Square is a mobile payments company that allows businesses to accept credit cards with their smartphones or tablets. Square also offers a free online payment processing service for small businesses.
Are you looking for a way to transfer money from Square to a bank account? If yes, then you have come to the right place. Now, without wasting any further time let’s get started.
How to Open a Square Account?
Opening a Square Account is an easy task, all you have to do is follow a few simple steps to make sure that you do everything in the right way.
- At squareup.com, you can get started by clicking the “Get Started” button.
- Enter your email and confirm it, then create a password and tap “Create Account“.
- Select your business type from the drop-down menu, then key in your business and personal information.
- After that, click “Continue” and answer a few questions to help with account verification.
- Finally, enter your email address or phone number so Square can send you a download link for the Square POS app.
- Tap the link to download the app and you’re all set.
This is how you can create a Square account without any hassle.
Transfer Money From Square to a Bank Account
When it comes to sending money, you can use a variety of money transfer options online. However, there are a few things that you need to take care of, before getting started.
This includes linking your bank account to Square.
Customized Close of Day Time
Have you ever wished that you could receive all of your payments at once, rather than throughout the day? Well, with Square’s “Close of Day” feature, you can.
Close of Day allows you to set a specific time when you want to receive all your payments. So, if you’re tired of getting payments sporadically throughout the day, you can opt to have them all come in at once.
- To set your Close of Day time, simply open the Square dashboard and navigate to “Balance > Settings.“
- From there, select “Day of the Week” and choose your desired time zone. Then, choose a weekday and set the closing time. Square recommends allowing an hour after your actual closing time to accommodate last-minute transactions.
- Once you’ve done that, apply the changes to each weekday and click “Save.” It’s that easy.
With Close of Day, you can rest assured knowing that all of your payments will come in at the same time.
When you first sign up with Square, Standard Next-Day Transfer is the method of transferring your funds from Square to your linked bank account.
Fortunately, the process is rapid and your funds will usually transfer within 36 hours on normal business days. You can initiate the transfer process by simply linking a bank account to your Square account.
Once you have done that, the funds from your sales will automatically be transferred to your bank account according to the schedule set by Square.
Overall, Standard Next-Day Transfer is a quick and easy way to get your money from Square into your bank account so that you can access it and use it as you see fit.
If you need access to your funds right away, Square’s instant transfer feature may be a good option for you. Keep in mind, however, that there is a 1.5 percent processing fee for instant transfers.
You’ll also need to make sure your account has at least $25 after the payment has been charged.
- To set up an instant transfer, open the “Balance” section of your account, click on “Transfer Now” for available transfers, and enter your debit card information.
- Once you’ve saved your information, tap on “Reporting Location” and navigate to “Transfer Settings.”
- From there, you can click on “Add Bank” and submit your banking information.
Square will send you a confirmation email within 24 hours for security purposes.