Transfer Delays: What Causes Them and Can I Choose Specific Amounts for Instant Transfer?

[Soulstone]

Hi Community!

Has anyone noticed since March 2024 funds have been delayed?

I have spoken to 2 agents and they both say the same thing transactions are cut off at 6pm EST, so I live in AZ so that means anything I put through the system after 3pm MST won't be counted for next day transfer, I have to wait to the following day. 

So first off, this never use to be the case, I could put through a sale after 6pm and all the sales from that day would be transferred at 11pm MST (I'll get my email notification saying so).

So here's what's been happening, even sales I get between 12pm - 3pm are not being transferred the very next day...

When I ask them why are these sales also being delayed they have no answer... and go on repeat that funds can take up to 2 days. But why now? I have been using Square since April 2021 and sales go through the very next day... why has it suddenly changed?

Also another thing I've noticed, Instant transfer, I use to be able to set the amount I want, now it's ALL or nothing... again why not let us just transfer what we need instead of having to pay more for the whole amount.

Anyone else noticed these things and had issues?

[Soulstone]

One more thing, I set my Friday funds to be sent on Friday 2 months ago, it's never been transferred on Fridays.

[Laurie_ · Accepted solution]

Hi @Soulstone,

Thank you for reaching out with your concern! I'll move your post to our Troubleshooting Board so that other sellers facing similar issues can benefit from the discussion.

Determining your exact transfer schedule can be a bit challenging via the Seller Community platform since we don't have access to your transfer settings or Square account.

However, you might find our Next-Business Day Transfer Schedule helpful in resolving scheduling issues related to the close of business. 

Regarding the timeframe for funds transferred on the Next-Business Day schedule, it's typically stated as 1-2 business days. This buffer accounts for variations in processing times among different banks. Regardless of your bank, we anticipate that funds should appear in your linked account within 48 hours.

To ensure that transfers are sent promptly from Square's end, I recommend checking your Balance page in your online Square Dashboard and navigating to "View all transfers." If transfers are indeed being sent according to Square's schedule, any delay may be attributed to the processing speed of your bank. They may be able to provide further insight into their current processing timeframes for receiving transfers.

Regarding Instant Transfers, what you've described aligns with the expected behavior. This feature enables you to instantly transfer your available Square Balance to your linked bank account, with the same fee applying to all Instant Transfers. Could you perhaps be confusing this option with Manual Transfers? Funds transferred manually do not incur an additional fee but still offer flexibility regarding when you receive your funds. I suggest reviewing our Transfer Options for a detailed breakdown of how each option works. 

I hope this information helps to address your questions! If you have any further inquiries or need additional assistance, please don't hesitate to let us know.

[Soulstone]

Hi Laurie, 

Thanks for replying. 

I understand that funds can take up to 2 business days, however since I started using Square in 2021 all my funds from last business day were transferred next day, I have never had to wait 2 days for funds to be sent.

I would get a notification around 11pm stating how much funds is sent to my bank, this would include all of my sales for the whole day regardless of what time as long as it was before 11pm. BUT since March of this year only part of my sales was sent. I called to find out why and I was told that any sales after 6pm EST (that's 3pm MST for me) is counted towards the next day. So while I was on the phone with your agent I checked and I had sales at 12pm the day before and that was not sent that night... why has this scheduling only just started to take place after 3 years? And why are sales before 3pm not sent if it's before the so called cut off time? 

Before you state the 2 business day policy again, as mentioned before this has never been the case for me. 

When Square makes changes like this it's hard for small businesses who rely on cash flow. And no I don't want to pay extra fees to make instant transfers, I've never had to in the past.

No, I'm not confused with manual transfer... I've set my balance to be sent next day and for 3 years that was the case... Now I don't know what will be counted, since sometimes they send sale made before 3pm and sometimes they don't.... 

I just watched your video on transfer options and it says on there cut off time is 8pm EST so why did your agent say 6pm?

This is even more confusing, if it's 8pm EST that's 5pm MST why am I not getting my sales from 5pm the next day?

And if it takes 2 days why is part of my sales transferred in 1 day?

Why isn't the whole days sales transferred altogether in 2 business days? Why just partial?

[VanKalkerFarms]

As far as what the time cut off for the end of day it is 8 pm est, not sure where a rep got 6 but could just be messing up timezones.  If I choose 7 pm central it transfers the next business day and the sales after 7 pm go the next day (closing at 7 doesn't mean everyone is out and checked out etc sometimes it can be 30 minutes) If I choose 8 pm central it automatically jumps to 2nd business day.
I never really paid attention to what the cutoffs were or when it was deposited as it is always there in a day or 2 so it has never occurred to me to look into changing it.

[Soulstone]

Thanks Bob, so a few days ago I spoke to an agent again and she helped me sort this out. So yes, because the last agent told me to set the cutoff time to 6pm everything took 2 days. I've set it back to 5pm so everything is back to normal...

[Ron_RDL45]

Indeed, I noticed a similar change. Up until March, I had been doing my transactions with no problem, and the money would automatically transfer fairly quickly. Now, it's all backing up and Square is telling me that there's going to be a big transfer on a certain date. It never used to be this way. 

My guess is that they're doing this so that they can hold on to our money for a longer period which allows them to then do some behind the scenes shenanigans to accrue interest on the capital between the time they receive it and the time they have to account for it leaving their possession and heading towards our merchant banks.  Personally, if I can't straighten this out, Square is going to get fired. 

[Soulstone]

Hi Ron,

My issue got resolved a few days ago and it was the cut off time. I was told back in March by an agent to set it to 6pm which shows funds will be sent in 2 biz days. But if I set it at 5pm all sales before then will be sent in 1 biz day. Check what time your cut of time is...