Hey there! Ever found yourself needing to bridge the gap between Square and PayPal? Maybe you've made some great sales on Square but prefer the familiarity or specific features of PayPal for managing those funds. Well, you're in the right place! While there isn't a direct, one-click magic button to send money straight from Square to PayPal, don't worry – we can absolutely achieve this with a couple of clever workarounds.
This comprehensive guide will walk you through the process step-by-step, ensuring you can seamlessly move your funds. Let's dive in!
Step 1: Understanding the Indirect Route
Direct transfers between Square and PayPal aren't a standard feature. Think of them as two separate financial ecosystems that don't directly communicate for fund transfers. Therefore, our journey involves using an intermediary – typically your linked bank account.
- Why the Indirect Route? Both Square and PayPal prioritize security and their own operational frameworks. Direct interoperability for fund transfers isn't currently a common feature between competing payment platforms.
- The Key Player: Your Bank Account. Your bank account acts as the bridge. You'll first transfer funds from Square to your bank account and then, in the next step, transfer those funds from your bank account to PayPal.
Step 2: Transferring Funds from Square to Your Bank Account
This is a straightforward process within your Square dashboard.
Accessing Your Square Balance
- Log in to your Square Account: Open your web browser and navigate to the Square website (
https://squareup.com/ - Navigate to the 'Balance' Section: Once logged in, look for the 'Balance' tab or a similar option on the left-hand navigation menu. This section provides an overview of your available funds in Square.
Initiating the Transfer
- Select 'Transfer' or 'Withdraw Funds': Within the 'Balance' section, you'll typically find a button or link labeled something like 'Transfer,' 'Withdraw Funds,' or 'Send Money.' Click on this option.
- Choose Your Linked Bank Account: Square will display the bank account(s) you've linked to your Square account. Ensure you select the correct bank account where you want to receive the funds. If you haven't linked a bank account yet, you'll need to do so before proceeding. This usually involves providing your bank's routing number and your account number.
- Enter the Transfer Amount: Specify the amount of money you wish to transfer from your Square balance to your bank account. You might have options to transfer your entire available balance or a custom amount.
- Review and Confirm: Double-check the selected bank account and the transfer amount to avoid any errors. Once you're sure everything is correct, click the 'Confirm Transfer' or a similar button to initiate the withdrawal.
Understanding Transfer Timelines
- Square typically offers various transfer speeds. Standard transfers are usually free and can take 1-3 business days to appear in your bank account.
- Instant transfers might be available for a small fee, allowing you to receive the funds in your linked debit card within minutes. Check the available options and associated fees within your Square dashboard.
Step 3: Transferring Funds from Your Bank Account to PayPal
Once the funds have successfully landed in your bank account, you can proceed with transferring them to your PayPal account.
Accessing Your PayPal Account
- Log in to your PayPal Account: Open your web browser and go to the PayPal website (
https://www.paypal.com/
Initiating the Transfer
- Navigate to 'Wallet': Once logged in, locate the 'Wallet' tab or icon, usually at the top of the page. This section displays your linked payment methods and PayPal balance.
- Select 'Transfer Money': Within the 'Wallet' section, look for an option like 'Transfer Money,' 'Withdraw Funds,' or 'Add/Withdraw.' Click on this.
- Choose 'Add money to your balance': You'll likely see two options: 'Send' and 'Add money.' Select 'Add money to your balance' or a similar option.
- Select Your Linked Bank Account: PayPal will show the bank account(s) you've linked to your PayPal account. Choose the bank account where you received the funds from Square. If your bank account isn't linked to PayPal yet, you'll need to add it. This involves providing your bank's routing number and account number, and PayPal might require a small verification process.
- Enter the Transfer Amount: Specify the amount of money you want to transfer from your bank account to your PayPal balance. Ensure this amount matches (or is less than) the funds you transferred from Square to your bank.
- Review and Confirm: Carefully review the selected bank account and the transfer amount. Click 'Add' or a similar button to finalize the transfer.
Understanding Transfer Timelines
- Transfers from your linked bank account to your PayPal balance typically take 1-3 business days to complete.
- PayPal might offer faster transfer options in some cases, but these could involve fees or specific eligibility criteria.
Step 4: Managing Fees and Timelines
It's crucial to be aware of potential fees and the time it takes for each leg of the transfer.
- Square Fees: Standard transfers from Square to your bank account are usually free. However, instant transfers incur a fee, which is typically a percentage of the transferred amount. Check Square's fee schedule for the most up-to-date information.
- Bank Fees: Generally, banks don't charge fees for receiving standard electronic transfers. However, it's always a good idea to check with your bank to confirm their policies.
- PayPal Fees: Adding funds to your PayPal balance from a linked bank account is usually free. However, if you choose to withdraw funds from PayPal to your bank account later, there might be fees associated with certain types of withdrawals or faster transfer options. Review PayPal's fee structure for details.
- Timeline Considerations: As mentioned earlier, each transfer leg (Square to bank, bank to PayPal) can take 1-3 business days. Factor this in if you need the funds in your PayPal account by a specific time. Weekends and holidays can also affect processing times.
Step 5: Double-Checking and Troubleshooting
After initiating the transfers, it's wise to monitor their progress.
- Square Dashboard: Keep an eye on your Square dashboard's transaction history to confirm that the withdrawal to your bank account was successful.
- Bank Account Activity: Check your online banking or bank statements to verify that the funds from Square have been deposited.
- PayPal Activity: Once the funds have been sent from your bank, monitor your PayPal account activity to ensure they appear in your PayPal balance.
If you encounter any issues:
- Verify Linked Accounts: Double-check that your bank account details are correctly linked in both your Square and PayPal accounts.
- Contact Support: If a transfer seems to be delayed or fails, don't hesitate to reach out to the customer support teams of Square or PayPal for assistance. They can provide specific information about the status of your transactions.
How to... Frequently Asked Questions
How to link my bank account to Square?
Log in to your Square Dashboard, go to 'Account & Settings,' then 'Bank Accounts.' Click 'Add Bank Account' and follow the on-screen instructions to enter your bank's routing and account numbers. Square might require a verification process.
How to check my Square balance?
Log in to your Square Dashboard. Your current balance is usually displayed prominently on the main overview page or under the 'Balance' tab.
How to initiate a transfer from Square to my bank?
In your Square Dashboard, navigate to 'Balance' and click 'Transfer' or 'Withdraw Funds.' Select your linked bank account, enter the amount, and confirm the transfer.
How to link my bank account to PayPal?
Log in to your PayPal account, go to 'Wallet,' and click 'Link a bank account.' Enter your bank's routing and account numbers and follow the instructions. PayPal might send small test deposits to your bank account for verification.
How to add money to my PayPal balance from my bank?
Log in to your PayPal account, go to 'Wallet,' and select 'Transfer Money.' Choose 'Add money to your balance,' select your linked bank account, enter the amount, and click 'Add.'
How to find Square's transfer fees?
Visit the Square website and look for their 'Pricing' or 'Fees' page. They usually have a detailed breakdown of transaction and transfer fees.
How long does a standard Square transfer take?
Standard transfers from Square to your linked bank account typically take 1-3 business days.
How long does a standard PayPal bank transfer take?
Adding money to your PayPal balance from a linked bank account usually takes 1-3 business days.
How to troubleshoot a failed Square or PayPal transfer?
First, verify that your bank account details are correct in both platforms. If the issue persists, contact the customer support of the platform where the transfer originated (Square for a failed withdrawal, PayPal for a failed deposit).
How to view my transaction history on Square and PayPal?
On Square, go to the 'Transactions' tab in your dashboard. On PayPal, go to 'Activity' to see a record of your transactions.
While the process of transferring funds from Square to PayPal isn't direct, by utilizing your linked bank account as an intermediary, you can effectively move your money between these platforms. Just remember to be mindful of potential fees and processing times along the way. Happy transferring!