How Do I Transfer Money From Squarespace to My Bank?

Transferring money from your Squarespace account to your bank involves several steps and considerations. Squarespace integrates with payment processors like Stripe and PayPal, which are responsible for handling transactions and transferring funds to your bank account. Below are the practical steps to ensure a smooth transfer process:

Setting Up Payment Processors

Firstly, ensure that you have set up your preferred payment processor:

1. Stripe:

   • Sign Up or Log In: If you do not have a Stripe account, you will need to create one. If you already have an account, simply log in.
   • Connect Stripe to Squarespace:
     1. Go to Settings in your Squarespace dashboard.
     2. Navigate to Payments.
     3. Click on Connect Payment Processor.
     4. Follow the prompts to connect your Stripe account.
   • Bank Account Setup in Stripe:
     • Log in to your Stripe account.
     • Go to Settings > Bank Accounts and Scheduling.
     • Add your bank account details and confirm them as required.

2. PayPal:

   • Sign Up or Log In: Create a PayPal Business Account if you don't already have one.
   • Connect PayPal to Squarespace:
     1. In your Squarespace dashboard, go to Settings.
     2. Click on Payments.
     3. Select PayPal and follow the prompts to connect your PayPal account.
   • Linking Bank Account to PayPal:
     • Log in to your PayPal account.
     • Go to Wallet.
     • Click Link a Bank Account and follow the instructions to link and confirm your bank account.

Automatic Transfers

Once payment processors like Stripe or PayPal are connected, they will handle the transfer of funds to your bank account.

1. Stripe:

   • Automatic Payouts: By default, Stripe automatically transfers funds to your bank account according to a schedule (daily, weekly, or monthly).
   • Custom Payouts (if needed):
     • Go to your Stripe Dashboard.
     • Navigate to Settings > Payouts and Scheduling.
     • Adjust the payout schedule as necessary.

2. PayPal:

   • On-Demand Transfer: PayPal typically requires manual action to transfer funds from your PayPal balance to your bank account.
   • Steps:
     1. Log in to your PayPal account.
     2. Go to Wallet.
     3. Select Transfer Money.
     4. Choose Transfer to Your Bank.
     5. Follow the prompts to complete the transfer.

Considerations and Limitations

• Processing Time: Transfers from Stripe typically take 2-7 business days to appear in your bank account, depending on your bank and the country in which you operate. PayPal transfers can take 1-5 business days.
• Transaction Fees: Be aware of transaction fees associated with payment processors. Stripe and PayPal both charge processing fees for transactions. Check their respective websites for up-to-date fee structures.
• Bank Holidays: Transfers might be delayed due to bank holidays or weekends.
• Currency Conversion Fees: If you are dealing with multiple currencies, be mindful of conversion fees that might be applied when the payment processor converts foreign currency into your local currency.

Conclusion

Transferring money from Squarespace to your bank is a streamlined process once your payment processors are accurately set up. Ensure all account information is correct and verified to prevent delays or issues in fund transfers. Regularly monitor both your Squarespace earnings and the statements from your payment processors to maintain clear records of your transactions.