Hey Seller Community! ✨We’re very excited to announce that on 9/16 at 2pm PST | 5pm EST, we’ll be hosting a Q&A with Square Banking's Head of Product, Christina Riechers!
Christina Riechers has been with Square for 6 years and is Square Banking's Head of Product. She was the founding Product Manager of the Square Debit Card, and before that, the first Product Manager of Instant Transfers. Christina is passionate about helping small business owners with cash flow products that give them more control over their finances to thrive in their business.
We will be selecting 10 of your replies for Christina to answer on recorded video. Joined with her on video will be our Super Seller, @Pesso, asking your questions. The video will then be posted on 9/16 for you all to see!
Please reply to this post with any questions you may have related to:
For those of you who reply to this post with a question that isn’t selected for Christina to answer, we will do our best to answer all of your questions via text in the thread below.
Some example questions include:
- Why did you start Square Banking?
- What do you hope Square Banking can provide Square sellers?
- What are the advantages of using Square Banking over a traditional Business Bank account?
- Can I deposit and write checks with a Square Checking Account?
Note on account-specific questions: For your privacy and security, we are not able to address issues related to specific account status details in our public forums. If you need account assistance, please contact our Customer Success team and they'll be able to take a deeper dive.
Thank you SO much to everyone who participated in this Q&A by asking a question for our Square Banking's Head of Product, Christina Riechers!
We selected 10 seller-asked questions from this Q&A, which were asked by our Super Seller @Pesso, and answered by Christina Riechers in the video below!
We will do our best to answer the rest of the questions via written reply directly in the Q&A.
A note on question #8 regarding transfers and limits:
Christina answered based on our current spending limits. For more information on spending limits, take a look here. If you're just looking to withdraw funds from your Square Checking or Savings account, there is currently a $50k per day limit for Square Savings. Square Checking has no withdraw limits. See further instruction within the thread below.
Square, Inc. is not a bank. Banking services are provided by Square Financial Services, Inc. or Sutton Bank; Members FDIC. Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc.
All loans and Savings accounts are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. Accounts are FDIC-insured up to $250,000.
Great Q&A, I'm looking forward to this topic! I have a few questions:
- With Square Checking and Savings, can an external funding account be setup to deposit funds into these Square products, or is the only source of funding through our business credit card sales?
- Also regarding Square Checking and Savings, are there any limits to fund withdrawals (per day/per week etc.)? And can funds be transferred out into an external account with another financial institution
Thanks for answering our questions!
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Hey @HC_Charlie !
For Square Checking:
- Sellers can transfer IN funds from a linked debit card.
For Square Savings:
- Sellers can transfer IN funds from a linked bank account
If you’re looking to transfer funds OUT of your Square Checking & Banking accounts, there is a $50k per day limit for Square Savings, but no limit for Square checking.
The flow for transferring funds out of Square Savings will look visually similar to the flow for transferring funds into the account. Here are the steps:
Step 1: Go to the Savings Dashboard and click or tap Transfer out.
Step 2: Select the folder where the funds will come from in the dropdown menu under Transfer out.
If there aren’t enough funds in the folder to cover the transfer, the Seller will see an error informing them that they will need to move funds from other folders to this folder before attempting the transfer again - even if the total balance of all folders combined have enough funds to cover the transfer. We do not automatically pull funds from other folders to cover transfers.
Step 3: Enter the dollar amount for the transfer. The available balance will be displayed to let the Seller know the maximum amount able to be transferred.
Step 4: Select the destination for the transfer in the dropdown menu labeled To.
Step 5: Click or tap Looks good on the Confirm transfer screen.
I hope this helps! Thank you 😊
Thanks @Isabelle_ for putting together this thread and answering our questions about Square Banking! I decided today's the day to start getting a better handle on all of my biz finances, so I'm taking the plunge and adding a Square Savings Account, because...it's never too late to start saving for a rainy day, or whatever "storm" comes the way of my business!
Cheers to Happy Savings 🍺 🏦 💰💰💰!
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Hey @Thevioletfox !
This was a popular question which Christina Riechers answered in the uploaded Q&A video! She explained:
We’re always looking for ways to improve our products and make it easier for you to access your business funds -- this is something that we’re looking at, but don’t yet have concrete plans for.
Check out the video for more insight! Thanks 😊
I am very excited about Square banking but have a few reservations.
1. How can I accommodate my cash and check sales/deposits?
2. How would you recommend making the switch?
3. I'm thinking of starting with just savings. Is that an option?
Hey @Doran !
Christina answered all three of your questions in the Q&A video. Check it out!
She isn’t able to share a projected ETA for depositing checks, but she did confirm that it’s something we’re working on right now! 🎉
As for cash, we’re always looking for ways to improve our products and make it easier for you to access your business funds, but do not have concrete plans to share for the development of this feature.
When will you offer savings accounts for LLCs?
This is really inconvient that only sole proprietor is the only business category that is accepted. As a result of this limiting factor, I can not fully utilize your banking services because I can not set aside half my earnings for tax purposes. It means I need a separate savings account through another lending source and most do not offer a business savings without a business checking. If I have to go to another source, then why have a checking acount through square. I would love to utilize your services and have all my business dealings with one source. Plus your business checking is a great deal compared to other bank offerings.
Christina addressed LLCs and Square Banking in the Q&A video.
I’m excited to say that we are working on it. In the coming months, we’ll offer Square Savings accounts to LLCs and other registered business types. Keep an eye on the Community for updates!
Take a look at the Q&A video for more insight into the answer to your question from Christina!
I think many people will be looking forward to this one. I am excited that Square took the next steps to create a checking and savings account. It will evolve to something very useful for some small business owners. Some questions that I have, and have seen if you are able to answer them would be great.
1. Will Square Loans now look at "cash/check/other" payment methods when considering square loans for business' and not solely on credit card sales?
2. Will Square checking be offering monthly statements? And if so will those statements have a more formal header, and not simply be a csv file?
3. I have business bank accounts with Navy Federal and my local Credit Union. Both of which have outstanding customer service, and make you feel valued as a customer. Will Square offer a dedicated service team for checking and saving account questions and concerns?
4. Even though Square offers Capital Loans, will Square checking consider Business Lines of Credit (BLOC) that can be tied to the checking account?
5. Is there a projected ETA on depositing checks, possibly even mobile deposit?
Thanks for taking the time to answer some of our questions.
Tell me what depositing checks and cash will look like as your customer base interactions are not through traditional brick and mortar locations. Will we have to create money orders essentially depositing those forms of payment somewhere else to get into our checking/savings accounts?
A good follow up questions:
Electronic (mobile) deposit systems are promising (hardware and software solutions are right up Square's alley and I think if anyone can figure out a good solution, it's Square), but checks are becoming less popular. That still leaves cash. Do you have any planned partnerships with other financial institutions to make depositing cash easier?
Please give a little more detail on how shops can qualify for a Square Loan.
Over the past few years, I have been given the opportunity to take advantage of the Square Loans. But, now I'm told my business isn’t eligible right now. I also have the option to try Paypal Capital and maybe it would be best to funnel most of my business sales through Paypal if I'm no longer eligible for Square Capital.
Hey @washtubquilts. Thanks for participating in our Q&A!
As you may have been told, there are many factors that may affect your eligibility throughout your time with Square. Your account is evaluated as a whole. This means that meeting one or more eligibility factors doesn’t guarantee that you’ll be eligible for another loan offer. Your business needs to satisfy all criteria to be eligible for a second loan.
Your business’s Square processing volume is just one of many considerations used to determine eligibility. These are a few examples of what our Square Loans team evaluates when considering eligibility for another offer:
- Square processing volume. In general, businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer.
- Square payment frequency. The frequency of card payments you process through Square matters. If you consistently take payments, you’re more likely to get noticed. To us, a steady pattern of taking payments shows that you have a healthy business.
- Your customer mix. A good mix of new and returning customers shows us that you’re growing in different ways. You can use Square's analytics tools to understand your customer base better.
- A healthy, growing business. The size of your loan offer is generally shaped by how much you process through Square.
I hope this helps! If you’d like more information, feel free to give our Square Loans team a call. They may be able to take a look at your account for you.
Hey @Thevioletfox ! Thanks for participating in this Q&A!
At this time, we don’t support the ability to pay bills from your Square Checking account. Sorry about that. It’s something we hope to offer you in the future.
Keep an eye here in the Community for updates.
Hello, with your square checking is there a feature for mobile deposit of checks? I have been with our local credit union for year's and it recently 2-3 weeks ago had a fire and their next closet branch is close to 2 hrs one way! Their Mobile deposit is horrible either down or the camera won't accept the pictures. The only way I can deposit checks now is to use 2 of my business credit cards that offer 360 checking but I don't need the money going to my cards but the bank! Thank you!
Hi @Twpchair - Thanks for checking in to the community!
The ability to deposit checks via mobile device is a feature request at this time. We appreciate your feedback and will make sure to make this visible to our product team.
Thanks so much for this awesome opportunity!
I'm really looking forward to getting to ask Christina some of these amazing questions from other sellers.
I have a few questions myself:
What's the difference between Square Banking and a traditional Business Bank account? What makes it stand out and what makes it a good choice for small businesses?
Square Loans have been incredibly helpful to keeping my business afloat over the last couple of years. How do Loans integrate with Square Banking as a whole moving forward? Are they changing or improving?
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