Link and edit your bank account
About linking your bank account
You can accept payments before linking a bank account. Any money you accept will remain in your Square balance until your bank account has been added and verified. Once you link your bank account, you'll receive your funds on any one of our transfer schedules. If you already have an account linked, you can change it at any time.
You need to link a valid Australian bank account to process payments using an Australian Square account. If you have a business with multiple locations, each location can share a single bank account or you can link a unique bank account to each one. You can also link multiple bank accounts to your Square account to disburse your payments balance and more easily switch bank accounts between your locations.
Before you begin
Square requires a transactional bank account (an account that allows for both transfers and withdrawals) to support refunds or chargebacks. Prepaid cards or online-only accounts (such as PayPal) aren’t supported.
The manual bank verification process can take up to 5 business days (excluding weekends and holidays). Square isn’t able to expedite the verification process.
To verify your bank account, Square will transfer and withdraw a small amount. Sometimes this transfer and withdrawal may process simultaneously, so ensure there is at least $1.00 in your bank account before you begin the verification process.
You can link and edit your bank account from your Square Dashboard or the Square apps. You can only link one bank account per location at this time.
There must be only one signatory for your bank account. Square requires the ability to set up a direct debit on the account, in the event that you process a refund for a transaction we have already transferred to you. When Square tries to set up the direct debit, our request will fail as not all signatories will have authorised us to do this.
Link and edit your bank account
You can link and edit your bank account from your Square Dashboard and the Square app.
- Sign in to your Square Dashboard and click Settings > Account & Settings > Money > Bank accounts.
- Select Link an account > Add external bank account.
- To manually verify your bank account, select Link manually instead and provide the requested bank account information. You can find this information listed at the bottom of your checks, or you can contact your bank to confirm this information.
- Select Verify.
- Check your email for a confirmation from Square, and make sure to select the link within 24 hours to confirm the bank account change.
If you have multiple locations and have verified multiple external bank accounts to your Square account, you can change the linked bank account for each of your locations. To do so:
- Sign in to your Square Dashboard and select Settings > Account & Settings > Money > Bank accounts.
- Under All locations, select the linked bank account next to the location in question.
- From the drop-down menu, select the verified bank account you want to add to that location. If you do not see the bank account you want to link, select Add external bank account and complete the bank verification process.
- Click Update linked account > Done.
- From the Square app, tap ≡ More > Settings > Account > Bank account.
- Tap Link Bank Account or Change Bank Account.
- Enter your Square account password, and tap Continue.
- Enter your new bank account information and tap Continue > Done.
- Check your email for a confirmation from Square, and make sure to select the link within 24 hours to confirm the bank account change.