Bank Account FAQ
Accepting payments is the core of running your business with Square, so it’s imperative to Square that we get you your money quickly. Below are the most common questions from merchants when linking or editing their bank account with Square. Please review the information below if you’re having trouble linking or editing your bank account.
How do I see which bank account I have linked to Square?
View your linked bank account from your online Square Dashboard. We’ll also send you an email confirming any transfers, which will include the last three digits of the account we sent funds to.
How do I edit my bank account?
Can I accept payments with Square before I have a linked bank account?
No. Due to local regulatory requirements, you will need to link your bank account and wait for it to be successfully verified before taking payments. The bank account verification process can take up to 4 working days.
What if I’m updating my linked bank account?
We’ll continue to send transfers to your currently linked account until your new bank account is verified. If you’d like to unlink your current bank account, contact us. This will allow your transfers to remain in your Square balance until your new account is verified.
Can I link a prepaid bank account to Square?
No. Square requires a transactional bank account that allows for transfers and withdrawals (in case of refunds or chargebacks). Prepaid cards or online-only accounts, like PayPal, aren’t supported.
Can I link a foreign bank account to my Irish Square account?
Yes, however you can only link bank accounts that are euro denominated, and have an IBAN issued from SEPA-participating country.
What is Square’s bank linking process?
You can choose to link a transactional bank account to your Square account during account creation or at a later time from your online Square Dashboard. Once you provide Square with your bank information, we’ll verify that the bank account is transactional, which will allow for transfers and withdrawals to the account. Learn more about linking your bank account.
How long will it take to receive my first transfer?
The bank account linking can take up to 4 working days. After your account is fully verified, we’ll send funds according to Square’s next working day transfer schedule. Learn how to check your bank verification status.
What is Square’s transfer schedule?
With Square’s transfer schedule, card payments accepted before 17:00 GMT are usually sent to your bank account as soon as next working day. If you’ve set a custom close of day time, or accepted payments on a Friday, Saturday or Sunday, funds are sent the Monday after. Learn about Square’s transfer schedule.
Why don’t I see a recent transfer in my bank account?
If your bank account is linked and completely verified, you should see transfers in your bank account within 1 working day. If you recently set a customised close of day schedule, you should see transfers in your bank account within 2 working days. Check your online Square Dashboard to see if we’ve sent your transfer, or read more about locating transfers.
Why did my bank verification fail and what should I do about it?
Bank verification can fail for a number of reasons:
You tried to link a non-transactional account (such as a savings account). Square cannot support transfers and withdrawals from non-transactional accounts.
There was a typo entered when you input your bank information. If you sent funds to a typo’d bank account, contact Square Support.
You have a restriction on Direct Debit mandates on your account. Square sets up a Direct Debit mandate on your bank account to support withdrawals in the event of a refund or chargeback.
How do I link different bank accounts to each of my business locations within a single Square account?
Visit Locations in your online Square Dashboard.
Select a location. Under Bank Accounts, click Change Bank Account and enter the requested information or select from the list of previously linked bank accounts.
Click Verify Account.