Instant Deposit Terms
Instant Deposit is provided by Squareup Europe Limited, a company incorporated in England and Wales with company number 08957689 and authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (firm reference no. 718770) for the provision of payment services (‘Square Europe’, ‘we’, ‘our’ or ‘us’).
“Instant Deposit” means the feature which enables you to request your Balance to be sent to you outside of the next Business Day Payout Schedule (as described under Section 11 of the Payment Terms).
These terms and conditions (“Instant Deposit Terms”) together with the Payment Terms govern your use of Instant Deposit. By using Instant Deposit, you agree to be bound by the Instant Deposit Terms.
- The Instant Deposit Terms are the “Additional Terms” as define in the Payment Terms. n the event of an inconsistency between the Payment Terms and these Instant Deposit Terms, these Instant Deposit Terms will prevail with respect to your use of the Instant Deposit feature.
- Any references to “Payment Services” in the Payment Terms shall include Instant Deposit.
- Defined terms have the meaning given to them in the Payment Terms and General Terms unless otherwise specified.
When you initiate an Instant Deposit from your Square Account you instruct and authorise us to pay your Balance or, where we have decided to apply a limit on the values that you may transfer via Instant Deposit, a proportion of your Balance as confirmed by us, less Instant Deposit Fees (as described in the Fee Schedule) (the “Instant Deposit Amount”) to your valid, linked bank account. Square’s standard card processing fees still apply to each Card transaction.
“Instant Deposit Fees” are 1% of the Balance. The Instant Deposit Fees become payable to us when you initiate your Instant Deposit and we will deduct the Instant Deposit Fees from the Balance prior to paying the net Instant Deposit Amount to your linked bank account.
To use Instant Deposit:
- You must have your UK bank account linked in your Square Account;
- Your bank must be able to receive funds through the Faster Payments Scheme;
- You must be a Square Seller in good standing; and
- You must have successfully processed card transactions every day for at least a week.
3. Payout Schedule
We will initiate an Instant Deposit as soon as you submit a request for an Instant Deposit through your Square Account. You will not be able to revoke your Instant Deposit request after it has been submitted. The funds will usually be available in your linked bank account within 20 minutes of the request and in rare cases, within 2 hours of the request.
You should note that the precise timescales for receiving the Instant Deposit Amount will depend on your bank’s and payment network’s availability.
4. Balance and Payout Limits
To initiate an Instant Deposit, you must have at least £50 (after deduction of Instant Deposit Fees) in your Balance. The maximum Instant Deposit Amount is £1000. We reserve the right to moderate, suspend or restrict your use of Instant Deposits and/or limit the funds that can be remitted using Instant Deposits for reasons relating to the following: (a) the security of Instant Deposit, your Square Account or the Payment Services; (b) suspected unauthorised, illegal or fraudulent use of Instant Deposit, your Square Account or the Payment Services; (c) we need to do so to comply with the law of any jurisdiction; (d) we have reason to believe that you no longer meet the prerequisites for access to Instant Deposit as set out above; (e) your Instant Deposit request does not meet the limits set out in these terms.
5. Events outside of our control
We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Instant Deposit Terms that is caused by any act or event beyond our reasonable control.