Is it possible within the system to make it so that once you receive a payment, it does not get transferred out to a bank account?
I currently am setting up a system that plays the role of a middle man between a customer and a client. The customer pays to me, from which I take my amount for the services I’m providing, and then an amount goes to the client. So my question is, can I prevent bank desposits from occuring? I do not want to have to pay fees on this money again to send it to the client, or am I able to also send this money to the client using my square account immediately after I receive payment, so that it doesn’t go straight to the bank account? This would ok for half of it, but I also have to use the remaining balance from the square account as well, and don’t want to have to pay a fee on that either. I think that if it stays in the square account, then I wouldn’t have any fees when I send it off to other square users correct?
Money cannot be transferred from one Square account to another, so this is currently not possible. If you don’t want money to be deposited to a bank account, you could simply delete the bank account and the money will stay in your account, but you won’t be able to move it or access it.
Alrighty. Lets see if we can find another solution.
Upon the initial charge, there is a fee of 2.9% + .30 on a credit card correct? So this would take .88 cents off of the initial transaction of $20.00, leaving me with $19.12. So to send the money to the client, I would have to then charge the card linked to my bank account that is linked to square, and this would charge another 2.9% + .30, which would turn that $20.00 into $18.27.
How can I go about this to avoid paying fees on the same money twice? What would you recommend?
Well, maybe I’m misunderstanding here. What are you meaning by
What are you charging another card for? If you’re being the middle man, why not deposit the money from your Square account into your bank, and then use your bank (or, any other third-party, like the Cash App for example) to transfer the money to whomever you need to? There’s no way, within Square Seller accounts at least, to transfer money from one account to another even with fees.
Alright. no problem. I’ll lay it out for ya in another form.
100 customers purchase something from the client on my site for $20.00 for a total of $2000.00.
Upon charging their cards, the 2.9% + .30 comes of that $20, resulting in $19.12 per transaction, and a total of $1,912.00.
This $1912.00 is now sitting in my Square account.
– $100 of this goes to me for my service cost.
– $300 goes to my client for the service they host through my site.
– $1500 goes to the customers who win the competition. (Its a video game tournament).
***My goal would be for each of my 10 clients to have their own square app, in which they would then use to charge me to get their $300. (all done within my site).
So, if they charge me, then it has to come out of the bank account, which I would have linked with the accounts card. So this would put another fee on top of the cost since it has to come out of the bank account, and then go to their square account, and can’t just be debited directly to the balance within my square account.
I really do not want to use a 3rd party app, as this makes for more moving parts, and creates room for error. Plus, it removes the stream line capability that I’m looking for. The less customers and clients have to dink around with different apps and sites, the better. I’m trying to do as much from within my own project for them as possible. Most 3rd party systems also charge fees. Paypal allows you to transfer between accounts I believe without a fee, but thats still incorporating yet another account. Additionally, the speed of an account to account transfer eliminates a lot of the processing time that can occur using bank accounts (up to 3 days to transfer at times).
I hope I made sense with all that. Was a lot to lay out! Sorry
So for each client, you should be using OAuth API, which does require them to each have their own Square account. Then, all money would go directly to their Square accounts, not yours. Currently, we allow you take an application fee from each purchase, but not an overall “one time fee” sort of thing. So, for each one of those customers you could take a certain % of the $20 as an application fee, for example.
I’m going through all of that and connecting the dots.
This will resolve the first issue of not having a double charge on fees, but it does take out of the stream line a bit. I’d really like to see a way for one square account to send money to another square account, rather than having to use a venmo, zel, or paypal.
If the seller is selling through me, does that mean that I can use the CCOF ID that I already have stored for a customer when they try to purchase through that seller? I hope that makes sense, but I’ll go into more detail just in case.
Currently, when a customer visits my site, I first create a customer ID to square, that is unique to my square products. Then, the customer adds a CCOF that is associated with that Customer ID. So, once I have the customer ID and CCOF ID stored, will that information be able to be used with a seller that is using my app, OR will I have to create a new customer ID for each customer to that specific seller, and then have them recreate a new CCOF to that new customer ID?
Long story short, will each customer have to have a unique CCOF profile for each seller, or is their CCOF unique to my app and can be shared with any seller that also uses my app?
Currently, each customer (and everything else such as items/transactions/etc) is scoped per merchant. Thus, you would need to recreate the customer and card on file for each merchant. I will DM you for more information, though.
