Can I group Square Deposits into my Bank Account

rickyaciii · ‎03-17-2019

I'm thinking of getting a Square for my non-profit to use at fundraisers. My worry is that our acocuntant is a volunteer who has always run the books herself and I want to minimize her headache. So, very important question...

Does money form each individual transaction go to our bank account individually? Or is there an option to aggregate those into lump payments?

In other words...

If ten people make ten seaprate purchases on Square, do we get ten separate deposits in our bank account? Or can we group those into one big deposit?

GlassJudy · ‎03-17-2019

Deposits are made on a daily basis. If ten customers each make a purchase during your business day, you will get one deposit containing all of those ten sales, minus Square's fees.

Judy T Shumway

Yacht · ‎08-12-2021

Same problem. Too many deposits. And no way to do weekly or monthly deposits. You are stuck with daily deposits at a minimum.

Seamus · ‎08-12-2021

Hey @Yacht,

Did you know that you can switch your transfer options to manual? This means you can keep your takings in your Square account and only initiate a deposit when you want to send one. Read more on this here.

Hope this helps, let me know if you have any questions 🙂

Seamus
Square, Australia
Sign in and click Mark as Best Answer if my reply answers your question.

Yacht · ‎08-28-2021

I really would like the transfers to happen automatically, just once a month, not daily. It is too much for my accountant to keep getting all these deposits.