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In Australia, there are a number of definitions of holidays:

• Public holidays refer to the days an individual living in any state or territory of Australia gets off work. These will be a mix of state and federal holidays.
• State holidays are additional days observed in some states. They are not but federal holidays.
• Federal holidays are observed in all states across Australia.
• Bank holidays are synonymous with federal holidays. Banks are closed and do not process standard transfers on these holidays.

Bank holidays can have an impact on businesses, disrupting cash flow, changing working hours, and changing staff rosters. Cash flow issues can be especially concerning because bank transfers can be delayed. Businesses that use 24/7 Instant Transfer services can get faster access to cash flow when Australian banks are closed. Square instant transfers allow business owners to get their money as soon as they make a sale, for a 1.5% fee – even on public and bank holidays.

To minimise disruptions during bank holidays, we recommend the following tips and strategies:

• Be prepared for increased demand.
• Create best practices for scheduling and staff coverage during bank holidays.
• Keep in mind special considerations for businesses that operate 24/7, like retail.
• Consider regional holidays for Australia.
• Make sure you have access to adequate cash flow to pay for planned and unplanned expenses.
• Consider the impact of bank holidays on e-commerce businesses.
• Inform customers and employees about public holiday closures.

Standard bank transfers (like your daily Square balance transfers) will pause on bank holidays and arrive in your bank account the next day. If you’d like your money sooner, you can use instant transfers to cash out your Square balance in minutes.