Balance different to expected

[beauty5]

Hi I have taken a payment today the largest I’ve processed at £4,250.  The fees I searched so many times prior and it says 1.5% UK card 2.5% non UK card (it’s a UK card).  The available balance in my transactions is now showing as £3,553.  The call centre is closed - can anyone shed any light on this as I wasn’t expecting £700 in fees! 

[beauty5]

Could this be a cap on my daily instant transfers?

[Sineaid · Accepted solution]

Hi @beauty5,

Thanks for reaching out to the Community for clarity on this. 

While I wouldn't be able to look into this at an account level for you, I can assure you that Square uses a simple per-transaction pricing structure, with no hidden fees. So the available balance you see, would not be indicative of a £700 fee being attached to a transaction of this size. The fees you can expect to be charged for each transaction type are outlined below: 

• 1.75% for each contactless, chip and PIN or swiped card-present transaction.

• 2.5% for payments manually keyed-in to the Square Point of Sale app, recurring payments facilitated via Online Checkout links, Square Invoices and Virtual Terminal.

• 1.4% + 25p for UK cards and 2.5% + 25p for non-UK cards for our online payment products, including Square eCommerce API, Square Online, Online Checkout, Subscription Payments and purchases of Digital Gift Cards.

With regards to Instant Transfer limits, you are correct, there is a maximum daily transfer limit of £3,500 for Instant Transfers. It's also worth noting that it is not possible to effectively split an individual transaction that is above that value. Any single transaction above the transfer limit will sent to your linked bank account as per your preferred transfer schedule, without the additional 1% fee that is charged for Instant Transfers.

• Standard next-day transfer: Transfer funds according to our standard next-day schedule, including weekends and holidays. Your funds will automatically be sent each evening and will arrive in your linked bank account the next day.

• Manual transfer: Choose when to transfer your funds manually, including weekends and holidays. Funds arrive in your bank account the next day.

If you're not sure which Transfer Option you've set on your account, you can check this from your Dashboard, or the Square app.

From Square Dashboard

1. Sign in to your Square Dashboard and select Settings > Account and settings > Money > Transfers.
2. Under Transfer Schedule, select Automatic or Manual.
3. Under Transfer Speed, select Next-Day to enable next-day transfers for every day of the week, or Custom to select your preferred transfer speed on a per-day basis.
4. Select Save.

From the Square app

1. Open the app and tap More from the navigation bar at the bottom of your screen.
2. Tap Settings > Account > Transfers.
3. Under Transfer Speed, select Next-Day to enable next-day transfers for every day of the week, or Custom to select your preferred transfer speed on a per-day basis.
4. If using Custom, select a working day to adjust its transfer type.

If you ever have concerns, or simply want to check the exact fee that's been charged for a transaction, you can view this by selecting a payment from the Transactions tab of your Dashboard and scrolling to the bottom of the information blade.

You can also download fee statements for previous months from your online Square Dashboard from: Account & Settings > Money > Fee Invoices.

I hope this helps put you mind at ease, but if you have any other account specific concerns or questions, don't hesitate to get in touch with our Customer Success team. They'll be happy to help!