Hey Seller Community! ✨We’re very excited to announce that on 9/16 at 2pm PST | 5pm EST, we’ll be hosting a Q&A with Square Banking's Head of Product, Christina Riechers!
Christina Riechers has been with Square for 6 years and is Square Banking's Head of Product. She was the founding Product Manager of the Square Debit Card, and before that, the first Product Manager of Instant Transfers. Christina is passionate about helping small business owners with cash flow products that give them more control over their finances to thrive in their business.
We will be selecting 10 of your replies for Christina to answer on recorded video. Joined with her on video will be our Super Seller, @pessosices, asking your questions. The video will then be posted on 9/16 for you all to see!
Please reply to this post with any questions you may have related to:
For those of you who reply to this post with a question that isn’t selected for Christina to answer, we will do our best to answer all of your questions via text in the thread below.
Some example questions include:
- Why did you start Square Banking?
- What do you hope Square Banking can provide Square sellers?
- What are the advantages of using Square Banking over a traditional Business Bank account?
- Can I deposit and write checks with a Square Checking Account?
Note on account-specific questions: For your privacy and security, we are not able to address issues related to specific account status details in our public forums. If you need account assistance, please contact our Customer Success team and they'll be able to take a deeper dive.
Hey @HC_Charlie !
For Square Checking:
- Sellers can transfer IN funds from a linked debit card.
For Square Savings:
- Sellers can transfer IN funds from a linked bank account
If you’re looking to transfer funds OUT of your Square Checking & Banking accounts, there is a $50k per day limit for Square Savings, but no limit for Square checking.
The flow for transferring funds out of Square Savings will look visually similar to the flow for transferring funds into the account. Here are the steps:
Step 1: Go to the Savings Dashboard and click or tap Transfer out.
Step 2: Select the folder where the funds will come from in the dropdown menu under Transfer out.
If there aren’t enough funds in the folder to cover the transfer, the Seller will see an error informing them that they will need to move funds from other folders to this folder before attempting the transfer again - even if the total balance of all folders combined have enough funds to cover the transfer. We do not automatically pull funds from other folders to cover transfers.
Step 3: Enter the dollar amount for the transfer. The available balance will be displayed to let the Seller know the maximum amount able to be transferred.
Step 4: Select the destination for the transfer in the dropdown menu labeled To.
Step 5: Click or tap Looks good on the Confirm transfer screen.
I hope this helps! Thank you 😊
Hey @Thevioletfox !
This was a popular question which Christina Riechers answered in the uploaded Q&A video! She explained:
We’re always looking for ways to improve our products and make it easier for you to access your business funds -- this is something that we’re looking at, but don’t yet have concrete plans for.
Check out the video for more insight! Thanks 😊
Hey @Doran !
Christina answered all three of your questions in the Q&A video. Check it out!
She isn’t able to share a projected ETA for depositing checks, but she did confirm that it’s something we’re working on right now! 🎉
As for cash, we’re always looking for ways to improve our products and make it easier for you to access your business funds, but do not have concrete plans to share for the development of this feature.
Hi @JessBrilliant & @Thevioletfox !
Christina addressed LLCs and Square Banking in the Q&A video.
To paraphrase:
I’m excited to say that we are working on it. In the coming months, we’ll offer Square Savings accounts to LLCs and other registered business types. Keep an eye on the Community for updates!
Take a look at the Q&A video for more insight into the answer to your question from Christina!
Hey! Thanks for participating ✨
1. Good question @Minion! Right now, we’re just looking at card payments. Mainly this criteria:
- Square processing volume. In general, businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer.
- Square payment frequency. The frequency of card payments you process through Square matters. If you consistently take payments, you’re more likely to get noticed. To us, a steady pattern of taking payments shows that you have a healthy business.
- Your customer mix. A good mix of new and returning customers shows us that you’re growing in different ways. You can use Square's analytics tools to understand your customer base better.
- A healthy, growing business. The size of your loan offer is generally shaped by how much you process through Square.
2. Christina Riechers answered this question in the Q&A video we posted! Feel free to go check it out - but to answer your question, yes. We know this is a long-time seller feature request. We do have monthly Savings statements that are automatically emailed out to Savings customers. We’re excited to share that we are working on Checking statements. We’ve heard the need for these to be formal statements to help validate your business and sales, and so we're keeping that in mind as we design them.
3. Christina also answered this question in the Q&A video! The answer is yes. A few months ago we set up a dedicated team of Square Banking customer support specialists ready to answer any questions about your account. They are a specialized team, separate from our general Customer Success team.
4. We're looking into potential new credit products and will keep you posted, we do not have plans to launch this product at this time.
5. This was a popular question which Christina Riechers answered in the Q&A video. To paraphrase her response:
Good question! This has been a popular feature request among sellers. I won’t be able to share a projected ETA for depositing checks, but I can confirm that it’s something we’re working on right now!
This means we’re working on it and can confirm it’s in our roadmap of upcoming features, but we can’t share the timeline or launch date. Thanks again for participating!
Hey @washtubquilts. Thanks for participating in our Q&A!
As you may have been told, there are many factors that may affect your eligibility throughout your time with Square. Your account is evaluated as a whole. This means that meeting one or more eligibility factors doesn’t guarantee that you’ll be eligible for another loan offer. Your business needs to satisfy all criteria to be eligible for a second loan.
Your business’s Square processing volume is just one of many considerations used to determine eligibility. These are a few examples of what our Square Loans team evaluates when considering eligibility for another offer:
- Square processing volume. In general, businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer.
- Square payment frequency. The frequency of card payments you process through Square matters. If you consistently take payments, you’re more likely to get noticed. To us, a steady pattern of taking payments shows that you have a healthy business.
- Your customer mix. A good mix of new and returning customers shows us that you’re growing in different ways. You can use Square's analytics tools to understand your customer base better.
- A healthy, growing business. The size of your loan offer is generally shaped by how much you process through Square.
I hope this helps! If you’d like more information, feel free to give our Square Loans team a call. They may be able to take a look at your account for you.
Hey @Thevioletfox ! Thanks for participating in this Q&A!
At this time, we don’t support the ability to pay bills from your Square Checking account. Sorry about that. It’s something we hope to offer you in the future.
Keep an eye here in the Community for updates.
