This is a great question, @AirmarkAircon! I'd be happy to clarify how Square transfers work.
When you receive a transfer from your Square balance to your linked bank account, you won't see any customer information on your bank statement. This is because Square acts as the payment processor in the transactional exchange, so you aren't being paid directly by your customer in a peer-to-peer system. Instead, you're receiving funds from Square out of your own Square balance.
Additionally, funds aren't automatically transferred to your bank account after each individual transaction. Instead, transfers from your balance to your bank account can typically include multiple transactions and are processed according to the transfer schedule you choose:
Automatic Transfers - With our free automatic transfer schedule, funds will be automatically sent to arrive in your linked bank account the next day. By default, your close of day is midnight Melbourne time, and Square will automatically transfer your funds the next day. Any next-day transfers sent after midnight will arrive on the second day. For example, if you process multiple payments between 12am-11:59pm on Monday, all these Monday payments would be transferred together on Tuesday.
Manual Transfers - Instead of automatic transfers, you can select manual transfers to choose when to move your money. Your funds will remain available in your Square balance until you decide to manually transfer them to your linked bank account. These funds will then arrive in your bank account the next day at no extra cost. This means you could process payments Monday through Thursday and transfer your balance on Friday.
Instant Transfers - If funds are available in your account, you can instantly send them to your linked bank account—24 hours a day, seven days a week—for a 1.5% fee per transfer, in addition to Square's standard card processing fees. Since Instant Transfers can include multiple transactions, you won't be able to see individual customer information on your bank statement.
You can learn more about our transfer options in this Support Centre article.
If you'd like to see which transactions are included in each transfer to your bank account:
- Sign in to your Square Dashboard and go to Money > Balance > Transfer Reports.
- Click on a recent transfer from the list, and a panel will pop out on the right-hand side of the page.
- Within the panel, you'll see the 'Transfer Summary', and if you scroll down, you'll find 'Payments in this Transfer' - this section includes transaction details for all payments included in the transfer.
- If you'd like to export a copy of the transfer report as a .csv spreadsheet file, simply click the 'Export Transactions' button.
If you're using the Square Point of Sale app instead, go to More > Money > View all activity.
Please let me know if there's anything else I can assist with!
