Where Is Our Money From Paid Invoice?

[toothteacher]

I don't get it - we have been with Square for nearly four months.  We have a non-profit association that needs clients and members to pay for their courses and professional certification sessions using Square invoices.  We have been stalled for reviews, deposits held for verifications, and now a paid invoice that shows a transfer to the linked bank account but nothing in the account or any data in the transactions activity screen.  The client has already paid two previous invoices so they are a locked-in customer.  They have already used their debit card for other transactions in the past month.  Whenever we have a linked account transfer, or asked for instant deposit, the transaction shows instantly and so do the funds in our account.

Why this invoice? Why is today's customer payment transaction any different than any other day?  Where is the money the invoice screen says was paid and transferred to the linked account?  What is the explanation for this delay? Nothing - crickets is all we hear!!  🤬 

[Candlestore · Accepted solution]

@toothteacher ;

This is a user forum, meaning we are just other users trying to help and may not be able to answer all these questions.

As for Square showing a Tansfer, to your Linked account, this means Square has sent the money to you Linked Account.  Now since you asked this on a Saturday your Bank may or may not be open to receive this deposit from Square.  As mine for Next day deposits on a Saturday and Sunday do not show in my Bank till Monday.  This is probably where the money is.  My bank, which might be different than yours shows a Pending deposit of the amount Square says was sent.  Then on Monday, I get usually 2 deposits from Square, 1 for Saturday's sales and one for Sunday's sales.    Since I never use Square Invoicing, I am guessing here, That your invoice payment may not show as a Transaction because it was done as an Invoice and there might be a different way to see Paid Invoices compared to a Transaction.  How does your Previous Invoices show in Square?  As a Transaction or a Paid Invoice?  Since I am writing this on a Sunday, all my Transactions from yesterday, Saturday show as the Funds were transferred from Square, but my Bank account does not show this just a Pending Deposit of the Square Transfer amount.  You can call Square Support Monday, and maybe they can clarify more.  Their number is in my Signature line below.    How have you contacted Square before since you only hear crickets?  If it is in this forum, we can not see your account here as we are just other Square users and for account specific questions you would need to call Square Support.  

Why is Todays (Saturday Payment) any different, because Saturday and Sunday and Holiday banking hours are also different and banks are closed or have Limited staff.

Here is more information on Invoice Deposits : 6581-request-deposits-with-square-invoices 

Here is more about Square Deposits : 3807-deposit-options-with-square 

From the above link:

    Payments taken before 5 PM PT/8 PM ET will be available in your bank account the next business day. Payments accepted on Friday before 5 PM PT will post to your bank account by Monday morning (depending on your bank’s processing speeds).

Here is more about Squares Transfer Schedule :  Deposit Schedule 

from the above link 

Review Square's transfer schedule

• Transfers follow a 5 PM to 5 PM schedule, with transfers sent out at 8 PM and arriving as soon as next business day.

• Transfers are not initiated on Saturdays or Sundays.

• Bank holidays may affect transfer timelines.

You’ll receive an email notification when your transfer is initiated by Square. While some banks post transfers immediately, others may take longer. You can visit Balance in your online Square Dashboard to confirm when Square initiated a transfer to your linked bank account.

Hope all this clears up where your money is on this weekend.

[toothteacher]

Thank you so much for the explanation - I'm used to another merchant services provider that since I am paying extra for intstant transfer, the amount was always seen within minutes of the requested transfer and never held regardless of the day the transaction and transfer were transacted.  If this is the case, and I'm sure your data is more accurate than what I've received from Square thus far, I should be receiving a refund for the instant transfer fee charged.

I appreciate your very thorough and helpful response.  This is a wonderful way to obtain data from other merchants and I appreciate all the input you have shared.

[RobynR]

Yes, I'd agree with @toothteacher; thank you for your very thorough and helpful response, @Candlestore.

Please let us know if you have any other questions, and welcome to the Community.