Does gift card transactions go to the balance folder?

Do transactions that are done with gift cards got to the balance bank account thing

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Square Champion

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Hi @NWp24.  I can’t tell whether you are asking about the SALE of gift cards or the REDEMPTION of gift cards.  So I’ll answer both.

 

When you sell a gift card to a customer, the amount of the card minus the GC load fee will be added to your Square Balance and available for transfer to your bank account.

 

When a customer uses a gift card to make a purchase from you, the since you obviously were already paid the money for the gift card it is treated as a discount and you will not receive any more money.  That’s why some sellers (like me) create a special holding account to put funds received from gift card sales in.  Then, when customers use them, I don’t take a hit on sales.

 

I hope that helps.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!

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Square Champion

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Hi @NWp24.  I can’t tell whether you are asking about the SALE of gift cards or the REDEMPTION of gift cards.  So I’ll answer both.

 

When you sell a gift card to a customer, the amount of the card minus the GC load fee will be added to your Square Balance and available for transfer to your bank account.

 

When a customer uses a gift card to make a purchase from you, the since you obviously were already paid the money for the gift card it is treated as a discount and you will not receive any more money.  That’s why some sellers (like me) create a special holding account to put funds received from gift card sales in.  Then, when customers use them, I don’t take a hit on sales.

 

I hope that helps.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
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