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For business owners, moving money quickly to your bank account can make the difference with paying your bills on time or not. Read on to learn how bank transfers can help you manage your finances.
What is a bank transfer?
A bank transfer is a payment method that allows consumers and business owners to transfer money to a bank account. For business owners, this will typically happen when you’re looking to transfer money from sales related to your business to a business bank account.
If you use Square for your business, there are several types of transfers available:
- Standard next-business-day transfer: When you activate your Square Point of Sale account, link a bank account and start accepting payments, funds will transfer on a standard schedule of 36 hours to one to two business days within a transaction.
- Instant transfer:** If instant transfers are available on your account, you can send funds to your linked, external bank account 24 hours a day, seven days a week, for a 1.5% fee per transfer. These transfers require a minimum balance of $25 and transfers of up to $5,000 can be sent. Balance not sent instantly will be sent on your normal schedule.
