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
Regulations require that Square understand and verify the company and personal information for those we are doing business with.
The following information is required to activate a Square account:
Account Holder Full Legal Name
Date of birth: Current credit card regulations require our customers to be 18 years of age or older to create a Square account.
Account Holder UK Residential Address
Account Holder Phone Number
Director, Shareholder, Partner, Owner or Beneficial Owner (Individuals or organisations with significant control over the business) Legal Name, Residential Address and Date of Birth, as applicable
Legal and Trading Company Address
Company Registration Number (CRN), if applicable
VAT number, if applicable
UK-based current bank account
Even if you plan on using Square as a business or organisation, in order to create a Square account you must provide your individual name, residential address and date of birth.
Square’s card processing system meets Level 1 PCI Data Security Standards, so Square’s got you covered.
Note: If you’ve been added as an employee, 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 Working Day Overview
When you activate your Square account, by default your transfer option will be Next Working Day. With this schedule, your funds are usually deposited within one to two working days of a transaction. Regardless of your transaction amounts, types or frequency, transfers are initiated Monday to Thursday evening for payments taken Monday to Thursday and will arrive in your linked bank account in one to two working days. Payments taken on Friday will be sent on the next Monday afternoon (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.
The quickest way to get your money is to take advantage of Square’s Instant Transfers.
Sometimes you need your money immediately – that’s when Instant Transfer can help. If available on your account, you can instantly send funds to your linked bank account 24 hours a day, 7 days week, for a fee of 1% of the transfer total.
While Instant Transfers are easy to send to your bank account you will need a few things before you can get started:
Link a supported bank account to your Square account.
Make sure you have at least £50, after processing fees, in your Square Balance.
Once you’ve set your account up for instant transfers, you can start receiving your money immediately!
We have more information on how to send your first instant transfer.