thread Re: Buisness in Community Corner

Do I need business bank account to take payments with Square?

Shylow98 — Fri, 02 Apr 2021 15:29:49 GMT

The title of this thread has been edited from the original: business

Do i have to have a buisness account to take payments as my bank has said u need a buisness account to do so

Re: Buisness

MJD — Fri, 02 Apr 2021 11:09:46 GMT

I have my personal bank account connected no problem, just try it, who do you bank with, might just be them who don’t support it, but I see no need for a business account unless you require that for your business, Square allows you to connect any bank account as far as I know.

if this has helped Mark as Best Answer to help others in the future!

Re: Buisness

Helen — Fri, 02 Apr 2021 15:28:38 GMT

Hello! Helen here from the Community team at Square.

To confirm you are not required to have a business bank account to use Square. Or requirements are that your linked bank account should be transactional - which means it must support transfers and withdrawals to support refunds or chargebacks that support Faster Payments. Prepaid cards and online only bank accounts are not supported.

You could chat to your bank or to an accountant about the other benefits of a business bank account, but you don't need it to get started.

Hope this helps!

Re: Buisness

keeleyfoxinteri — Tue, 08 Feb 2022 14:16:04 GMT

Hi Helen,

Ive just set up my square account. I have verified my bank details, but when I create an invoice, bank transfer and payment is not an option for my customers, only card or gift card etc. Can you help please? Also do the funds from customer go directly to my bank account and not Square? And will I be charged for transfers to my account?

Many thanks

Keeley