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?

[Kelly]

We don't have a way to adjust the deposit schedule to once a week as we send all Square Deposits on a normal deposit schedule (with the exception of Instant Deposits). I'll be sure to share this request with our product team, but for our knowledge, would you mind providing a little bit more information around how a weekly deposit would help your business?

[Animaleyz]

It's just a matter of convenience for me and my bookkeeping. My previous mobiel cc processor allowed me to do manual batch settlement. I wonder if this might be an option?

[EJ_]

Unfortunately manual batch settlements isn't something that we have available. If we decide to go in this direction or make this available in the future we'll be sure to announce it. 

[Cblairw]

I would love weekly deposits!!! 

[courtneysmyth]

I would also love weekly or monthly deposit. My bank charges me for every deposit so it would save me a lot of bank fees!

[Sean]

@courtneysmyth - I'll be sure to pass along the feedback. Also, for more details about how feature requests are handled, check out this thread.

[UHG]

Weekly deposits would help us out a lot. It is a long story involveing government regulations, but we need to set up an invoice for each deposit that Square makes to our checking account. It is a pain in the neck to make an invoice every day. It would be a lot easier to do it weekly or even monthly in one session rather than a lot of little ones.

[oceansushideli]

Our bank chargs us for each deposit after a cetain amount per month... by receiveing weekly deposits instead of daily we would save money.

[Sean]

@oceansushideli - Thanks for sharing the feedback. We'll be sure to pass it along to the product team. In the meantime, you might look into connecting a bank account that doesn't charge monthly fees to your Square account. Some sellers had a discussion about banking institution options in this thread. 

[STArHSInc]

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

My bank just announced that they will start charging a $.75 fee for every transfer. Weekly transfers would be great!!

[mhilliard]

The fix that someone suggested was to order the square card - under transfers.  It has made my life better.  The money gets transferred onto the card and you can transfer to your bus whenever you want it to be transferred...so now I will do a monthly transfer!  I am so excited!  It is super easy to set up!

[ashc]

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

Thanks for the assist @mhilliard!

I was just about to hop in here and suggest the same thing.

With the Square Card, it changes your transfers from automatic to manual so you can transfer weekly/monthly or whatever works best for your business.

We're so glad this is working well for you! 

[FWD_Treasurer]

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

Square Support,

You have repeatedly ask why there might be a business reason for weekly transfers and some of your clients have given you specific examples in this thread from increased banking fees to governmental regulations.  For me, I have to enter each transfer into Quickbooks and reconcile the the transfer to sales and fees charged.  Some daily sales have been less than $100, so it is a royal pain in the tush to have to record financial transactions daily when a weekly transaction is sufficient.  My organization doesn't have a need for the daily cash flow and the extra bookkeeping work is time consuming and allows more chance for errors.  You should give some serious consideration for a weekly transfer option in your deposit options.

Richard D. Owen, Treasurer

Far Western District of Chapters

Barbershop Harmony Society

[Lita2118]

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

Any update on possibly being able to request a weekly transfer vs next business day?

[Chad]

Hello @Lita2118!

We're still in the process of collecting feedback for this feature. Unfortunately I don't have any updates to share right now. 

[HollyRutt]

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

Weekly transfers would help our handmade soap business when we enter our bank statements into quickbooks.  As it is with daily transfers we have to make 30+ entries a month for squareup compared to the 4 entries we make for Stripe, Etsy, and Amazon Handmade.  Having this many transactions cross our bank account adds an entire page to each bank statement making them bulkier. If this isn't resolved soon we will be switching to stripe for our register, and e-invoicing at our earliest convenience. 

[JO7]

We would love this feature as well! We get a few little payments each day, and it's a pain in the butt to import them into Salesforce and then enter them in Quickbooks each day. It would be much easier to have them lumped together and transfer to our bank once a week, and then we could import them to Salesforce and enter them in Quickbooks once a week as well. 

[PaintnSip]

Just wanted to tie the two requests together.  I'd definitely still like this option.

https://www.sellercommunity.com/t5/Deposits-Refunds-Account/Can-I-set-my-Square-account-to-only-depo...

[Helen]

Thanks for letting us know @PaintnSip! Would you mind sharing how this would be useful to your business? Any insight is really helpful for our team when considering new features! 😀

[CoffeeForEdu]

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

I agree with most of the individuals on this thread. Have to reconcile small transfers daily is a bit of a pain. The funds from my operation are transferred directly to a nonprofit and a weekly or preferred monthly transfer would be much simpler. Thanks for the consideration!