x

Why don't my transfers match my sales? I know to take the amount charged and subtract the fees, and

[This post was updated by moderator in 2020 to reflect a name change - deposits are now called transfers.]

 

Why are my transfers much less than my sales?  I know to take card sales and subtract fees.  They still dont match any of the 3 days weve been open.

996 Views
Message 1 of 3
Report
2 REPLIES 2

Assuming you're actually charging your customers as much as you are intending, here are some possibilities I can think of:

 

* If you're charging cards via an invoice, or with a customer's saved card info, or are hand-keying their payment, the processing fees are higher.

 

* If you have a Square Capital loan, a percentage is automatically taken from your sales.

 

* Some of your customers may be performing chargebacks, reversing their payments. If this is happening you should see it in the Sales -> Transactions page.

 

* But perhaps most commonly, if you have transactions that span the end of the business day then those which occur after the close of the banks won't be transferred the next day, but rather the one after that. For instance, if I have 3 customers each pay me $50, and they do so at 1pm, 3pm, and 6pm, then I might only have $100 transferred the next business day (less fees of course), and the remaining $50 the next business day after that.

 

 

993 Views
Message 2 of 3
Report
Admin

Welcome to the community, @Nutrifit, and thanks for helping out with this, @DaoDeJing! 💯

 

Sorry to hear about the confusion. I wanted to surface some additional information related to DaoDeJing's point about the transfer cut-off timing: Match Deposits To Sales. Hope this helps.

 

If you'd like a team member to take a deeper dive into your account and help sort this out—let our Support Team know. 🙂

️ Tom | he/him
Seller Community Manager | Square, Inc.
Find step-by-step help in our Support Center
980 Views
Message 3 of 3
Report