how do I resolve a deposit discrepancy?

mdAIAC · ‎06-23-2022

I received an email from Square giving me a summary for sales on 06/11/22. here are the stats:

Fees2

($963.61)

Effective Fee Rate3

2.64%

Total Collected

$40,045.00

So, the amount deposited into my bank account should be the total collected minus the Fees, which is $39,081.39. However, the total that my bank shows deposited for the 06/11/22 sales is $35,601.39.

Please help me understand this discrepancy of $3,480.00.

TheRealChipA · ‎06-23-2022

@mdAIAC Since we don’t have access to sensitive financial data here, that’s a tough one to answer. Have you tried calling Square Support — (855) 700-6000? A couple of things I can think of that may or may not apply to your situation.

Do you have Square automatic savings set up?

Do you have a Square Loan?

Do you know if there are any disputes on your account currently?

You don’t have to answer any of these questions here, since this is a public board. I’m just throwing spaghetti at the wall to see if anything sticks! I’m sure I missed a few possibilities.

Best of luck,

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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