How much does Square charge for transfers?

Understanding Square’s Transfer Fee Structure

Square, a popular payment processing platform, offers various transfer options to businesses. Each transfer method comes with specific fees that vary depending on the selected schedule.

Instant Transfers

For expedited transfers into your bank account, Square charges a fee of 1.75% of the transfer amount. This option allows funds to be credited to your account within minutes.

Scheduled Transfers

If you prefer to schedule transfers to be completed on the same day, Square also applies a 1.75% fee. These transfers are processed and deposited into your bank account on the designated date.

Understanding Transfer Fees

It’s important to note that these fees are in addition to the standard transaction fees charged by Square for processing payments. The transfer fee is a separate charge that applies when you move funds from your Square account to your bank account.

Selecting the Right Transfer Option

The choice between instant transfers and scheduled transfers depends on your business needs and preferences. If you require immediate access to funds, instant transfers offer a convenient option at a slightly higher cost. However, if you can plan ahead, scheduled transfers provide a cost-effective way to manage your finances.

Conclusion

Understanding Square’s transfer fee structure is crucial for businesses to accurately estimate their processing costs. By choosing the appropriate transfer schedule, businesses can optimize their financial operations and ensure timely access to their funds.