Instant Transfer Terms

Updated: 22 November 2024

Instant Transfer is provided by Squareup Europe Limited, a company incorporated in England and Wales with company number 08957689 and authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (firm reference no. 718770) for the provision of payment services (‘Square Europe’, ‘we’, ‘our’ or ‘us’).

“Instant Transfer” means the feature which enables you to request your Balance to be sent to you outside of the standard Payout Schedule (as described under Section 11 of the Payment Terms).

These terms and conditions (“Instant Transfer Terms”) together with the Payment Terms govern your use of Instant Transfer. By using Instant Transfer, you agree to be bound by the Instant Transfer Terms.

For clarity:

• The Instant Transfer Terms are the “Additional Terms” as defined in the Payment Terms. In the event of an inconsistency between the Payment Terms and these Instant Transfer Terms, these Instant Transfer Terms will prevail with respect to your use of the Instant Transfer feature.
• Any references to “Payment Services” in the Payment Terms shall include Instant Transfer.
• Defined terms have the meaning given to them in the Payment Terms and General Terms unless otherwise specified.

1. Authorisations

When you initiate an Instant Transfer from your Square Account you instruct and authorise us to pay your Balance or, where we have decided to apply a limit on the values that you may transfer via Instant Transfer, a proportion of your Balance as confirmed by us, less Instant Transfer Fees (as described in the Fee Schedule) (the “Instant Transfer Amount”) to your valid, linked bank account. Square’s standard card processing fees still apply to each Card transaction.

“Instant Transfer Fees” are 1.5% of the Balance. The Instant Transfer Fees become payable to us when you initiate your Instant Transfer and we will deduct the Instant Transfer Fees from the Balance prior to paying the net Instant Transfer Amount to your linked bank account.

2. Prerequisites

To use Instant Transfer:

• You must have your UK bank account linked in your Square Account;
• Your bank must be able to receive funds through the Faster Payments Scheme;
• You must be a Square Seller in good standing; and
• You must have successfully processed card transactions every day for at least a week.

3. Payout Schedule

We will initiate an Instant Transfer as soon as you submit a request for an Instant Transfer through your Square Account. You will not be able to revoke your Instant Transfer request after it has been submitted. The funds will usually be available in your linked bank account within 20 minutes of the request and in rare cases, within 2 hours of the request.

Subject to Applicable Law, we may delay settlement of the funds for fraud management or prevention, credit risk management or money laundering detection or prevention purposes until the next Business Day.

For the purposes of these Instant Transfer Terms ‘Business Day’ means a day (other than a Saturday, Sunday or British bank holidays) when the banks in London are open for business.

You should note that the precise timescales for receiving the Instant Transfer Amount will depend on your bank’s and payment network’s availability.

4. Balance and Payout Limits

We will notify you from time to time of the minimum Balance required in order to initiate an Instant Transfer, and the maximum Instant Transfer Amount per 24 hour period. We reserve the right to moderate, suspend or restrict your use of Instant Transfers and/or limit the funds that can be remitted using Instant Transfers for reasons relating to the following: (a) the security of Instant Transfer, your Square Account or the Payment Services; (b) suspected unauthorised, illegal or fraudulent use of Instant Transfer, your Square Account or the Payment Services; (c) we need to do so to comply with the law of any jurisdiction; (d) we have reason to believe that you no longer meet the prerequisites for access to Instant Transfer as set out above; (e) your Instant Transfer request does not meet the limits set out in these terms.

5. Events outside of our control

We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Instant Transfer Terms that is caused by any act or event beyond our reasonable control.