Hey @shopzo. So here’s how it works. First, keep in mind that transfers from Square to our banks are processed through the national ACH system. Basically, think of ACH as electronic checks that are sent back and forth between banks. Also, in my explanation, you can replace “Square” with “Clover” or any card processor because your experiences with any of them will be almost exactly the same
- Once a transfer from Square to our banks is initiated, Square creates an ACH transfer to that bank.
- This transfer goes to the national ACH system. From here, it can take 1-3 BUSINESS days (Monday through Friday) for the money to show up in our bank accounts.
- When our bank receives the money, most banks usually post the transaction as pending. It is up to your bank to decide how much (if any) of that they want to make available to you before it actually posts.
Since you initiated the transfer on Friday, it could show up as pending this morning. My bank does this, but not all banks do. You’ll have to ask yours. If it doesn’t show up today, it will most likely show as pending tomorrow morning.
Note that you CAN do an immediate transfer, using your bank account’s debit card. However, you’ll want to rarely do this because instant transfers cost an additional fee percentage of 1.75%. That should only be used for emergencies, obviously.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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