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Transfer Ownership of Your Square Account

Transfer your Square account to a new owner or accept a transfer to become the new owner of an existing Square account. Transferring an account will change all the personal information associated with an account, such as the owner’s name, email address, date of birth and Social Security Number (SSN).

Start a Square Account Transfer

Before beginning an account transfer, make sure you have:

  • Tax Information: Taxpayer information must be on file at all locations attached to the Square account.

  • Presence of Existing Owner: The existing owner of the account must be able to log in to their Square account, verify their identity and be willing to transfer ownership.

If you are the existing Square account owner:

  1. Log in to your online Square Dashboard and go to Account and Settings.

  2. Scroll to Account Owner and. click Start Account Transfer.

  3. Fill out the form to verify your identity, including your legal name, date of birth, and last four digits of your SSN.

  4. Enter the new account owner’s email address. Square will send an identity verification form to the new owner.

  5. Check the box for Transfer of Account Agreement, then click Agree & Continue.

  6. Read the Transfer of Account Agreement and click OK.

  7. Check your email inbox for the automated Transfer Account Confirmation email.

  8. Click Confirm Transfer. Note: You cannot undo an account ownership transfer. Once the transfer is complete, the only way to regain ownership of the account is to complete another transfer.

Accept a Square Account Transfer

If you are the new account owner, you must complete these steps within 24 hours of the transfer initiation:

  1. Open the Transfer Account Verification email sent to the email attached to the Square account and click Verify Identity.

  2. Fill out the identity verification form, including your legal name, home address, last four digits of your SSN or Individual Taxpayer Identification Number (ITIN), and phone number. Note: Your personal information will only be used to confirm your identity and will not be used to perform a credit check.

  3. Check the box for Transfer of Account Agreement and click Agree & Continue. If the identity verification is successful, then the ownership transfer is complete.

  4. You will then receive an email to reset your Square account password. Open the email and click Reset Password.

  5. Enter your new password, and select your language and time zone preferences.

  6. Click Save Changes.

Note: If the new owner does not start the final steps within 24 hours, the ownership transfer request will expire and must be re-requested by the current owner.

Account Ownership Transfer Eligibility

There are a few reasons why an ownership transfer might not be supported for your Square account.

  • No EIN or SSN: For your account to be eligible for a transfer, your account must have Taxpayer Information with an EIN or SSN on file for all locations, including inactive locations. Log in to your Square Dashboard and select Account and Settings > Business > Tax Forms to update your tax information.

  • Capital Requirement: You applied for a Square loan, are repaying a loan, or had a loan through Square Capital in the past.

  • Frozen or Disabled: Your account is frozen, or your payments have been disabled, and you must resolve this before initiating an account ownership transfer.

  • Negative Balance: Your account has a negative balance, and you must resolve it before initiating an account ownership transfer.

  • Payroll Subscription: Your account has a payroll subscription. You’ll need to cancel your subscription to initiate account ownership transfer.

If your account is not flagged for one of these reasons, there are a couple of other reasons you may not be able to transfer your account.

  • Sale of Business: Square does not support transferring an account during the sale of a business because this disrupts tax reporting for the new owners. All payments will continue to be attributed to the taxpayer information on file at the time of issuing 1099-Ks.

  • Original owner or designate is not willing or able to transfer the account: The original owner must verify their identity by entering their SSN and date of birth.

Ownership Transfer Not Eligible

If your Square account is not eligible to transfer ownership, or if you’re the new business owner, and the original account holder is no longer associated with the business or organization, we recommend the following:

  1. Download the previous account’s sales history.

  2. Contact the previous account holder and request they deactivate the current Square account.

  3. Activate a new Square account using your information. You can use the same EIN and bank account regardless of whether these were used with the previous account.

FAQ

I have an EIN on file for all locations. I am selling my business to a new owner who will add their SSN (and eventually a new EIN). Can I transfer ownership of my Square Account?

Not at this time. Square does not support transferring an account during the sale of a business because this disrupts tax reporting for the new owners. Split 1099-Ks are not available yet with Square.

The account owner is leaving the business and wants to transfer the day-to-day Square account to someone else. Can this work?

Yes. As long as the account owner verifies their identity during the transfer, you can initiate an account ownership transfer.

What is this pending notification on my Square Dashboard?

You may see a banner on your Square Dashboard stating, “The transfer is pending. Waiting for the new account owner to verify their identity and sign the Transfer of Account Agreement.” This message means that the new owner has not completed the verification sent to their email. During this period, the current seller cannot initiate another transfer until the new owner completes the transfer or the transfer request expires after 24 hours.

I’m logged in to my business’ Square Dashboard, but I don’t see the option to transfer ownership. Why can’t I see it?

The Start Transfer Account button should only be visible if the person logged in is the owner of the Square account. This ensures that only the current owner of the account can initiate transfer of ownership.

I’ve recently changed my legal name. Will I have any trouble with the identity verification?

If your name has changed in the last year, the identity verification might not be successful.

Can I use account transfer to edit my legal name on my Square account?

No, Square currently does not allow sellers to change the account owner’s name.

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