System updates

We’re experiencing issues that may affect your Square services. We’ll continue to update our status page with more information.

Home>Manage Bank Account Settings

Link and Edit Your Bank Account

The payments you accept with Square are sent directly to your linked bank account based on your transfer schedule. You can link or edit your bank account details from your online Square Dashboard or your Square Point of Sale app.

Overview

  • Since all payments you accept will be processed in AUD, you must link an Australian bank account that operates in Australian currency.

  • We require a transactional bank account that allows Square to credit and debit money in the case of refunds or chargebacks.

  • The bank account linking and verification process usually takes a few minutes, but for some banks verification can take up to 5 business days (excluding weekends and holidays). Square isn’t able to expedite the verification process.

  • Square must be able to transfer and withdraw from your account.

  • You will need your account name, full Bank State Branch (BSB) and bank account number to link your bank account.

  • We don’t support prepaid cards or online-only accounts (such as PayPal).

  • If you have a multiple location business, each location can share a single bank account or you can link a unique bank account to each one.

  • To verify your bank account, Square will transfer and withdraw a small amount. Sometimes this transfer and withdrawal may process simultaneously, so you’ll need at least $1.00 in your bank account before you begin the verification process.

  • 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.

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 verification completes, transfers will be sent to your account according to our standard transfer schedule.

Note: It can take up to 5 business days for the bank verification process to complete.

Add Your Bank Account

You can link your bank account from your online Square Dashboard or the Square app to start receiving your funds on any one of our transfer schedules. If you already have an account linked, you can change it at any time so you can receive your funds where you need them.

Add Your Bank Account Online

  1. Sign in to Account & Settings in your online Square Dashboard. 
  2. Click on Add Bank Account
    • Enter the following details:
    • Account holder’s full name
    • Bank-State-Branch (BSB) number of your preferred bank account (found on your internet banking system or bank statement).
    • Account number
  3. Click Verify.

Note: Credit Unions often use an electronic account number for deposits from Square (BECS transactions), which can be different from the account number on your cheques. Please confirm that you’re using the correct account number to link your bank account to Square.

Add Your Bank Account In App

  1. Tap the three horizontal lines > tap Setings.
  2. Tap Account > Bank Account > Link Bank Account.
  3. Enter your Square account password to continue.
  4. Enter the following details:
    • Account holder’s full name
    • Bank-State-Branch (BSB) number of your preferred bank account (found on your internet banking system or bank statement).
    • Account number
  5. Tap Continue > tap Done
  6. Check your email address for a verification email to verify within 24 hours. If there is no verification email in in your inbox, check your spam/junk folder.

You can always revisit these settings in the Square app to cancel your verification, view the verification status, or view the estimated completion date.

Once your bank account is linked, you can expect to see transfers according to the standard transfer schedule. Learn more about Square’s transfer schedule options.

Check Your Bank Verification Status

Once you’ve entered your bank information, Square will credit and debit a small amount to and from your account (resulting in no difference to your balance). This is not a charge, but simply Square sending a verification transfer to confirm we can both send and retrieve money in case of refunds.

The entire bank verification process can take up to 5 business days, and we’re unable to expedite the process at this time. To check your bank verification status, visit your online Square Dashboard

If you receive an email confirming your bank account has successfully verified, transfers will be sent to your account with no additional action needed on your part. 

If you receive an email stating your bank verification is pending, you’ll need to wait up to 5 business days for verification to automatically complete - weekends and holidays excluded. During this pending period, you can continue to take payments. Funds will remain in your Square balance until your account is verified. 

Edit Your Bank Account

You can edit your linked bank account from your online Square Dashboard or via the Square app.

Edit Your Bank Account Online

  1. Sign in to Account & Settings in your online Square Dashboard. 
  2. Click Bank Accounts > Change Bank Account next to the corresponding location(s). 
  3. Enter your Square account password to proceed to the next screen, click Confirm.
  4. Enter your new bank account information, ensuring you enter the account number twice.
  5. Click Verify.

Edit Your Bank Account In App

  1. Tap the three horizontal lines in the upper right corner to navigate to the menu.
  2. Tap Settings > Account > Bank Account > Change Bank Account.
  3. Enter your new bank account information, including account name, BSB number and account number (found on your internet banking system or bank statement). Tap Continue.
  4. Check your email for a confirmation link, ensuring you click the link within 24 hours to successfully link your new bank account. If you cannot locate this email, check your junk/spam folder. Tap Done.
  5. Open your emails and tap Start verification. The status will change to Verification in process and will take up to 5 business days to link.

Confirm Your Bank Account Change

When you update your bank account, we’ll send a confirmation email to the address associated with your Square account. Make sure you click on the link in the email within 24 hours to begin the bank verification process. If you don’t see this email after editing your bank account information, check your spam folder or other email filters.

If you don’t click the emailed link within 24 hours, it will expire and you’ll need to re-enter your new account information. To do so, repeat the steps above.

Until your new bank account is verified, we’ll continue to send transfers to your currently linked account. If you’d like to completely unlink your current bank account, contact Square Support. This will allow your funds to remain in your Square balance until your new account is verified. 

Having trouble linking your bank account? Try these bank account troubleshooting steps.

Learn more about: Square

Can't find what you need?