The Most Frequently Asked Questions by New Square Sellers
We want your first few weeks with Square to be smooth sailing. Here are the top questions asked by new businesses who have started selling with Square.
1. Link your Bank Account
We want to ensure that you’ll get paid fast. In order to get those next business day deposits, you’ll need to link an Australian bank account on your Square Dashboard. Once you start the process, it can take 3 — 5 business days for your bank to finish the linking process. In the meantime, your funds will stay safely with Square and will automatically be deposited once your bank is linked.
2. Review the Deposit Schedule
As soon as your bank has gone through the one-time verification process, funds are delivered by default as fast as the next business day. You can also customise your deposit schedule to suit the needs of your business. With Square’s standard deposit schedule, deposits are initiated every weekday at 1PM for payments accepted Monday — Friday before midnight Melbourne time. Deposits for sales made prior to midnight Melbourne time will arrive in your linked bank account by the following business day.
3. Know your Processing Rates
For most sellers, Square’s fees are a flat 1.9% for every tappped, dipped or swiped card present transaction. Manually-entered (aka “card not present”) transactions are 2.2% per transaction. These fees are the same for all major card brands - that includes Visa, Mastercard, eftpos and American Express credit and debit cards, local or international. If you’re unsure about your Square pricing, you can see everything online or on the pricing table on your Square Dashboard.
4. Which Cards are Accepted
Square enables you to accept any local or international payment card which carries a Visa, Mastercard, eftpos or American Express logo. That can be a credit, debit, corporate, prepaid or rewards card. For eftpos cards, only cards with a chip can be accepted using the Square Reader for contactless and chip.
5. View your Sales Summary
Here’s a link to see your sales summary in Square Dashboard, which includes your gross sales, net sales, and fees collected for payment processing. Log in and check it out - remember that you’ll be able to dig into the detail a lot more easily when you’re logging in from your desktop computer.
6. Get Tax Reporting Information
Sellers often contact Square Support to confirm that they’ll be able to access all the information they need for accurate tax reporting at the end of financial year. This is easy to download from Square Dashboard. Read more about downloading sales and fee info for tax reporting and GST invoicing purposes and download your Sales Summary Report from the Square Dashboard.
7. Resolve Declined Cards
The primary reason you’ll experience a declined card is because your customer’s card was declined by the cardholder’s credit card company. To get it resolved, the cardholder has to speak with their card company or check their current balance.
The secondary reason a transaction may be declined is because the card type is not currently accepted by Square. Ensure that your customer has presented with you an accepted credit or debit card type, and that you check the payment acceptance status, before they walk away with the goods you’ve sold them!
Resources for Help 🙋
If you run into any other issues, Square has a robust network of articles, content and a locally-based support team to answer all of your questions. Here’s a list of resources available to you:
- Check the Square Support Centre to read through product documentation and FAQs
- Call our support team on 1800 760 137. We’re available from 9AM to 5PM (Melbourne time)
- Send us an email. It’s best to be logged into your Square account when you do this so we can quickly access your history and resolve your query faster.
- Check out our YouTube channel. We have lots of videos for everything from how to guides to tips from local Square sellers.
- Square isn’t right for you? No worries, you can deactivate your account from the Square Dashboard. You can also safely pass your reader along to someone else who might use it - no account information is associated with your Square Reader.
Thank you for selling with Square, and remember — we’re here to help your business start, run and grow!
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