Welcome to Square’s Transfer updates, we’re here to share all of the latest and greatest in Square’s Transfers options to make sure you get your money as quickly as possible! We want to keep transfers as reliable and simple as possible, you should never have to worry about where your funds are! To stay up to date on all of our updates, subscribe to receive email updates.
Fast transfers have always come standard at Square. We now have more options to help get your funds to you even quicker! I am very excited to share the newest option to our Instant Transfer feature, you now have the ability to set Scheduled Transfers for your credit card transactions.
You can set up your Scheduled Transfers with just a few clicks on your Square Dashboard:
- Sign in to your online Square Dashboard
- Select your Sales tab then click Balance.
- Click a business day to adjust its deposit type.
- Select your Close of Day time. This is the time your business closes on a particular day.
- For Transfer Type, select Same Day and click Save.
- Click Link Debit Card, enter your debit card information and click Save.
Once you save your information, your transfers will be sent instantly to your bank account at your close of day.
Before you get started with your Scheduled Transfers, there are a few things to keep in mind.
- Timing: Your funds will be sent directly to your bank account at 5:15 p.m. PT/8:15 p.m. ET or 15 minutes after your close of day time. You’ll receive an email notification once your funds have been sent to your bank account. Funds that are not eligible for Scheduled Transfer will be sent to your linked bank account in one to two business days.
- Fees: Scheduled Transfer costs an additional 1% of the deposit amount to Square’s processing fees, the same as our Instant Transfer fees. For example:
The transaction fee will vary on how you accept your payment and the total amount is would be tranferred to your bank account after Square's fees are deducted.
- Flexibility: You can set Scheduled Transfer as your default deposit option for any day of the week – even weekends.
- Limits: To use Scheduled Transfer, you must have a minimum balance of $25 after Square’s fees. You can send payments as large as $2,500. If your daily balance exceeds $2,500, you’ll receive multiple transfers from Square.
Thanks for reading and we hope this new update will help your business run as efficiently as possible and keep your lines moving! You can keep up with all of our latest releases by subscribing for email updates. Please feel free to start a new thread if you have any feedback for us.
See you next time!
The Square Team
[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]