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Transers 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 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. For Instant transfers, funds should be posted to your account within 20 minutes of Square sending the transfer.

Next Business Day Transfers

Payments taken before 5 p.m. PST will be available in your bank account the next business day. Payments taken after 5 p.m. PST will be available in your bank account by the second business day. If you set your Close of Day as after 5 p.m. PST, sales for your entire day will be available the second business day.

Find more information on processing payments with Square.

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