Fast deposits are a standard with Square, with money in your bank account in one to two business days. With Scheduled Deposit, you can get your money even faster on a recurrent basis. Customize your deposits and automatically send funds to your linked bank account at the end of your business day (any day of the week) for just 1% of the deposit amount.
Scheduled Deposit: The Facts
Timing: Your funds will be sent directly to your bank account at 5:15 p.m. PT/8:15 p.m. ET or 15 minutes after your close of day time. You’ll receive an email notification once your funds have been sent to your bank account. Funds that are not eligible for Scheduled Deposit will be sent to your linked bank account in one to two business days.
Fees: Scheduled Deposit costs 1% of the deposit amount in addition to Square’s processing fees.
Flexibility: You can set Scheduled Deposit as your default deposit option for any day of the week – even weekends.
Limits: To use Scheduled Deposit, you must have a minimum balance of $1 after Square’s fees. You can send payments as large as $10,000. If your daily balance exceeds $10,000, you’ll receive multiple deposits from Square. There is one exception: Individual payments greater than $10,000 won’t be sent via Scheduled Deposit or Instant Deposit. When this occurs, these payments will be sent via Next Business Day deposit and will be available within one to two business days to your linked bank account.
Set Up Scheduled Deposit
- Sign in to Account & Settings section of your online Square Dashboard > click Deposits.
- Select a business day to adjust its deposit type.
- Select your Close of Day time. This is the time your business closes on a particular day. We recommend setting it one hour past your closing time in case of any last minute sales.
- For Deposit Type, select Same Day > click Save.
- Click Link Debit Card > enter your debit card information > click Save.
- Verify your debit card via the email sent to the address associated with your account.