With Square Payroll, the need to wait several business days between submitting payroll and getting your team paid is no more. If you process payments with Square and store a balance in your account, you can now tap into your balance to get your team paid with Instant Payments.
For example, if your payroll is normally due on Mondays for a Friday pay date, you can now wait until Thursday evening to submit payroll, giving you ample time to get payroll squared away and more control over your funds. You will also have the option to send payments immediately (i.e., earlier than your scheduled pay date). For team members that receive their pay through direct deposit, they’ll get their pay the next business day if they have a traditional bank account linked, or instantly if they use Cash App - even on weekends.
If for some reason your stored balance does not cover your team’s net pay debit, you’ll be prompted to add funds to your balance when running payroll to cover the debit. If you have a Square Card, you can add funds directly from a debit card (up to $2,000 per day) and the increase will be added to your balance instantly.
Leveraging your Square balance to get your team paid comes with no additional fees, and you’re able to easily switch back to having your team’s net pay debited from your linked bank account if you need to.
Note: You can only use your Square balance for debiting your team’s net pay; debits for taxes will still be collected from a regular verified bank account.