Transfer Holds for New Users

[APEXTraders]

I am new to Square so forgive me if the answer to my query is obvious...

I have just signed up and accepted a $4000 plus payment, from the way all of the literature read, I would be able to have the funds transferred to my bank after midnight on the day I accepted the payment however now there is apparently a $500 daily limit or does that only apply for instant transfers? Secondly, both my ID and bank account have verified no problem, why is there an "account review" in place holding up my payments and how long realistically until this is lifted?

I find this most frustrating as I have verified my account in every possible way Square has asked and all of the pre-signup literature says "at midnight the day you accept the payment" and makes out this is true from day 1

[APEXTraders]

Interesting that nobody will answer this topic!!!

I also wanted to know if this was standard practice for all new square customers &^ if so, why doesn't Square just ask these questions during signup?

[Laurie_ · Accepted solution]

Hi @APEXTraders,

I appreciate your patience as we worked to get back to you here - I'd be more than happy to provide some more information about this.

New sellers initially have a maximum transfer limit of up to $500 per day. As your business progresses and expands with Square, there's potential for an increased daily transfer amount of up to $5,000 per day. You can find more answers to commonly asked questions about instant transfers here. 

You've brought up a really valid point about Square's sign-up process, and it's something we're actively looking to enhance down the road. The goal was to make the sign-up process super smooth, getting new Sellers up and running with Square payments ASAP. If, during the process, our Account Services team needs extra details to verify your business, they might shoot you an online information request. This helps ensure a safe and secure card processing environment for all Square accounts – merchants and their customers alike.

We're always looking to improve these experiences based on feedback like yours. In the meantime, if you have received this request, a typical review takes 1-2 business days once all of the required information has been submitted. Once we’ve reviewed the information, an agent will send you an email letting you know when to expect those funds.

I hope this helps to answer your questions. If anything else comes up, don't hesitate to let us know.