The payments you accept with Square are sent directly to your linked bank account. Link your bank account from your online Square Dashboard or directly from the Square Point of Sale app.

Add Your Bank Account

We require a transactional bank account in the case of refunds or disputed payments. Square must be able to deposit and withdraw funds from your account. We don’t support prepaid cards or online-only accounts (such as PayPal).

You can accept payments before linking a bank account. Any funds you accept will remain in your Square balance until you link and verify your bank account.

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

For an overview on linking a bank account with Square, check out this video:

Add Your Bank Account Online

  1. Sign in to Account & Settings in your online Square Dashboard. 
  2. Enter the account holder’s full name, account number, and the Bank-State-Branch (BSB) number of your preferred bank account. Please check your internet banking system or a recent bank statement for your BSB and account number.

    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 bank statements. Please confirm that you’re using the correct account number to link your bank account to Square.

  3. Click Verify Account.

Add Your Bank Account In App

  1. Tap: Three Horizontal Lines
  2. Tap Link Bank Account at the top of the screen, and enter the account holder’s full name, account number, and Bank-State-Branch (BSB) number (found on your internet banking system or bank statement). 
  3. Click Continue

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

Check Your Bank Verification Status

Once you’ve entered your bank information, Square will send 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 deposit to confirm we can both send and retrieve money in case of refunds.

The entire bank verification process can take up to five to seven 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, deposits 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 seven 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 from the Square Point of Sale app. Before you begin, make sure you have the following:

  • The account and BSB number of your new bank account
  • Your Square account password

Edit Your Bank Account Online

  1. Sign in to Account & Settings in your online Square Dashboard. 
  2. Click Edit Bank Account
  3. Enter your new bank account details and click Verify Account.
  4. Enter your Square account password to begin verification of your new bank account. 

We’ll then send a confirmation email to the address associated with your Square account. You’ll need to locate the email to confirm the bank account change.

While you’re waiting to update your bank account, we can stop deposits from being sent to your currently linked account until you’re able to link a new one. Contact us for additional help. 

Edit Your Bank Account In App 

You can update your existing bank account anytime. 

  1. Tap: Three Horizontal Lines
  2. On an iPhone or Android device, tap Help > Change bank account. On an iPad, tap Help > Support > Change bank account
  3. You’ll be directed to your online Square Dashboard, where you’ll need to sign in.
  4. Enter your new bank account details and tap Verify Account
  5. Enter your Square account password to begin verification of your new bank account.

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 details. To do so, repeat the steps above.

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

Learn what to do if you are having trouble linking your bank account.