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.

[keicollective]

The main thing missing for us currently from Square Banking is the ability to send money to our vendors. Is there any plan to add something like this to the Square platform?

More details: We operate on a consignment basis and sell on behalf of over 80 different independent artists. Since we do consignment instead of wholesale, we pay our artists for their items AFTER the item sells (end of month payouts for any items that sell within the month). We currently use PayPal to send the artists their earnings, but would love for this to be handled within Square as well! 

[Thevioletfox]

I second that motion 🙂  We also have vendors/consignment that we'd love to be able to use Square Banking for.  Currently we use Melio, but it's one more place to have to keep track of everything.

[aiqiliu]

Hi @keicollective and @Thevioletfox, thanks for using Square Banking and letting us know about your needs for sending money to vendors. We often hear from sellers that it’s easier to keep track of everything in one place. The team is working on this feature and stay tuned!

[CAPGROUPceo]

Id like to know, the best way To set up direct deposit. For my staff.And the best way to go about makin smoove payments. On time, all the time. 

[aiqiliu]

Hi @CAPGROUPceo, you can open a Square Checking account and connect that with any payroll provider you like. Keep in mind that most payroll providers take two to four business days to send money to your staff, so it’ll take some planning if you want them to receive their money on a Friday.

One nice thing about using Square Payroll is that you can pay your employees instantly -- no more waiting or planning ahead. Once you have Square Payroll set up, your staff can link their own bank account for receiving direct deposits or get paid instantly via Cash App. You can also set up automatic payroll so it’s always on time. 

You can learn more about how to set up Square Payroll here.

[cmeshine]

What impacts would our Square banking accounts have with receiving an invitation for Square Loans?

[MayaHope]

Today, Square sellers become eligible for Square Loans depending on their payment processing. But we’re thinking about more ways to smooth cash flow, and we’re also thinking about how we could better show appreciation for loyal customers.

Starting next year, we’ll be looking at Square Checking activity to evaluate loan offers. Stay tuned for more details.

[cmeshine]

I have a Quikbooks Online that is not currently synced to my Square account, I would like to send the payments collected from Quikbooks directly depoited into my Square account.  Would entering my Square Checking account information onto Quikbooks for payments to be direct deposited to the account work?

[aiqiliu]

Hi @cmeshine, yes Square Checking supports receiving direct deposits from external accounts. You can provide your Square Checking account & routing number with Quickbooks Online or other accounts and set up direct deposits. 

To find your Square Checking account’s account and routing number, go to Balance -> Transfer settings -> View account & routing number. You can learn more about finding your Square Checking account & routing number here.

[BXgirl72]

I would like to know if there are any plans in the future for sending ACH payments  from the Square Checking account. I'd like to have the option to direct deposit to another bank for non payroll transactions.

[aiqiliu]

This is definitely on our radar. Currently we only allow one bank account linked at a time but we are looking to support multiple linked external bank accounts in future. I would love to learn more about your use case for sending ACH payments to another bank account. Can you tell me more please?

[cateifer]

how do I use it

[aiqiliu]

Hi @cateifer, I’m assuming you are asking about how to receive your payment processing sales with Square? You can sign up for a Square Checking account and access your funds instantly for free. Or you can link an external bank account in the Bank Accounts settings to receive your sales on the next business day for free or use our paid Instant Transfers feature to get paid instantly. You can learn more about the transfer options that Square provides here.   

Let me know if you have other questions!

[Cedesrain]

Hello . I had a customer use cash app for payment . And on their end it says waiting for me to accept payment. But on my end it’s not showing up anywhere for me to accept. It doesn’t even show a transaction. 

[aiqiliu]

Hi @Cedesrain, Cash App requires you to accept the payment in the app if you have no transaction history with the sender on Cash App. Perhaps your customer accidentally sent this payment to a wrong account? 

Otherwise, you should be able to see this pending payment on your Cash App Activity tab and accept it - try opening your Cash App and tap on the clock icon on the top. Hope this helps!

If you’re still stuck, check out this article for some more tips on accepting Cash App payments.

[jstcesq]

Hi, what is the best way to resolve a transfer showing from Square's website that never made it into my bank account?

[aiqiliu]

Hi @jstcesq, I’m sorry to hear that you weren’t able to receive a transfer to your bank account. Let’s try the following steps to figure out why. 

1. Log in to your Square Dashboard or mobile app
2. Visit Balance -> Transfer Activity 
3. Click on the missing transfer for more details
4. Confirm the bank account this transfer was sent to
5. Check if it shows up as success or failure 

If it shows up as failure, it means Square received an error from the network and we should have credited the amount to your Square balance. If you are on the Automatic Transfers schedule, we should have automatically retried this on the next day. If you are on the Manual Transfer schedule, you can manually initiate a new transfer.

If it shows up as success, it means Square was able to send the transfer to your linked bank but your bank may have misrouted this transfer. In this case, you should see a hyperlink on the transfer details page that says “View details”. Click on that hyperlink and you will see this transfer’s trace ID. Please contact the bank you linked to and provide the missing transfer’s trace ID so that they can help you locate this transfer. You can read more about locating a missing transfer here. 

[Eom26llc]

I need to speak to a live read on the phone

[aiqiliu]

Hi @Eom26llc, Square has a great team of Customer Success advocates that you can speak to on the phone. To contact Square Customer Success, please following these steps:

1. Sign in and visit squareup.com/help.
2. Click Resources > Contact and ask to speak to a representative.

Hope this helps!

[GrandmaTess]

Hi. I have a very simplistic question (I’m new!!)

I decided I would be charging my customers the 2.6% fee for a credit card transaction and then I would take ‘the hit’ of the $.10 per transaction. I set this up accordingly on the app (easy to do- thank you!). 
However, today, for example, I had a $25 sale. They were according charged $.65 additional in the sale. I expected an additional $.10 to be deducted (as mentioned) But my total fee for using square for the transaction was $.77 and not the $.75 as I expected. (So a $.02 difference). This also occurred on a slightly less sale of $20 (where it seems there is a $.01 difference)

I’m having a wing-dinger of a time trying to balance my books. Can someone please tell me how square is getting the $.77?

 Much thanks!