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Why can’t we have weekly or monthly deposits? Please answer
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Posted 02-20-2018
Welcome to the seller community, @Blinging, and thanks for flagging this.
At this time, extended deposit options are not available beyond our next business day or instant/scheduled selections. Out of curiosity, can you share more details on why it would be helpful for your business to change the deposit frequency? I'd like to surface more information to our Payments Team.
Have a look at our Support Center for current deposit settings: Deposit Options with Square.
There is now a way you can keep your funds in your Square account: by obtaining a Square Debit Card. When you have a Card, your automatic deposits are suspended and you have to request that a deposit be made, so you can keep your funds with Square and only request them when you want to. Here's a link to Square's Debit Card program so you can check it out. A few things to keep in mind about letting your funds stay with Square are 1) your funds won't accrue any interest while they're in your account, and 2) they aren't FDIC insured, which probably isn't a big deal, but you never know what's going to happen.
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Welcome to the seller community, @Blinging, and thanks for flagging this.
At this time, extended deposit options are not available beyond our next business day or instant/scheduled selections. Out of curiosity, can you share more details on why it would be helpful for your business to change the deposit frequency? I'd like to surface more information to our Payments Team.
Have a look at our Support Center for current deposit settings: Deposit Options with Square.
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Hi Tom,
Having the option to make montly deposits would be very helpful to our business too Our accountants must match up every deposit with the transactions and it would save TONS of time and effort if we could only have our funds deposited once a month, and then we could run a monthly sales report to match.
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Copy that. Thanks for taking the time to share those details, @ABS1. I'll be sure to surface your post with our Payments Team.
In the meantime, I wanted to point out some other resources that may help simplify your accountants' workflow (just in case they haven't already had a chance to view):
- Bank & Deposits reporting in our Support Center > Match Deposits To Sales.
- accounting partners in our App Marketplace > Accounting & Tax.
Appreciate your patience as we're always working to improve based on seller feedback. Let us know if anything else comes up!
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There's a couple threads on here about this. Seems like people have been asking for this option for a couple of years.
I too, would find weekly or monthly deposits helpful to my bookkeeping process.
I really hope Square would consider this option at some point in the near future.
Thanks,
Sara
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Hi Square Team,
It seems that your customers have been asking for weekly or monthly deposit options as far back as 2016... The responses from your team always seem to suggest you are considering this and want to offer that option. Is this really an option that is coming?
To add context that some have already mentionned, daily deposits causes for me extra cost in forms of fees and time :
- many banks charge fee per transaction; so, more deposits = more bank fees
- many transactions/deposits require more time to reconcile = more time for the admin and accounting teams
- as for some of Square services, for other platforms/apps that are part of our accounting workflow there are costs per transactions that are sometimes flat fees rather than a percentage. So, more deposits = more fees throughout the workflow.
Finally, more deposits = more clutter on reports.
Please seriously consider giving your customers the option of weekly or monthly deposits.
Thanks!
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There is now a way you can keep your funds in your Square account: by obtaining a Square Debit Card. When you have a Card, your automatic deposits are suspended and you have to request that a deposit be made, so you can keep your funds with Square and only request them when you want to. Here's a link to Square's Debit Card program so you can check it out. A few things to keep in mind about letting your funds stay with Square are 1) your funds won't accrue any interest while they're in your account, and 2) they aren't FDIC insured, which probably isn't a big deal, but you never know what's going to happen.
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