The payments you accept with Square are sent directly to your linked bank account. You can link your bank account from your online Square Dashboard or directly from the Square app.
Add Your Bank Account
We require a transactional bank account that allows Square to credit and debit money in the case of refunds or chargebacks. Square must be able to deposit and withdraw from your account. We don’t support prepaid cards or online-only accounts (such as PayPal). Since all payments you accept will be processed in CAD, you must link a Canadian bank account that operates in Canadian currency.
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, deposits will be sent to your account according to our standard deposit schedule.
Note: It can take up to 5 business days for the bank verification process to complete.
Add Your Bank Account Online
- Sign in to Account & Settings > Bank Accounts.
- Enter your transit number and account number and select the appropriate institution number. This information is usually listed at the bottom of your cheques.
- Click Verify Account.
Add Your Bank Account In App
- Tap Link Bank Account and enter your transit number, account number, and appropriate institution number, which is usually listed at the bottom of your checks.
- Tap Continue.
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 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 been verified, deposits will be sent to your account automatically with no additional action needed from you.
If you receive an email stating your bank verification is pending, you’ll need to wait up to 5 business days for the verification to complete – weekends and holidays excluded. During this pending period, you can continue to take payments. Money 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 app.
Edit Your Bank Account Online
- Sign in to Account & Settings > Bank Accounts.
- Click Change Bank Account.
- Enter your new bank account information and click Verify Account.
- Enter your Square account password. This information is required to protect your Square account and bank account.
You’ll receive a confirmation email to the email address associated with your Square account. You’ll need to follow the instructions in the email to confirm the bank account change.
Note: If you have multiple locations, edit your bank account from each location.
Edit Your Bank Account In App
With the latest version of the Square app, you can update your existing bank account at anytime.
- On an iPhone or Android device, tap Help > Change bank account. On an iPad, tap Help > Support > Change bank account.
- You’ll be directed to your online Square Dashboard, where you’ll need to sign in.
- Enter your new bank account information and tap Verify Account.
- Enter your Square account password for security purposes.
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. Be sure to 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 account information. To do so, repeat steps 1-4 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.
Why Can’t I Link My Bank Account?
If your bank account verification was unsuccessful, you’ll see an alert in your online Square Dashboard. There are a few different scenarios that can cause this:
Non-transactional Bank Account
Square requires the ability to credit and debit money from your account in the event of a chargeback or refund. A non-transactional account doesn’t allow debits.
Bank Account Typo
Carefully enter your bank account information and watch for typos.
Square’s verification deposit and withdrawal may process simultaneously. You’ll need at least $1.00 in your bank account before you start the verification process.
If your bank account verification fails, re-enter your bank account information to restart the process.
Bank Verification Cancelled
If you click Cancel Verification after entering your bank account information, the bank verification process will be cancelled. To restart the verification process, re-enter your bank information.
Learn more tips for troubleshooting the bank account verification process.
Multiple Bank Accounts
Only one bank account can be linked to a single Square account location. If you’d like to have funds sent to multiple bank accounts, set up multiple locations, each with its own assigned bank account.