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Payout Verification Issues? Already setup and received payouts

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So, I was just notified that my payment would be held for 14 days in order to verify my bank account. The thing is, my banking info was verified back in November 2023. 

I checked my bank account today and didn't see my sales deposit from Thursday. When I logged on to SS to see what the hold up was, I noticed a message that my bank account had to be verified before my first deposit could be processed. The thing is, I've been receiving payouts since November. I emailed support and they said I had to wait for verification for my first payout. I replied with the dates from the verification and several previous deposits. Nothing has changed. Still haven't heard back. Hopefully they can get this resolved. It's not a small amount.

Has this happened to anyone? Does SS just decide to re-verify whenever they want? What's going on? Is this something that will continue to happen randomly and without notice?

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Exact same issue for me.  I was originally verified around the New Year, have invoiced, been paid and had several payments transferred to my connected/verified bank account.  I had a client pay me on June 10 and that same day I received an email from Squarespace stating they needed additional information.  Initially I thought it was a scam email, but checked for the usual signs and it seemed legit.  I logged in and went through the process and haven't had funds transferred from SS to my bank account since, I've been one additional time from another client on June 18.  EXTREMELY ANNOYING!!!  It feels like the same wait period as when I originally started, which I thought was extreme then, but I get the security/fraud minimization efforts.

I'll be switching to Quickbooks, which is probably overkill for my business at this point, but would rather pay a little more and get a reliable service for such a key part of any business.  You dropped the ball big time on this one SS!  The attached is a screen clip from the email I got as reference.

 

image.png.7f8a23cf3f9d06654a8fb97a7ebc6bd9.png

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  • 1 month later...
On 6/22/2024 at 9:23 AM, leepayne said:

Exact same issue for me.  I was originally verified around the New Year, have invoiced, been paid and had several payments transferred to my connected/verified bank account.  I had a client pay me on June 10 and that same day I received an email from Squarespace stating they needed additional information.  Initially I thought it was a scam email, but checked for the usual signs and it seemed legit.  I logged in and went through the process and haven't had funds transferred from SS to my bank account since, I've been one additional time from another client on June 18.  EXTREMELY ANNOYING!!!  It feels like the same wait period as when I originally started, which I thought was extreme then, but I get the security/fraud minimization efforts.

I'll be switching to Quickbooks, which is probably overkill for my business at this point, but would rather pay a little more and get a reliable service for such a key part of any business.  You dropped the ball big time on this one SS!  The attached is a screen clip from the email I got as reference.

 

image.png.7f8a23cf3f9d06654a8fb97a7ebc6bd9.png

  Hey Lee Payne wow, you totally are describing what I am going through right now with SS payouts. Have you had any resolution .? This is a nightmare. It's kind of uncanny how similar our two experiences are from the original payout being cleared to having a successful one or two, then to the held payment more recently, and the email to everything. I have emailed them, I have chatted with them, and it's unreal how little information they are providing. This feels wrong on so many levels. So...I'm now waiting five days for my "second verification" window that should never be happening.... and I'm just really concerned at the lack of any accountability. I may go to their NY Headquarters and make a real scene if I have to. This can't be allowed to just keep happening when we are  talking about people and their livelihoods. 

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I am having the EXACT same issue. I bank  at Chase and have received payouts to this account before. There is no reason for them to need to "verify" again. I also had to prove my identity 4 times. At first, customer service was responding -- but now it is SILENCE. This is not a small payment and my project has already been completed. I have team members to pay as well as my own expenses. I"m not sure Squarespace realizes the sheer peril they are placing us in as founders who have chosen their platform over others. I will DEFINITELY be going back to Stripe payments moving forward.  This is beyond unreasonable. For me, it is the complete lack of communication that is the real failure. Assuming we are all longtime Circle members who are typically very "pro" Squarespace, but they have missed the mark with SS Payments.

Any resolution yet for any of you? How long did it take for the payments to process/payout? My payment was received (by Squarespace) on July 9. It is now July 25 and I have not received payment - AND my admin panel still says "in review".

Edited by frankidurbin
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Hello! 

I would like to ask where do we go from here, I been ask to verify my identity couple times so far. And my money is being withheld from me currently. Since I am a small business I really need the cash flow in order to make the items that my customer preordered. Does anyone have experience with this issue? how long does they take to verify your identity and releasing your money? 

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This is the exact same issue we're experiencing. 

We had 3 successful payouts and then were asked to re-verify. Afterwards the payout went fine. Then we took another payment and they asked us to re-verify again. That was  6 days ago. They keep telling us that they're "escalating the issue" but that's all, they're not actually communicating with us in any way about a solution or timeline. This is maddening, especially when the payment was $16k+!!!

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  • 2 weeks later...

I am having this same exact problem, and after the two week wait period, nothing.  After  chasing it up the food chain, I get a new message about needing to verify identity (which was not part of the initial verification processes, but whatever), and they are not transparent about releasing almost 54k in cash flow that’s needed to complete customer pre-orders.    There’s a need for accountability for their poor communication and impact to business losses due to their lack of timeliness and customer communication.  

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I’m at day 16 and haven’t recieved a single pay out. I’ve had to pause all payments on this platform, so analytics are screwed. Employees can’t be paid and are threatening to quit, bills cant be paid. I’m in danger of closing my business.
This is insane!! Where do we go? 
Im currently creating a new site on a new platform and leaving. 
If you want to lose your business and look like an idiot to your customers/clients use Squarespace payments.

Edited by Camrector
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Now I just received and completed a personal verification link and payouts have been paused!!! 
16days and now they pause my payouts!!. 7-10 business days Im being told.
I’m ruined! My business can’t recover from this!!!!!  
This is illegal!

IMG_1850.jpeg

Edited by Camrector
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I too have done the verification process twice. I also am very conflicted with some of the information. We are a small non profit kids sport and heavily rely on the funds to continue the club. When we started our website and decided to accept payments through squarespace it was, and still does, show that is is 2.9% +$.30 a transaction. From our first couple events we have taken in $3600 and with the fees they should take $114.30. The payout they are showing to us, once verified, is $2485.55. They are taking $1114.45 in fees? Is this normal? 
I can not seem to be able to contact anyone from squarespace. 

Frustrating is an understatement. 

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I anl having the same issue. Two weeks and no payout. Has anyone from Squarespace replied to why there is this hold? The store POS I use, Square, verified by two small deposits in 24 hours. The posts on this thread are really concerning, especially since no one from SS will respond and explain. 

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I think we have the same issue.

My treasurer emailed me saying she usually gets and email from Squarespace that says

"$$xx.xx payout is on the way to your connected bank account"

which has successfully happened before.  Like since April.

Now she gets this email that says

CONNECT YOUR CHECKING ACCOUNT.  Your first payout will  be sent after connecting your account.

Please don't make me get a lawyer involved.

Donna

Screenshot 2024-08-27 081253 payouts.png

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  • 3 weeks later...
On 8/28/2024 at 2:39 PM, DEVCHDM said:

I think we have the same issue.

My treasurer emailed me saying she usually gets and email from Squarespace that says

"$$xx.xx payout is on the way to your connected bank account"

which has successfully happened before.  Like since April.

Now she gets this email that says

CONNECT YOUR CHECKING ACCOUNT.  Your first payout will  be sent after connecting your account.

Please don't make me get a lawyer involved.

Donna

Screenshot 2024-08-27 081253 payouts.png

Having the same issue. Found a workaround in inputting routing and account numbers manually. At least, this triggered a test deposit - which is more than I had before!

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  • 3 weeks later...

I am having the same issue.  They have been holding my payout since 9/13.  I have sent several emails with no response.  My settings show my account is active and ready to receive payment, yet I havent received anything.  I originally was using stripe for my payouts and had no issues.  I switched over to square payout in beginning of September  and haven't received a payout since.  I am seriously thinking of switching to shopify.  Not being able to speak to a representative isn't working for me.

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Well looks like this is a common occurrence. This is literally my 12 time having to verify myself even after talking to someone. Save yourself the headache and don’t bother using this platform. The lack of answer/ representative to talk to is ridiculous. I’ll be leaving this platform once they release my funds.

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I initially had my account set up under my business name but didn’t realize that my bank account was under my legal name. So when SS sent out my payment it failed because of the name mistake. I corrected it and even sent over identity verification. They have now suspended my account after I sent over my verification and now I cannot accept payments. They are holding my payout so now I cannot ship my orders or buy supplies! Then they aren’t even answering my emails 

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I'm having the same problem. I can't even click on the link to verify - it goes nowhere - except for once earlier today when it did actually go through, I completed the verification process and now this evening, the 'Verify your business to receive payouts' link is still there. 

Has anyone had anything positive from Squarespace on this, it's infuriating.

 

 

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So - I changed my name on the Squarespace site to the same name as on my bank (I use a nickname generally) and it's changed from 'verify your business' to 'payouts are paused'. I don't know if this is a good or a bad thing...

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I've been in the exact same situation for a month—they're hanging on to thousands of dollars that belong to me without any explanation. I think it is time we all banded together and do two things: I think we should report Squarespace to the Better Business Bureau and I think we should start looking into filing a class action lawsuit. What Squarespace is doing is tantamount to extortion and they need to be held accountable.

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On 10/24/2024 at 10:54 PM, NedG said:

So - I changed my name on the Squarespace site to the same name as on my bank (I use a nickname generally) and it's changed from 'verify your business' to 'payouts are paused'. I don't know if this is a good or a bad thing...

@NedG Any update on this? My client has 20k tied up in this mess...

Edited by EMayrhofer

Eleanor Mayrhofer

One Day Websites for Expat Business Owners in Germany

https://www.eleanormayrhofer.com/

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