OMG, @ACAcatering. This is such a refreshing change from the usual Square deposit griping and kvetching that I’m jumping on it immediately!
Once Square submits the transaction to our customer’s card issuer, and they approve that transaction, it is in your account. Usually it is transferred to your bank account, but in your case since there wasn’t one, it is just sitting there waiting for you to tell Square what to do with it. Your customers have already been charged and paid. All that remains is for you to tell Square where to send “your windfall.”
Go to your dashboard -> Account & Settings -> Business information -> Bank accounts and set up the account that should receive the funds. Then, after the account is verified, go to dashboard -> Balance -> Locations and select the location and Transfer the funds to that account.
Your customers won’t know that money has been sitting there for months. They won’t care. The money was already settled with Square who has been holding if for you.
Thanks for making my day! I only wish I could tell you that you will receive interest! But I can’t. Lol
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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