First market limit?

[Tulipstextiles]

I previously used Sum up which went well until they capped out how much i can receive in one day. Once i surpassed 700 i couldn’t use it without submitting a DBA which couldn’t be processed for another week. Very frustrating for my first craft market. Is there a scenario that this could happen when i use it for the first time? I don’t want it locking me out at my next market

[MayaP · Accepted solution]

Hey @Tulipstextiles, thanks for joining and reaching out on our Seller Community board. We are happy to have you! 

We do not have a transfer limit unless you are using instant transfer.  I would like to gather more details to better assist. How much is your average transaction? There is a transaction limit of 50k. If you need to process a larger amount it would need to be broken up. 

[ryanwanner]

Hello @Tulipstextiles !

To add to what @MayaP said, your sales won't be limited with Square.

However, Square is legally required to report your earnings to the IRS once you hit a certain threshold in sales, and if I remember correctly that amount is $700. That's probably where Sum Up got that number from when you're trying to process sales without an EIN. It's been a looooooong time since I set up my account, but if I remember correctly you can change your EIN with Square even after you've begun selling.

[MayaP]

Thank you for adding this tidbit @ryanwanner! What he said is correct you can find more about Tax Reporting here. If you have any other questions let us know. 😊