Sign Up for Square with a Trust ABN
If your entity is a Trust—meaning that you or another person holds property or assets for the benefit of others (beneficiaries) under a Trust structure—you can set up a Square account with the Trust ABN and a copy of your Trust Deed, along with a few other details outlined below.
Create your Square Account via a web browser on your phone or desktop computer/laptop.
Enter and confirm your email address.
Create a password > Continue.
Business Details Required
Select Business as the merchant type > Continue.
Fill out details about your business, including a valid Trust ABN and Trading Name. Click Continue.
Fill out your business address > Continue.
Personal Details Required
We are required by banking industry regulations and applicable law to verify the primary account holder(s). Current regulations also require our customers to be at least 18 years of age.
Enter your legal name, home address, date of birth, and valid phone number. Note: This information is used to verify your identity as the account holder.
Select your business role > Continue.
Enter your Medicare, passport or driver's licence number so that we can securely verify your identity.
Trust Details Required
We are required to collect this information so that you can start taking payments with Square.
Select Upload File to upload your Trust Deed.
Select Yes or No from the drop-down questions regarding your Settlor and Settlement Amount (sometimes also defined as the Settled Sum). Note: This can usually be found on the Schedule Page of your Trust Deed.
Verification of the Settlor
Not all Trusts have Settlors, but if yours does, we’re required to verify the identity of the individual if:
The ‘settlement amount’ is equal to, or greater than $10,000; and
The settlor is a living person.
The ‘settlement amount’ is generally defined in the Schedule of a Trust Deed, towards the end of the document. During sign up, we’ll ask if your Trust Deed has a Settlor that meets the listed qualifications. If it does, our team will email you for required documents and further information after the sign up process.
Verification of the Trustee(s)
We’ll need to collect information about the Trustee(s) listed on the Trust Deed. There can be one or more Trustees listed on a Trust Deed, and they can be an individual, a company, or, less often, a different entity (such as a partnership or association).
If you enter an individual as a Trustee, we’ll need the following:
Full Legal Name
Date of Birth
If you enter a company as a Trustee, we’ll need the following:
Information about the shareholders of your company (including their full name, date of birth and residential address)
If you enter a different entity as a Trustee, we’ll need the following:
ABN/ACN (if applicable)
Note: If you enter a company as a Trustee, you will need to provide the ACN for the company, and we will verify the shareholders of the company.
For any other entity types listed as Trustees, we’ll need to manually verify them, which may take a little longer. We require further information and documentation about these entities, and once verified, you can start processing payments.
Verification of the Appointor(s) (if applicable)
We’ll also need to verify the Appointor(s) of your Trust if applicable. Similar to how we verify Trustees, this role can be held by individuals, companies or other entity types.
If the Appointor of your Trust is an individual, we’ll need the following:
Full Legal Name
Date of Birth
If the Appointor of your Trust is any other entity type, we’ll need the entity name and ABN/ACN (if applicable). Further information may be required to verify the required individuals of these entities so you may receive a request following the sign up of your account.
If your Trust Deed does not list an Appointor (also sometimes defined as the Principal), please provide the information of your Trustees and we’ll reach out for further information after the signup process is complete.
Verification of the Unit Holder(s) (if applicable)
If your Trust has Unit Holders, you can indicate this during the signup process and we’ll reach out for further information to verify this role after the signup process is complete.
Frequently Asked Questions
Learn more on how to activate your Square account via our Sign Up Troubleshooting article.
Please note that this guidance is general in nature and does not constitute legal, tax or any other type of professional advice. If you are unsure about your entity type or where to find the relevant information, we suggest that you consult with a professional.