Square Banking Q&A: Ask us anything about transfers!

[Tom]

On November 4th, we were delighted to have @aiqiliu with the Square Banking team join us for a Q&A focused on sellers who are new to Square Banking — specifically to address questions related to account setup, transfers, and cashflow. 

Aiqi Liu has been with Square for 3.5 years and she is the Product Manager for Transfers. Before that she was a Software Engineer at Square building the Square Debit Card and Web Payments SDK products.

Aiqi responded to your questions about receiving funds from processing, managing linked bank accounts, and transferring funds in and out of Square.

A few example questions:

• What are the benefits of banking with Square vs. sticking with my current bank account when it comes to accessing, moving, and spending my money?
• I need a transfer option that does "______" — what is your best suggestion?
• What are the differences between transfer schedules?
• How do I know which payments were included in my last transfer?

Square Inc. is not a bank. Banking services are provided by Sutton Bank or Square Financial Services, Inc.

[aiqiliu]

Hi @jakes1, great timing for this question! We just added support for non sole-prop business owners to sign up for Square Savings this week. Check it out!

[greentaste]

How much is the pay?

[MayaHope]

Hi @greentaste, when you ask about pay, do you mean the interest on a Square Savings account? Those accounts are free to open and offer an Annual Percentage Yield (APY) of 0.50%. That’s about 8 times higher than the national average, which is pretty cool.

[SusieSarkozy]

When will we be able to accept cryptocurrency?

[aiqiliu]

Hi @SusieSarkozy, this is currently not on the product roadmap. I understand that cryptocurrencies are becoming increasingly popular nowadays and I’m happy to pass along your interest in this feature to the product team that is in charge of supporting different payment methods. If you’d like to receive or request Bitcoin payments, you may want to check out Cash App!

It would be super helpful if you can tell us more. Why would you like to accept cryptocurrencies? Have you been hearing this question from your customers? Are there specific types of cryptocurrencies you’d want Square to support? Let’s say you accept some Bitcoin payments from your customer, would you like to receive it as Bitcoin or would you want Square to convert it into USD for you?

[SusieSarkozy]

I would be happy to receive any major currency as long as I can transfer it to an outside wallet like Coinbase or Crypto.com. I plan on selling NFTs and would like to be able to paid for them in Cryptocurrecy. I could use CashApp, but is it a payment option on my Square website? Can people pay for it that way?

Does square own Cashapp?

[aiqiliu]

Thank you for sharing! I have passed your need to the Square Online Store product team.

You can add Cash App as a payment method that you buyers can choose on your Square Online Store website. Learn more here. However, this Cash App Pay feature on the Square Online Store website only allows you buyers to pay from their Cash App USD balance. The team is exploring extending this feature so that your buyers can also pay from their Cash App Bitcoin balance. No concrete plans yet.

And yes, Cash App is part of Square!  

[CAPGROUPceo]

hi, I had a ach payment failed. It say my customer used the wrong name when sending my payment. I gave them my business name where can I find the name to give them. They had the correct account number. 

 

[dbrabyn]

Any plans to allow incoming international transfers?

[aiqiliu]

Hi @dbrabyn, this is currently not on our product roadmap but I’m all ears! Can you tell me more about your use case please? How are you currently receiving international transfers outside of Square?

[raider]

Concerning a Square checking account, can we get paper checks or Billpay functionality to pay our vendors that don't accept our Square debit card.

[MayaHope]

Hi @raider, right now you can make ACH payments from your Square Checking account, but we don't offer paper checks at the moment.

Our team is actively working on adding more ways to pay for business expenses, and making it easier to pay vendors that don’t accept debit cards is at the top of our list. Definitely stay tuned for more to come from Square Checking.

[SusieSarkozy]

I would like to buy checks too. I would rather use Square Checking instead of a local bank and my landlord only takes checks.

[MayaHope]

Hi @SusieSarkozy,

We don’t have the option to send paper checks now, but thanks for letting us know about your use case of paying your landlord by check. 

They’re not perfect, but I can think of a few options that might work for you in the interim. 

1. Could your landlord take an ACH payment with your account and routing number? Here’s a FAQ on how that works. 
2. Could you pay with physical cash? Square Checking lets you withdraw up to $500 at a time from an ATM. Square Checking doesn’t charge any ATM fees, but please note that your ATM provider might charge you a fee.
   
   

I know some vendors won’t accept anything other than a paper check. We’ll work with our team to see how we can better support sellers making those kinds of payments.

Something that could help us a lot is if you could tell us more about how you’d want to use paper checks. Do you think you’d use just one check a month to send to your landlord? Or are there other kinds of payments that you’d like to make by check?

[aiqiliu · Accepted solution]

Hello Everyone,

Thanks again for taking the time to participate in this Q&A and share your questions and feedback!

We hope your questions are answered - the experiences you've shared will help us as we continue to iterate.

As we close out this event, we wanted to do a recap on three themes that came up:

1. You’d like to see more flexibility in paying or sending money to vendors and other bank accounts 

We only support linking your Square balance or Square Checking account to one external bank account today. We are actively looking into bill pay solutions that allow you to pay vendors from your Square Checking account and support adding multiple external bank accounts on file.   

In the meantime, if your vendor has an online portal for receiving payments, you can pay them using the Square Debit Card or set up an ACH transfer by providing your Square Checking accounts’ account & routing number.  

2. It’s important to reconcile sales and transfer amounts

To match your sales with the transfer amount and understand the breakdown, you can look at the Transfer Activity details from the Square Dashboard or mobile app following these steps.  

Note that if you are on the Manual Transfer schedule, we aren’t able to provide a detailed reporting that contains all the breakdown because you may transfer a partial amount and we won’t be able to tell which payments, fees, or refunds are included in this transfer amount. I would recommend that you check out the Sales Summary report (located at Reports -> Sales Summary) to see the breakdown of your total sales and Square’s fees.  

3. You’d like to see more ways to deposit money into Square Checking 

You can add money into your Square Checking today by:

• Linking a debit card or
• Depositing a physical check on your Square mobile app
    

You can also send an ACH transfer or set up direct deposit from an external bank account to your Square Checking account by using your Square Checking accounts’ account & routing number

We are exploring other ways for you to add money into Square Checking so that you can track everything in one place. Stay tuned!

Again, thanks for your participation. For the latest updates, keep watch for announcements of new features in Product Updates.

Square, Inc. is a financial services company, not a bank. Square Checking is provided by Sutton Bank, Member FDIC.

[seenped]

I want to know is it possible to withdraw money from my Square account in crypto or USDT? or is it possible to use my balance in Square to buy crypto or any stable coins?

I don't want to withdraw money directly from Square to my Bank account. I mean, I don't want to pay tax

[heaven_L]

Hello! that is a great question! Please let me know when you find out. I would love to transfer mines into safemoon.

[docspillsevents]

When i open my account with square banking, am I able to still transfer money out of square to an outside bank? 

@aiqiliu 

[aiqiliu]

Yes you can. You can learn more in this article: https://squareup.com/help/us/en/article/7604-square-checking-transfers