Why do I have a charge from Square Inc.?

That Unexpected Charge from Square Inc.? Here’s Why (and What to Do)

Seeing “SQ*” or “gosq.com” on your bank statement followed by a mysterious charge can be unsettling. What is it? Did you unknowingly subscribe to something? Before you panic, the good news is it likely just means you made a purchase from a business that uses Square for payment processing.

Square Inc. is a popular platform that allows small businesses and entrepreneurs to easily accept credit and debit card payments. Instead of seeing the business’s full name on your statement, you might see a shortened identifier linked to Square. Think of it like this: Square is the intermediary handling the transaction, but the charge is ultimately from the business you interacted with.

*Decoding the SQ or gosq.com:**

• *SQ followed by a descriptor:* This is the most common scenario. Often, the “SQ” will be followed by at least a partial or abbreviated name of the business. For example, you might see “SQ Joe’s Coffee” indicating a purchase from Joe’s Coffee shop. You might also see the nature of their business, such as “SQ Local Art Fair.”
• gosq.com: This URL simply points to Square’s website. Seeing it in conjunction with the charge indicates that the transaction was processed through Square.

So, Why Don’t I Recognize the Charge?

Even with the descriptor, it’s easy to forget the specifics of every transaction. Here are a few common reasons why you might not immediately recognize the charge:

• Recent Purchases: Think back to recent purchases, even seemingly small ones. Did you visit a farmer’s market? Get a haircut? Buy something from a craft fair? These are common venues where Square is used.
• Abbreviated Business Names: The descriptor might be an abbreviation you don’t immediately recognize. Try writing out the full name of businesses you frequent and see if anything clicks.
• Shared Accounts: If you share a bank account with a partner or family member, the purchase might have been made by someone else. Ask them if they recognize the charge.
• Online Purchases: Did you recently purchase something online from a smaller vendor? Many online shops utilize Square for processing.

Troubleshooting Steps:

If you’ve racked your brain and still can’t identify the source of the charge, here’s what you should do:

1. Review Recent Transactions: Scrutinize your recent purchases. Check your email for receipts that might connect to the charge amount or the business name hinted at in the descriptor.
2. Contact Your Bank/Card Issuer: They might have additional details associated with the transaction, such as the merchant’s phone number.
3. Contact Square Directly: If all else fails, you can contact Square support. Be prepared to provide them with the charge amount, the date of the transaction, and any information you have from your statement. They may be able to help you identify the merchant. You can typically find contact information on the Square website.
4. Dispute the Charge (as a Last Resort): If you genuinely believe the charge is fraudulent and you’ve exhausted all other options, you can dispute the charge with your bank or card issuer. Be sure to have documentation of your efforts to identify the merchant.

Important Note: While it’s rare, unauthorized charges can occur. That’s why it’s essential to regularly monitor your bank statements and credit card activity. Catching errors early can save you time and hassle in the long run.

By taking a systematic approach, you can usually uncover the source of that mysterious Square Inc. charge and hopefully avoid unnecessary stress. Good luck!