Is Squareup provide facility to withdrawal funds from square account to customer bank?

Questions
1

Hello Team,

Could you please let us know Squareup provides facility to withdrawal funds from square account to customer bank?
For Example- One customer did transaction $100 in squareup account, now is it possible to withdrawal $100 to customer bank?

2

:wave: Square can send you your money as soon as you’ve linked a checking or savings account. This can be a personal or business account, but it must be a transactional bank account to support refunds or chargebacks. Unfortunately, Square can’t transfer to prepaid bank cards or online-only accounts.

To link a bank account from your online Square Dashboard, follow these steps:

  1. Sign in to Account & Settings > Bank Accounts in your online Square Dashboard.
  2. Enter the requested bank account information.
  3. Click Verify Account .

To link a bank account from the Square app:

  1. From the navigation bar at the bottom of your screen, tap More > Settings > Account > Bank Account .
  2. Tap Link Bank Account and enter the password for your Square account.
  3. Enter the requested bank account information.
  4. Tap Link .

Note : When adding a name for your bank, pick any name that will help you identify the account. It doesn’t have to be the same name on the bank account. It’s good to note that your account and routing numbers are usually listed at the bottom of your checks. Some credit unions use electronic account numbers for transfers from Square (ACH transactions), which can be different than the account number on your checks. You’ll want to confirm with your credit union that you’re using the correct account number.

The verification process can take up to 4 business days. We’ll send a small transfer to your account and then withdraw the same amount to make sure we can communicate with your bank. As a heads up, make sure you have at least $1.00 in your bank account to prevent your bank verification from failing due to insufficient funds. You can check your verification status anytime from your online dashboard.

Once your bank account has verified, your transfers will be sent according to your transfer schedule. If you’d like, you can learn more about Square’s different transfer schedules in our Support Center. :slightly_smiling_face:

1 Like
3

@Bryan-Square Thank you for your help.

I would like to know if squareup provide any service or API for withdraw money .

For example- If one Customer XYZ did transaction $100 through bank transfer to seller ABC then is it possible withdraw money $90 from ABC to customer XYZ own bank .

4

Currently, the flow of funds that supported is:

  • Customer XYZ pays seller ABC. Funds then go to seller ABCs bank.

If customer XYZ is refunded from that payment then the funds will be sent from seller ABCs account to customer XYZ. :slightly_smiling_face:

1 Like