Square Usage with Partnership LCC

[Kerstinj]

The title of this thread has been edited by a Square Moderator from the original: Does anyone have a partnership llc using the square app?

Hey everyone! I have a partnership llc and a separate business banking account. How do I get around all of these fees? It’s absolutely insane how much money I’m out after someone makes a payment and then once I deposit the money! Does anyone have two people in their business needing to use the funds but want to keep it seperate?

[HC_Charlie · Accepted solution]

Hello @Kerstinj thanks for your post. Square charges a fee to process credit card transactions, and the rate may vary based on which hardware you use, or the volume of sales you process. Is there a specific instance you'd be willing to share and maybe another Seller in the Community could offer more specific advise on how/why you may have been charged a certain fee? You should be only charged a fee one time (when the payment is processed). If you are using INSTANT TRANSFERS, you will also be charged a fee for that service, but if you wait for the standard timeframe for deposits, you shouldn't be charged a fee for that.

Fees may vary from these below, but check out the link below for more specifics:

2.6% + 10¢

3.5% + 15¢

2.9% + 30¢

3.3% + 30¢

https://squareup.com/help/us/en/article/5068-what-are-square-s-fees

All credit card processing companies charge a fee for this service, so this is not something specific that Square is doing. Please note that credit card processing fees are able to be deducted on your taxes, so this is a business expense that writes down your income.

[Candlestore]

@Kerstinj ;

I have a C-corp that I use the standard Next Day transfer from Square to my bank and that service is free.  So I only pay the normal Transaction Fees when people pay me with a Credit Card.  

How are you depositing the money? 

What all fees are you referring to?  Just the Normal Processing Fees or the Instant Transfer fees? Or Subscription Fees for other services provided by Square..... Payroll, Retail or Resturants, Marketing?

If you are referring to How to Deposit money from Square to an Outside Bank here is some information on that :

3807-deposit-options-with-square 

Look under

Review transfer options  - Standard Next Business Day Transfers this is free if you can wait a day or longer over bank holidays and weekends.

[Sammie_C]

Hi @Kerstinj, we appreciate you reaching out. Welcome to the Square Community!

As @Candlestore mentions, could you clarify what fees you are referring to? Are these fees from Square, your bank, both? A bit more clarification may help.

Once we have some more information, I can take a look into this for you.