Receive Transfers with Square for Retail
In order to receive transfers with Square for Retail, you’ll need to complete the sign-up process, verify your identity and link a supported bank account.
Information Required to Sign Up
We are required by banking industry regulations and applicable law to verify a personal identification number from a government-issued ID, date of birth and full name and address for the primary account holders.
The following information is required to activate a Square account:
First Name and Surname
Australian home mailing address
Date of birth: Current credit card regulations require our customers to be 18 years of age or older to create a Square account.
Australian contact telephone number
Government-issued ID (Passport, Driver Licence or Medicare card)
Australian-based bank account
*A PO Box can be used for hardware shipping but not as a home address for activation.
If you’re unable to provide the information above, you won’t be able to accept card payments, but you can still use Square to track cash payments and provide your customers with email and text receipts. Learn more about Sign Up Troubleshooting.
Note: If you’ve been added as an employee, you will not need to provide this information.
The following information is optional when activating a Square account – not required, but recommended for businesses and organisations:
Australian Business Registration
Official certification of trade
Industry standard documentation
Square’s card-processing system meets Level 1 PCI Data Security Standards, so Square’s got you covered.
Link Your Bank Account
Once you’ve verified your identity, you can link your bank account online:
Visit Account & Settings > Business information > Bank Accounts in your online Square Dashboard and click Add external bank account.
Enter the requested bank account information. You can find this information listed via your Internet Banking, or you can contact your bank to confirm this information.
From this page, you can link multiple external bank accounts to easily update where your deposits are transferred across your locations by clicking Add external bank account. From here, enter your bank account details and complete the bank verification process. Keep in mind that you can only link one bank account per location at this time.
Next Business Day Overview
When you activate your Square account, by default your deposit option will be Next Business Day. With this schedule, your funds are usually deposited within one to two business days of a transaction. Regardless of your transaction amounts, types or frequency, deposits are initiated Monday through Thursday at 12 p.m. AEST for payments taken Monday to Thursday and will arrive in your linked bank account in one to two business days. Payments taken on Friday will be sent Sunday night and will arrive in your bank account on Monday (or Tuesday if Monday is a bank holiday).
The only thing you have to do is link a supported bank account for your money to be sent to.
Our Next Business Day schedule article has all of the information you will need to review daily deposit times and learn how to set your close of day.
After you link your bank account, you can start processing card payments, and receive deposits with your Square for Retail account.