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?

[Tricicle]

Any update since October 2018 on this? It would be a huge help to our business as well to have the weekly deposit feature. We just enrolled in a new bank account and incur fees after a certain amount of transactions. We don't want to go through the process of setting up another bank account because Square can't do weekly deposits. We made the bank account transition on good faith that weekly deposits would be an option with Square. We are baffled at how much work it took to find this thread, only to find out this has been an issue for 2.5 years. And there still aren't any resolutions??

Shouldn't it be up to the customer to decide when they want to receive their funds? We understand charging a fee if a customer wants those funds in a timeline less than 1-2 business days. But we don't understand how it's an issue if the customer requests a weekly or monthly deposit timeline. Could Square provide an update as to why this is even an issue? Square has been requesting information from customers on this thread. Now we are requesting information from Square to better assist our research needs. This information will help us to decide pursuing other options.

[Helen]

Thank you for your post @Tricicle and for letting us know how weekly deposits would help you to save money. I'm sorry to hear your bank charges you fees after a specific number of transactions. 

I can't share a timeline here in the Community for when different depositi schedules might be available, but our Product Teams are still interested to learn about how this would benefit your business. 

I've also marked one of the replies in this thread as the Best Answer. This will make it easier for other business owners to find and to share their interest in this option so we can show how important it is! 

[malibuclub]

Dear Square Product Team: Daily deposits 1. take too much bookkeeping time and 2. business owners are getting hit with extra bank fees with each deposit. Please change it so we can chose the timing of the deposits from daily to manually, weekly, or monthly. There are other providers out there doing it, so it's very much possible.

Those are the trends in comments on this thread that should be apparent to the Product Teams still looking for feedback after 2.5 years of comments asking for the feature.

[DAF]

The fact that you are still asking why this would help your customers demostrates how disconnected you are.  You are a processing company and you don't understand how banking and bookkeeping works?  The benefits are obvious.  Stop asking us and start coding.

[artist33]

Hello.....????? Square????? Are you there? Are you listening to us? Are you ACTIVELY working on this to make this a possibility?? Other companies like Swipe have this technology. Please catch up. This costs us all time (which equates to money!) Please fix this to accomodate us small business owners that are faithful to you. We feel like you aren't listening. If you are.....please contact us!

[VanKalkerFarms · Accepted solution]

you can turn your account into manual deposit mode by getting a Square Card that is a debit card linked to your Square account.  you can let your funds build up and then deposit them as you wish manually.  There isn't an auto deposit feature yet other than the default everyday.

[mhilliard]

@VanKalkerFarms Thank you!!  I think this will work perfectly!!

[Tom]

Hey @artist33, I'm really sorry for the frustration. I went to look for more details on this request, but I'm unable to access more information that I can share publicly at this time. Hopefully, the workaround mentioned by @VanKalkerFarms helps for now.

We're tracking this issue and we'll circle back as soon as any other features that may help streamline your deposit needs go live.

[artist33]

@VanKalkerFarms @Thus is a good suggestion but I cannot find info on what the “small fee” per manual deposit will be. Do you know?!

[malibuclub]

@VanKalkerFarms - Only available in the US. No help to the rest of the planet that uses Square who don't want to be reconciling the bank statements daily for reasons of staffing overhead costs, as well as some who get hit with banking fees for deposits.

[Tom]

Thank you for taking the time to share why this is important for the students and staff at your school, @mhilliard. I went to check for updates but there aren't any developments that I can share out right now. That being said, our payments product team members are continuing to track this request—I'll be sure to surface your post with them.

[artist33]

I would like to know what the “small fee” per manual deposit from the Square Card will be. 

[mhilliard]

Do either of you know what the fee is? @Tom @VanKalkerFarms  I was hoping it was just the normal 2.75 fee that is already taken out. I just ordered my card. Once I get it set up and make my first deposit, I’ll let you know. 

[ashc]

@mhilliard @artist33 Stepping in for @Tom here!

The fee is the same as the regular instant deposit fee which is the extra 1% on top of the transactional fee. 

[mhilliard]

Well, I don’t know that I’ll be doing this after all. Hoping for a different fix. My students run a small business and I’m not sure they will be willing to take the hit  especially when my plan was to only do a deposit once a month   @ashc @Tom  @artist33 @VanKalkerFarms 😫

[ashc]

@mhilliard Deposits send automatically next business day for no additional fee. That is just the fee if you'd like it deposited instantly!

[mhilliard]

I am trying to avoid a daily deposit. Someone on here suggested having it put on my square card and then making one deposit into my bank account either weekly or monthly. It is too much paperwork for my students and secretary to do a daily deposit. Someone on here suggested there is going to be an added 1% fee when I go to dump my deposits one time into my bank account. 😔 @ashc 

[ashc]

@mhilliard Ahh okay I see. I misunderstood and thought you were talking about regular deposits. 

With the Square Card, you actually still can leave the funds on the card though since it makes deposits manual and then just select to deposit Next Business Day when transferring the funds for no additional fee. It only costs if you choose to instantly deposit it when you go to transfer. 

[mhilliard]

This helps!  And this should work for me. Thank you so much!! @ashc 

[artist33]

So, if I understand this correctly, if I have a Square Card and I only make one monthly deposit as long as it is “next business day” there is no fee added. The “small fee” mentioned in the Square Card descriptions only apply to instant deposit. Please clarify. 

[ashc]

That's correct @artist33!

And no problem @mhilliard 👍