Can I set deposits for weekly instead of daily?

[Animaleyz]

I use Square for mobile CC sales, and in the interest of convenience I would like Square to deposit my sales once a week only. Is this possible?

[Jenb]

I'm pretty sure that MANY people have already made it clear why it would be VERY useful. I myself was also looking into a deposit option that would let you deposit your funds on a "deposit request" only basis. And was very disappointed to find that there wasn't one.

[Abdulkadir206]

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

I would like to do weekly transfers, how can I do that??

[VanKalkerFarms]

Transfers are done next business day and that isn't something that can be changed to be held for weekly or monthly transfers.  

https://squareup.com/help/us/en/article/5438-next-business-day-deposit-schedule

Just curious as to why you wouldn't want your money transferred next day.  Many people on here are mad because next day isn't fast enough so they use instant transfer and pay more to do that.

[Salonbrandi]

Yes I agree I would like to schedual one payment per week I hope that this will eventually be an option !!

[BWS]

Our Company is very much looking forward for weekly deposit option, it is something other merchants offers for a long time and we are suprised Square does not yet, hopefully soon!!

[Russell]

Hi @Jenb & @BWS - thanks for chiming in on this feature request. I'll be sure to let our Product Team know you are looking for weekly transfers. 

[SDS215]

Daily deposits are too much to handle. I have to add up a week of sales and fees associated. 1 weekly deposit would be so much easier.

[Russell]

Hey there, @SDS215 - thanks for making your first post to the 👥 community. 

I don't have an update for this feature request at this time, but I will definitely share this feedback with our Product Team. 

[RezDuane]

Really? This thread has been running over a year and nothing has been done?

[FWD_Treasurer]

Yep more than a year, and nothing has been done. That's why we switched our online business over to Stripe.

[RezDuane]

2.9% + 30¢ is a deal breaker . . . 

[HollyRutt]

Thank you Russell it would be a huge help!

[HCSalon]

I would also want to set up Weekly Deposits instead of Daily Deposits. Reason being to save on commercial banking fees by reducing the quantity of deposit. Banking fees for Daily Deposits costs us $168 annually. When choosing to go with Square we did not anticipate the costs of Daily Deposits. This is unecessary profit taken from a small vendors just starting off.

Square it's time to make this happen!

[HollyRutt]

I would also prefer weekly deposits! Daily deposits is unneccsary extra bookeeping work and emails.  Etsy, Amazon, and Stripe all offer this option and its so much less hassle. 

[RezDuane]

This reply created from merging an existing thread: "Square Reports" The author has been notified via email.

Is there a way to change how often Square submits the deposits?

We are a small business with very little traffic. We may have two or three small sales in a day. So we get a report saying "Square has sent you $0.97" and we might get two or three of those a day which creates a headache for our bookkeeper. Is there a way to get those deposits once a week? TIA

Duane

[ksoa]

We too would LOVE to be able to have weekly deposits. It would make life so much easier for our small non-profit. Please address this issue!

[KoryPryor]

We would also like weekly deposits instead of daily deposits.  Easier for accounting and less bank fees.  Square, can you offer this service?

[nika]

@KoryPryor We don't have any new updates that we can share around this subject. But we are continuing to track each request that comes through!

[malibuclub]

Looks like the feature of not-daily deposits has been requested for 2 and a half years. We have kept Stripe for our online form integration for this reason. I can't be reconciling event registrations each and every day. We lump all our online registrations together once a month to process and put them through the accounting books.

Because of the data dumps to Excel, it takes just as many clicks and time to do our processing of reconciliation, deposit matching, and accounting entry Daily as it would for a Monthly deposit, which means that daily processing would be costing us 30X more in personnel time over the span of a month.

I'd love to move everything to Square, but for this small reason, we are keeping Stripe for our online registrations, and only have Square for our in-person sales.

You could be making more money off me, Square! Just need to be able to do monthly or weekly deposits variables among my different locations.

[EJ_]

Really appreciate you sharing your specific business need on this @malibuclub

It helps our Product Team understand the use cases and how this would benefit other sellers when we get specific examples. 

I don't have anything new to report on this as of right now, but hopefully we can get something rolled out to help with this in the near future. 

[artist33]

I would LOVE to have weekly deposits....It makes the accounting so much more streamlined. It would help my business because currently we are using Quickbooks and I have to manually enter my deposits to separate the daily sales and fees to make sure that my bank statement matches up. Only having to do this 4 times rather than 31 would not only save me time, but my sanity as well.