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
Federal law requires that all financial institutions verify and record information that identifies each person who opens an account.
The following information is required to activate a Square account:
Full legal name
Social Insurance number (SIN)
CA-based bank account
Date of birth: Current credit card regulations require our customers to be 18 years of age or older to create a Square account.
CA home mailing address
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.
The following information is optional when activating a Square account - not required, but recommended for businesses and organizations:
Employer Identification Number (EIN): The option to enter an EIN does not replace the SIN requirement. Adding an EIN helps us identify you as a business and is advantageous when it comes to completing your taxes.
Business bank account
Square’s card processing system meets Level 1 PCI Data Security Standards, so Square’s got you covered.
Even if you plan on using Square as a business or organization, in order to create a Square account you must provide your individual name, postal address, date of birth and a valid SIN.
Note: If you’ve been added as a team member, you will not need to provide this information.
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 at the bottom of your cheques, 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 transfer option will be Next Business Day. With this schedule, your funds are usually transferred within one to two business days of a transaction. Regardless of your transaction amounts, types or frequency, transfers are initiated Monday through Thursday evening 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.