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.
Your Current Balance is Active Sales plus all pending transfers – all your sales that Square hasn’t yet sent to your bank account.
Your Active Sales are your current day’s sales. At your Close of Day, these sales become a pending transfer.
Your Pending Transfer is a completed transfer period that Square will send to your bank account.
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 working 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 Working Day Transfers
Payments taken before 5 p.m. PST will be available in your bank account the next working day. Payments taken after 5 p.m. PST will be available in your bank account by the second working day. If you set your Close of Day as after 5 p.m. PST, sales for your entire day will be available the second working day.
Square transfers your eligible balance into your bank account after you’ve manually triggered an instant transfer.
Find more information on processing payments with Square.