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Balance Folders FAQ

Balance Folders makes it easy for you to set aside money for upcoming expenses, big business purchases or financial goals. Create a custom folder for taxes, payroll or even a rainy day and automatically set aside a percentage of every sale in that folder. 

How can Balance Folders help my business?

Balance Folders help you automate budgeting for upcoming expenses. You can create custom folders dedicated to an expense or financial goal. You can also create a folder for tax, rent, payroll or even a rainy day and automatically allocate a percentage of every sale to be set aside in that folder.

Who can use Balance Folders?

Balance Folders are available to all Square sellers.

Do you charge any fees?

No. We don’t charge any fees.

How do I create a custom folder?

You can create and name your folder whatever you’d like and create as many folders as you need.

Can I set up automatic contributions from multiple locations?

Yes. When you set up a folder, you have the option of attaching a folder’s automated contribution to one location or multiple locations with the flexibility of enabling and disabling automated contributions.

Can I set up a goal for my folder?

Yes. You have the option to set a goal while setting up a new balance folder. Goals are associated to a single folder and are a specific dollar amount you’re targeting to set aside.

How can I manage my Balance Folders?

You can rename and delete folders or stop automated contributions at any time.

Are Balance Folders supported in any other language?

Yes, we also offer a French translation for Balance Folders. The language of your dashboard gets automatically changed based on your browser language.

Managing your Balance Folders account

Is there a minimum balance requirement?

No. There is no minimum balance to create a folder.

Will I have instant access to the funds in my folders?

Yes, you can access and manage your folders in your Square Dashboard or App 24/7. You can transfer funds between folders and Square Card instantly and for free. You can transfer your money to an external bank account in 1–2 business days for free or instantly for a 1.5% fee. Check with your external bank if there are any bank policies or other factors that may affect the timing of these transfers.

Is there a limit to how much money I can withdraw from my folder?

No, you can withdraw any funds available in your Balance Folders.

How do automated contributions work?

Enrolling in automated contributions on your Balance dashboard can help you automatically set funds aside. You can enrol for a fixed percentage of every sale, and you can set a target for each folder. If you set a target, then once your target is met, the automated contributions will turn off.

Note: Automated contributions are applied to gross card sales including tips and taxes paid by customers using a credit or debit card.
Automated contributions do not include Square payments made with cash, cheques or gift cards.

Transferring funds to and from Balance Folders

Can I transfer funds between my Balance Folders?

Yes. You can transfer funds between folders instantly and for free.

Can I transfer money from my Square Card to my Balance Folder?

Yes. You can transfer money between your Square Card and Balance Folders instantly and for free.

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