Transfer types

[Mikestaxx]

At the moment squares daily transfers into my westpac account are done through a (pay anyone transfer) and takes several hours to hit my account, if it was done with (osko transfer) it would be available instantly, is there a way to change the transfer type?

[Seamus]

Hey @Mikestaxx,

At the moment there's no way to change the deposit times, but we appreciate that many Australian sellers are looking for a faster way to deposit their Square takings into their bank accounts - it's on our radar and we'll hopefully have more to announce here in the coming months.

[Mikestaxx]

Thanks for replying Seamus, I actually think if you go into your dashboard you can change to manual transfer and change the deposit times. I have spoke to my bank and they told me that square needed to do the transfer through OSKO payment which will make the transfer instant, so it’s on the banks end, it’s just a type of transfer, like pay ID

[Seamus]

@Mikestaxx at the moment Square doesn't offer expedited transfers through OSKO - however, this is one example of potential solutions for faster transfers in the future!  While we're not able to share any news on what an eventual solution might entail, we'll definitely let our sellers know once we're at the point of being able to provide quicker transfer times.

Yes, you can change your close of day hours to slightly shift what day a deposit falls under - from what I understand, the default is the fastest way for automatic transfers. Changing close of day, will allow businesses that run a single "business day" over two days (eg a Kebab van that runs 8pm - 3am) to group all payments from that time period in a single deposit. The deposit time will still be the same though (generally 11:30 - 12, Mon-Fri), it just might push some payments into the following day's deposit slot depending on close of day timings.

Manual transfers are available as well as you've pointed out, though I'm not sure this will speed up the overall deposit time - eg. whether it pushes the deposit to initiate right away if you do a manual transfer, or whether it will push to the next available Mon-Fri 11:30-12 slot. Is this something you've tried at all? I did a bit of digging but couldn't actually find anything related to this specific scenario!

[Mikestaxx]

Thanks again Seamus for responding. This problem with the transfer coming through so late is enlarging for me and it’s quite inconvenient, so much so that I’m looking at alternate options. 90% of my sales are done through eftpos and it’s just not working for me.