Home

Onboard your registered business to Square

Who is this article for?
  • Only account owners can onboard their business to Square.
  • Last updated: July 2024

    About onboarding your registered business with Square

    The information we request from you when you set up your Square account can vary depending on the type of business you run. The information below will help you understand the options to choose from when you get started with Square.

    Before you begin

    This onboarding guide is for registered businesses. If you are an individual or sole proprietorship business, go to onboard your sole proprietorship to Square.

    Please note that this guidance is general in nature and does not constitute legal, tax or any other type of professional advice.

    Step 1: Provide your legal business name

    Enter the legal business name as shown on your registration documents. When you register your business with the IRS, you’ll be asked to select a business name for your company. The U.S. Small Business Administration website provides helpful information on registering a business in the U.S.

    Step 2: Provide your doing business as (DBA)

    DBA refers to the name you use for your everyday business interactions, which may be less formal than your legal business name (for example, Taqueria, Inc. may go by “Joe’s Tacos” in day-to-day business). You can file a DBA document to let the public know you are the actual business owner. Learn how to use a DBA from the U.S. Small Business Administration website.

    Step 3: Provide your Employer Identification Number (EIN)

    Your EIN, also known as Federal Tax Identification Number, is a 9-digit number provided by the IRS and is used to identify a business and report taxes. If you don’t have an EIN, the IRS allows eligible businesses to apply for an EIN online.

    As a non-sole proprietor, you are required to apply for a permanent Federal Employer Identification Number (EIN). Similar to a Social Security Number for an individual, EIN is the taxpayer identification number (TIN) of your business. It helps the IRS, other businesses and financial institutions you deal with identify your business. You will need an EIN to file tax returns, apply for licenses, set up business accounts, report local and federal taxes, and operate your business.

    Learn more about the Employer Identification Number in The Bottom Line. To learn more, visit the IRS website.

    Apply for an EIN

    The EIN application is a free service offered by the IRS. You can apply for an EIN online, by phone, fax, or mail.

    Find your EIN

    Your EIN can be found on your previous tax returns, business documents, or the initial confirmation letter or email sent by the IRS as a response to your application. If you opened any bank accounts for your business using the EIN, your bank should also be able to confirm that number.
    If you’re having trouble finding your EIN, you can contact the IRS Business & Specialty Tax Line.

    Step 4: Provide the rest of your business information

    To finish entering your business information:

    1. Choose your estimated annual revenue. You can refer to previous years’ revenue or, if you’re just starting out, you can select the approximate revenue you’re expecting.

    2. Select the number of employees.

    3. Enter the URL of your business website (optional).

    4. Click Continue.

    Step 5: Enter your business address

    Enter your registered business address, city and ZIP code, then select the option corresponding to your physical address. If your physical address is different from your registered business address, you’ll need to enter it.

    Step 6: Verify your business

    When you select Continue, we’ll start verifying your business by cross-checking the information you provided about your business with the IRS or state of secretary records. Review the verification statuses for next steps.

    Verification successful

    When we successfully verify the information you provided, you can proceed with the next steps.

    Verification unsuccessful

    When we’re unable to verify your business information with the IRS, we can’t approve your account to take payments. This won’t necessarily prevent you from using other Square products, as long as you comply with Square’s Terms of Service.

    You can try to verify your business again by reviewing the details (legal business name, EIN, and registered business address) you provided and correcting any mistakes. If you reviewed the information provided but the verification is still unsuccessful, contact us.

    If your business is recently registered, it may take a few weeks for the IRS or state of secretary records to be updated. You can contact them before you try again.

    Step 7: Verify your identity

    In the next step, you'll be asked to input your personal information and to answer a few questions to verify your identity. Square is legally required to collect and verify your personal information to ensure that your account remains safe and secure. 

    The following information is required to activate a Square account:

    • Full legal name

    • Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)

    • Date of birth: Current credit card regulations require our customers to be 18 years of age or older to create a Square account.

    • U.S. home mailing address

    Step 8: Verify beneficial ownership

    Beneficial ownership includes business owners who own 25% or more of the company (business owner), or any individual with significant responsibility to control, manage or direct the business (executive manager).

    Beneficial ownership is subject to federal regulations. Learn more about the types of beneficial ownership.

    Business owner

    The business owner or company owner is the person who, directly or indirectly, through any contract, arrangement, relationship or otherwise, owns 25% or more of a company. Someone who holds 100% of the company is the sole owner, and if they have partners holding equity in the business, they’re co-owners. For example, Bob’s Donut Shop is owned 50% by Bob and 50% by Tasty Donuts, LLC. Tasty Donuts, LLC is owned 50% by Joe and 50% by Mary, both individuals. So As Joe and Mary indirectly own 25% of Bob’s Donut Shop, they would be listed as beneficial owners. Bob directly owns 50% of Bob’s Donut Shop and would be listed as another beneficial owner. Not every registered business has business owners.

    Executive manager

    An individual with significant responsibility to control, manage, or direct a company can also be considered a beneficial owner. Executive manager includes executive officers or senior managers (Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President) and/or any other individual who regularly performs similar functions. Every registered business should have an executive manager.

    During signup, you'll be asked to input the beneficial owners’ personal information to verify their identities. Square is legally required to collect and verify beneficial owners’ personal information to ensure that your account remains safe and secure.

    To verify beneficial ownership, select the role that applies to each beneficial owner and their ownership percentage. For Charities and Nonprofits, only an executive manager needs to be verified.

    To add other beneficial owners, select + Add a person and enter their information. You can edit added beneficial owner information and remove beneficial owners in this section.

    Review the verification statuses for next steps.

    Verification successful

    If your beneficial ownership verification is successful, you can start taking payments.

    Verification unsuccessful

    When we’re unable to verify the identity of a beneficial owner, we can’t approve your account to take payments. This does not prevent you from using other Square products to run your business.

    You can attempt to verify beneficial ownership again by reviewing the information you provided and correcting any mistakes. If the beneficial owner changed their name within the last six months, please enter the previous name before you try again.

    If you reviewed the information but the verification is still unsuccessful, contact us.

    Related articles