Is there a maximum amount of £ for sales?

[Bar47Swansea]

Hi, I’m using square on my phone and a payment system. I’m running a quiet bar. But I’ve been told that I need a merchant account as when I reach £2000.00 in sales it will stop me from putting anymore sales through and I won’t be able to have access to the £2000.

[Sammie_C]

Hi @Bar47Swansea, we appreciate you reaching out. Welcome to the Square Community!

I went ahead and escalated your case over to our Account Services team to look into this for you. As soon as I hear back, I will reach back out here promptly.

[Sam_400º · Accepted solution]

Hey @Bar47Swansea - just counting the 0's in there to check we're talking about the same amounts! £2k right? 

A merchant account is kinda included with Square and they settle to standard bank accounts no problem. Some of the more traditional providers do require a merchant account to set up the service where settled funds would go and any charges then taken. One of the reasons Square doesn't need it is as they charges are taken off before settlement. 

As a point of reference, I'm self employed and have had my Square balance paid into both my standard current account (with 2 different banks - no issue from either of them) and also a business bank account.

You shouldn't have any concerns. (note - some sellers if they take a lot of money really quickly might have some extra checks, but generally these won't stop you taking payments and don't take long). 

I can recommend getting the Square card linked to your funds though - as for me that helps if I'm busy on a Friday and need more stock then I can use those funds straight away at my suppliers rather than waiting until after the weekend for the settlement into my account. 

[Bar47Swansea]

Hi Sam, Thank you so much for the reply it really does help going forward. I will take your advice on the square card being linked. Really appreciated. 😊

[Sammie_C]

Thank you @Sam_400º for your insight!

@Bar47Swansea, @Sam_400º may have already answered your question, but I wanted to chime back in and let you know I heard back from our Account Services team. They took a look at your account and confirmed that as long as your account is fully verified, then you should be good to start taking payments and there is no minimum or maximum amount that must be met. They also are going to go ahead and send out an email to you going over some other specifics.

If you end up having any other questions, please feel free to respond back to their email or post on here. Hope this helps!