The most you can charge on Square per transaction is $50,000. This is the per transaction limit set by Square for all its merchants. If you have a customer who wants to make a payment that exceeds this limit, you will need to split the payment into multiple installments. By doing this, you can still accept payments that are above $50,000, but it will require some additional steps to ensure the transaction is processed correctly.
To split a large payment into multiple installments, you will need to determine the total amount that needs to be paid and how many installments you want to split it into. For example, if a customer wants to make a $100,000 payment, you can split it into two $50,000 installments or four $25,000 installments, depending on what is most convenient for both parties.
When processing each installment, it is important to record the receipt number and the total amount charged for that particular installment. This will help you keep track of the payments and ensure accurate record-keeping. You can use Square’s reporting tools to generate reports and track the individual installments.
It’s worth noting that splitting payments into installments can be beneficial for both you and the customer. It allows the customer to make a large payment in more manageable chunks, and it helps you avoid any potential issues or limitations associated with processing large transactions.
In my personal experience, I have had a few instances where customers wanted to make payments that exceeded the $50,000 limit on Square. In these situations, I found it helpful to discuss the options with the customer and determine how they would like to split the payment. By being transparent and providing clear communication, we were able to come to an agreement that worked for both parties.
To summarize, the most you can charge on Square per transaction is $50,000. If you need to accept payments above this limit, you can split the payment into multiple installments. Remember to record the receipt number and the total amount charged for each installment to ensure accurate record-keeping.