Transfers Glossary

Transfer Periods

Square batches your sales into 24 hour transfer periods. A transfer period begins after your previous Close of Day time. For example, if your Monday Close of Day is set to 5:00 p.m, your Tuesday transfer period would begin at 5:01 p.m on Monday and end at 5:00 p.m on Tuesday.

Current Balance

Your Current Balance is Active Sales plus all pending transfers — all your sales that Square hasn’t yet sent to your bank account.

Active Sales

Your Active Sales are your current day’s sales. At your Close of Day, these sales become a pending transfer.

Pending Transfer

Your Pending Transfer is a completed transfer period that Square will send to your bank account.

Sent Transfers

Your Sent Transfers are funds that Square has sent to your linked bank account. The time it takes your bank to process and post your transfers can vary, but this is typically done by the next business day. Your transfer is labelled with a timestamp to let you know when Square sent it to your bank account — this timestamp does not indicate your bank has posted the funds.

Next Day Transfers

With the free automatic transfer schedule, your funds will automatically send each evening—including Friday through Sunday—and will arrive in your linked bank account the next day.

By default, your close of day is midnight Melbourne time and Square will automatically transfer your funds the next day. Any next-day transfers sent after midnight will arrive on the second day.

Find more information on processing payments with Square.