Square will group and send payments based on the time you choose to close your business each day. This is referred to as your “close of day.” By default, your close of day is 5 p.m. PT/8 p.m. ET. To ensure that a full day’s business activity is included in one deposit, you can customize your close of day to your preferred time.
Customizing your close of day is ideal for businesses that stay open after 5 p.m. PT/8 p.m. ET (or your time zone’s equivalent). If you choose a close of day time after 5 p.m. PT/8 p.m. ET (or your time zone’s equivalent), your deposit will be sent according to the deposit type you’ve selected for a specific day.* Read an overview of the deposit types available with Square.
*Note: For Next Business Day, your deposit will be delayed one business day and you’ll receive your funds within two business days (weekends and holidays excluded).
Set a Close of Day Time
You can set a custom close of day time for each day of the week. To do so:
- Sign in to your online Square Dashboard and click on Account & Settings
- Select Deposits.
- Choose a day of the week and set your time zone and your close of day time. It’s recommended that you set your close of day one hour after your actual closing time to provide a window for last minute sales.
- Apply these settings to the rest of the week.
- Click Save.
Close of Day Examples
A cafe closes at 6 p.m. PT on Tuesdays. The restaurant owner sets a 7 p.m. PT close of day time and has chosen Next Business Day for that day’s deposit type.
At the cafe’s close of day (7 p.m. PT), Square will group all sales from the last 24 hours in a single deposit. The sales made in a 24 hour window, between 7 p.m. Monday - 7 p.m. Tuesday PT, will be grouped in one deposit. The deposit will automatically initiate on Wednesday evening and post Thursday morning.
A retail business closes at 6 p.m. PT on Tuesday and has a 7 p.m. PT close of day time. The retail business owner has chosen Scheduled Deposit for that day’s deposit type.
At the set close of day (7 p.m. PT), Square will group all payments accepted since 7 p.m. PT Monday in a single deposit. The day’s funds will automatically deposit to the business owner’s linked bank account Tuesday evening at 7:15 p.m.