how much is the transaction fee? I received only $0.87. 13% is gone. Can I transfer without a transaction fee using friends instead of service as we do in Venmo?

Hi @ganeshrk - Welcome to The Seller Community, it's always nice to see a new face 😊

Great Question.

Square's standard processing fee is 2.6% + 10¢ for contactless payments, swiped or inserted chip cards, and swiped magstripe cards. Payments that are manually keyed-in, processed using Card on File, or manually entered using Virtual Terminal have a 3.5% + 15¢ fee.

So 2.6% + 10¢ of $1.00 works out to be $0.87. 

At this time Square does not offer a feature that will allow you to transfer without a transaction fee using friends instead of service. I'll be happy to move this over to a feature request board so that our engineers have visibility of your suggestion. 

As always, feel free to stop by The Community with question, concerns and even feature requests. We are more than happy to assist. ✨

@Russell @Ron Great, I tested it out and it all went smoothly. Thank you!

@Squareuser2 Great! You are going to LOVE Square like we do. 

During the tutorial, I was unable to find the Transaction tab because it was hidden by the green tutorial ribbon on the bottom so I hit the X and then found the Transaction tab to complete the refund portion of the tutorial....

it looks as though I refunded correctly but I am unsure.... how can I check this?

you can check your transactions here on your Square Dashboard

What if you made a typo and put $100 instead of $1.00? 

Hi @Misscorky, thanks for reaching out and welcome to the Seller Community 🙂 

If you ever process a transaction for the incorrect amount, don't worry - you can always refund it from either your Square Dashboard or the Square Point of Sale app and then issue a new transaction for the correct amount.

Once a refund is initiated, you/the customer should see a pending transaction on the bank account for the refunded amount within 1-3 business days.

I hope this helps! 

Hi @uniquewagons Your question is not really the same as the original post for this thread.  But I’ll answer it here.  For anyone else who comes across this thread, please note that my answer here IS NOT RELATED to the original subject.  It already has a best answer.

Anyway…. @uniquewagons It is never a good idea — and in some cases it can be illegal — to use your personal credit/debit cards at your own business, other than for small ($1) test transactions.  This is not a Square restriction, but rather an industry-wide restriction.  Here’s why.

Credit card networks (Visa, Mastercard, etc) do not allow it.  They consider this to be the same as getting a cash advance without paying the much higher cash advance transaction fees.  In some cases I’ve read about, business owners did this as a form of money laundering.  Therefore the card networks, backed up by federal regulations, keep an eye out for this.  Technically it is a cash advance since you are using Visa (or whoever) to give you money to put into your business, but not paying the correct fee for that cash.

Because of this, Square specifically prohibits it, except for test transactions of very small amounts — like $1.  If Square doesn’t prohibit this then the card networks can revoke Square’s ability to process on their networks, which would affect all of us who use Square.  If Square detects that we are using personal cards at our businesses, they usually reach out and inform us to cease and desist.  But, if the transaction is large enough, they also reserve the right to cancel our account as well as take other actions that might be required by the card networks and/or federal regulations.

So, the very short direct answer to your question is there is a limit.  Don’t use your personal cards in your own business, ever.  I just 100% comp anything I buy from myself and handle it in my accounting books that way.  Some people I know pay in cash for purchases from their business, others write checks.