how square is getting the $.77?

Much thanks!

Re: Square Banking Q&A: Ask us anything about transfers!

Trishmua — Mon, 01 Nov 2021 13:47:02 GMT

I show an amount transferred under my transactions, however when I go to reconcile it is off .40 cents. When I look at the actual transfer it shows a different amount. There is no explanation for this as I never do an immediate transfer and nothing explains why my deposit is off. This is not the first time it happens.

Re: Square Banking Q&A: Ask us anything about transfers!

keicollective — Mon, 01 Nov 2021 18:58:01 GMT

Square always charges their 2.6% on the total charged to the customer. So when you added the $.65 to the customer's total, Square charged their 2.6% on $25.65 and not just $25. That's where the extra 2 cents comes from.

$25 x 0.026 = $0.65

$25.65 x 0.026 = $0.6669 (rounded up to $0.67)

then add their $0.10 charge and you get the $0.77 fee listed in Square

There's not yet a good way to fully pass your fees onto the customer from what I know, but maybe someone on the Square Banking team can chime in too?

Re: Square Banking Q&A: Ask us anything about transfers!

Mimea1184 — Tue, 02 Nov 2021 11:59:55 GMT

I put in the wrong address too many times and now can’t get the checking acct with square. So I need to open a new square acct and if so how do I get my money from this acct to the new one or am I just screwed in receiving my money today.

Re: Square Banking Q&A: Ask us anything about transfers!

GlazedKilnfused — Tue, 02 Nov 2021 19:31:20 GMT

I would prefer to transfer funds once a week, rather than every day. But, when I tried that, the report of the transfer only listed the amount collected, and the amount deposited. It did not include the amount for the taxes, and the amount for the fees. Is there any way you can set up a multi-day transfer report to look more like the daily transfer report?

Re: Square Banking Q&A: Ask us anything about transfers!

Thevioletfox — Tue, 02 Nov 2021 19:44:22 GMT

I second that motion 🙂 We also have vendors/consignment that we'd love to be able to use Square Banking for. Currently we use Melio, but it's one more place to have to keep track of everything.

Re: Square Banking Q&A: Ask us anything about transfers!

Thevioletfox — Tue, 02 Nov 2021 19:46:57 GMT

Hi @GrandmaTess - do you charge Sales Tax? That might be the missing number in your math.

Re: Square Banking Q&A: Ask us anything about transfers!

GrandmaTess — Tue, 02 Nov 2021 20:14:47 GMT

Hello Violet! Thanks for your response.
Great thought! And I have just double checked in the app and no, there is no sales tax set up. The only additional amount set up is the Square surcharge of 2.6% to be charged to the customer.

Re: Square Banking Q&A: Ask us anything about transfers!

ericd_photo — Tue, 02 Nov 2021 22:23:25 GMT

Hi GrandmaTess.

You are paying more because you are giving square a higher base once you add the 2.6 onto your price

EX: 25*.0026 = .65

so now the price is 25.65 when you enter it which means Square charges the 2.6 based on 25.65 which equals .67 (rounded up) + the .10 = .77

Im not sure why people think that adding a fee helps them, it only helps Square (i'm sure they appreciate it) but in the long run its better to just pay it and talk to a good CPA who understands how to deduct bank fees.

Re: Square Banking Q&A: Ask us anything about transfers!

GrandmaTess — Tue, 02 Nov 2021 22:35:01 GMT

Eric- you are amazing! Thank you for helping me figure this out! Agreed- I’ll talk to my CPA tomorrow about this.
And if I had some banana bread or cookies on hand to send you I would!

Thanks again!