Live Q&A: Ask us anything about Square Instant Transfer

[katieand]

[This post was updated by moderator in 2020 to reflect a name change - deposits are now called transfers.]

Hi Sellers,

On Wednesday, June 27th at 10 AM PST, we hosted a Live Q&A all about Square Instant Transfers! We had three of our leaders from the Transfers product team here to answer your questions about Instant Transfer, including how to best use the feature and its new minimum transfer limit of $25 per transfer.

A few example questions:

• What are the new Square Instant Transfer maximum and minimum transfer limits?
• What are Square’s faster transfer options?
• Can I set up automatic, instant transfers?
• How does Instant Transfer help me manage cash flow? 

Meet the people who brought you Square Instant Transfer and who were here live on the 27th to reply to your comments:

Justin, Square Transfers - Product Manager

@jmeretab leads the product team for Square Transfers. Previous to Square, he worked on human resources software, helping companies build great teams.  He understands how important getting paid quickly and having a healthy cash flow is for many businesses.

Lucy, Transfers - Growth Product Marketing Manager  

@lucym manages marketing communications for Square Transfers. Prior to that, she worked on the Marketing Operations and Account Management teams at Square. She initially found out about Square at her local farmers market where she saw her favorite sellers accepting credit cards for the first time!

Clay, Transfers - Product Marketing Manager

@CRobbins manages product marketing for Square Transfers. Prior to that, Clay worked in business development and sales roles at Square. In 2011 he met his first Square seller when getting his surfboard repaired in Santa Cruz, CA.

Thanks for all of your questions—we look forward to hearing from you!

 

[lucym]

[This post was updated by moderator in 2020 to reflect a name change - deposits are now called transfers.]

Hey @ATmgmt! Great questions. We recently raised the Instant Transfer maximum to $10,000 in a single transfer (new Square sellers may be limited to $500 per day).

Yes, Instant Transfer is available on weekends, as well as at night and during holidays. You can use it 24/7, whenever you need it. 👍

[jmeretab · Accepted solution]

[This post was updated by moderator in 2020 to reflect a name change - deposits are now called transfers.]

Thanks everyone for the great posts and participation! We understand how important fast access to your funds is, and we definitely have some takeaways from your comments:

Reliability - When you use Instant Transfer, you need those funds to be available instantly and it’s very frustrating when Instant Transfer doesn’t work. Unfortunately, banks sometimes reject our Instant Transfers or don’t process them immediately. We’re working with banks to resolve these problems. It will take time, but we’re actively working on this.

Splitting Transfers - We don’t currently offer the ability to transfer a portion of your balance, or automatically split your transfer into both checking and savings accounts. It’s great to know that you want this functionality and we’ll factor this feedback into our future feature plans.

To close out, we really appreciate you taking the time to share your thoughts today. We’re committed always improving Instant Transfer, so please keep the questions and feedback coming.

Cheers!

Justin

[Tfrh]

How many hours does an instant transfer take 

[stevem1026]

it only takes 30 seconds most of the time - but comes with a hefty fee - long term