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!

 

[TheFreshLoaf]

Howdy! How do transfers work if my debit card is linked to a different checking account than the one that's linked to my Square account? Will it still work? 

[MMG]

It will go to the debit card on file. I use my person debit card attached to my personal checking account, but I was business account on file. Because my business doesn’t allow for instant transfer. 

[lucym]

Howdy 👋 and great question @TheFreshLoaf! You can definitely link a debit card that is different from the bank account linked to your Square Account. Transfers initiated using Instant Transfer will go to the checking account linked to your debit card, and all other daily transfers will go to your linked bank account.

Hope that helps and thanks @MMG for that quick response!

[TacoTrailer]

Hey guys. Are instant transfers available on weekends?

[MMG]

Yes, as long as it $25 or more and it’s not in review. 

[lucym]

Yes, @TacoTrailer, like @MMG mentioned you can use Instant Transfer during weekends! It utilizes your debit card so funds are sent instantly, even on nights and weekends, regardless of your regular transfer schedule. 🙌

[MMG]

Hello, I have a few questions. 

1. Well instant transfer ever be available with Bank of America? 

2. I am a start up Advertising Agency were sometimes my clients pay by the quarter for services and need quick turnaround. My account is always in review. Please explain why other than for my safety, that would trigger this. Is it a limit? I appreciate the safety.

 My customers are not those that walk to off the street. We work side by side building our businesses together. So I be attached a copy of their contract to my invoices, to avoid this. 

I understand the review process is 24/48 hours but I has cause my to lose revenue. 

3. If there a way to only do a portion of your transfer as instant. Example: 1 day I have $3K in transfer. But I only want to instant transfer $1000 and the rest 1-2 days? 

Thank you and I’m sure I’ll have more questions.

[lucym]

As of 2019 Bank of America Business Debit cards are now supported with Instant Transfer! 

Thanks for reaching out with questions, @MMG! I’ve included answers below to each of your corresponding questions 😉

1. [See note above] Bank of America Business Debit Cards (debit cards issued for Business Checking Accounts) are not supported at this time and I don't have a timeline to share if/when they will be. 🙁 While we don’t have a list of supported cards to share, Instant Transfer works with most standard, U.S.-issued Visa or MasterCard debit cards. These debit cards should be issued by a bank or credit union, and linked to a transactional checking account. Credit cards, ATM, PayPal, or prepaid bank cards aren’t supported at this time. 
2. I’m sorry to hear that the review has been an inconvenience for you! We regularly monitor your transactions to keep your account safe. One of our best tools in keeping Square secure is checking in periodically to make sure that everyone is who they say they are, so we may occasionally reach out to collect information from you. Instant Transfer will become available when this review has been completed.
3. We don’t currently offer the ability to transfer less than your current balance, but we appreciate the feedback!

Hope that helps answer all of your questions!

[MMG]

Great!

1. How do I change the amount of the instant transfer? 

2. How can I find out my instant transfer limit?

3. What is the timeline on increase of instant transfer limits?

Thank you 

[lucym]

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

Hi @MMG - Just realized I mistyped and you cannot actually change your transfer amount. Sorry about that! I just edited my reply above to let you know that the entire balance in your Square account deposits with Instant Transfer.

You can't figure out your Instant Transfer limit or timeline to increase the limit, but in general, new sellers have a limit as they build their history processing with Square. The more you process, the more you'll be able to instantly transfer, unlike you hit that max of $10,000. That maximum is in place for all Square sellers.

[3kids1mommy]

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

I've been using instant transfer for a while (every Friday) but my transfer doesn't ever go through instantly. I have to wait until Saturday to get it. Will it ever become instant with my bank (Union Bank)? It also does the same for other days if the week. If my client pays me on Monday and I select instant transfer I won't get it before Tuesday. 

[budstop]

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

Hey! I'd love to be able to break up instant transfer since sometimes my daily sales are over the limit. It would also be cool to just schedule instant transfers on bank holidays.  

[lucym]

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

Hi @budstop - Thanks for this feedback! 🙏 We don’t currently offer the ability to less than your current balance. However, we have recently increased our Instant Transfer limit so that you can transfer up to $10,000 in a single transfer. There’s not limit on how many Instant Transfers you can initiate in a day.

We don’t currently offer the ability to schedule instant transfers for specific dates in the future such as on bank holidays. Alternatively, we do offer Scheduled Transfers which allows you to automatically transfer your funds at your close of day for certain days of the week if you routinely need your funds faster than one to two business days. This is an interesting idea though, so thanks for sharing!

[lucym]

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

👋 @3kids1mommy Thanks for reaching out!

We’re sorry that Instant Transfers with your bank are delayed. Occasionally, banks will not process Instant Transfers immediately and we understand this can be very frustrating. Unfortunately, this is due to the Bank’s systems. This feedback is very helpful for us to learn which banks are delaying funds and we’re working with these banks to change their processes so that your Instant Transfers will arrive instantly. Hope that helps answer your question!

[TheNailFactory]

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

Is there a way to split the transfer? I would like to have an amount transferred into my savings with every transfer as well as my regular checking account. 

[lucym]

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

Hi @TheNailFactory - thank you for your feedback. 💅 We don’t currently have a way to split your transfers into separate bank accounts so your transfer will be sent to to your linked bank account, which you'll then need to divide. I’ll make sure to share your feedback with the team!

Thanks for sharing how this would be useful to your business!

[stevem1026]

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

Why is there a fee to get our money quicker? There is no added cost on your end, the daily paid invoices could get transferred at the end of the day instead of the next day, and no costs should be associated with it.

Why are you charging a higher fee to pay an invoice with a card on file?....this is the safest mode of payment.

Again no added expenses for your company.

I look forward to hearing from you, thanks

[lucym]

I was doing a bit of research on this one @stevem1026! Regular transfers take 1-2 business days, however, you are paying a 1% premium for the benefit of having the money immediately vs. waiting a couple days. There is a cost to Square to move funds instantly, so we do charge a fee for this service.

For your question regarding card on file that’s actually a different team, but we can have the community follow up on this for you!

[katieand]

Hi @stevem1026 - I'm here to answer your question about the fees around Card on File for Invoices. This fee is higher because it essentially is a manual entry, which is riskier. Here's more info on manually entered payment fees: https://www.sellercommunity.com/t5/General-Discussion/Why-are-fees-higher-for-manually-entered-trans...

[ATmgmt]

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

Is the instant transfer cap still at $2500? Are instant transfers available on weekends?