How to Link Your Bank Account to Square

Linking a bank account to your Square account is an important step for managing business finances effectively. This process enables you to receive payouts from sales, process payments, and maintain a clear overview of transactions. It ensures funds from your Square sales are accurately and efficiently transferred to your designated bank account.

Gathering Required Information

Before linking, gather your full bank account number and the bank’s routing number. The routing number identifies your financial institution, while the account number specifies your individual account. These numbers are typically found at the bottom of your checks, or you can obtain them by contacting your bank.

Use a transactional bank account, such as a checking account, which allows for both deposits and withdrawals. Square requires the ability to credit funds for payouts and debit funds for refunds or chargebacks. Prepaid cards and online-only accounts like PayPal are generally not supported for linking. Additionally, ensure your bank account has at least $1.00 available, as a small test transaction may occur during verification.

Steps to Link Your Bank Account

You can link your bank account through your Square Dashboard online or the Square Point of Sale app.

Online Dashboard

Sign in to your account and navigate to “Account & Settings.” Select “Bank Accounts,” then choose “Add Bank Account” or “Add external bank account.” You may find an option to link instantly using a service like Plaid, which securely connects to many banks. If you opt for manual linking, enter your bank account number and routing number. After inputting these details, select “Verify” or “Continue.”

Square Point of Sale App

Tap the “More” button, then navigate to “Settings,” “Account,” and “Bank account.” Select “Link Bank Account” or “Change Bank Account” and enter the requested banking information.

After entering your bank details, Square may require you to enter your Square account password for security purposes. Once submitted, Square will send a confirmation email to the address associated with your account; clicking the link in this email is a necessary step to initiate the verification process.

Verifying Your Bank Account

After entering your bank account details, Square initiates a verification process to confirm account ownership. This involves sending one or two small “micro-deposits” to your linked bank account. You will need to monitor your bank statement or online banking for these specific amounts.

Once the micro-deposits appear, log back into your Square Dashboard or app to confirm the exact amounts received. This step is crucial for completing the verification. The verification process can take approximately 1 to 4 business days. You will usually receive an email from Square once your account has been successfully verified.

During this verification period, you can generally continue to accept payments through Square. However, any funds you collect will remain in your Square balance until your bank account has been fully verified. Once verification is complete, payouts will be transferred to your bank account according to your chosen transfer schedule, typically arriving on the next business day for standard transfers.

Addressing Common Linking Issues

Common issues when linking or verifying bank accounts include incorrect entry of the routing or account number. Carefully review these numbers, especially if you are manually entering them. If you are linking a credit union account, confirm the electronic account number for transfers (ACH transactions), as it might differ from the number on your checks.

Another issue is if the bank account is not a transactional checking account, as Square requires the ability to both deposit and withdraw funds. Accounts like prepaid cards or certain online-only accounts often lack this functionality. Insufficient funds in your account (less than $1.00) can also cause manual verification to fail, as a small test transaction is part of the process.

If you experience delays in receiving micro-deposits, remember the verification process can take several business days. Should the process be canceled, you will need to re-enter your bank account information and restart the verification. In some instances, your bank might request Square’s ACH number or Origin ID to facilitate the linking; this information can be obtained by contacting Square Support if needed.