Setting Up Squarespace Payments with Your Bank Account
TL;DR:
- You must connect a bank account to receive payouts from Squarespace Payments after your first sale
- Only checking accounts work in the US and Canada, current accounts in the UK and EU
- Verification might include logging into your bank or confirming micro-deposits
- Expect a 15-19 day holding period for your first payout after setting up
- Bank account must match the name on your Squarespace Payments account
Getting your bank account connected to Squarespace Payments is straightforward, but there are a few things to know before you start. Here's how to get it done without any headaches.
How to Connect Your Bank Account
First, make sure your bank meets Squarespace's requirements for your region. Then follow these steps:
- Go to Settings in your Squarespace account and click on 'Selling'
- Find and open 'Payments'
- Click on 'Connect a checking account to receive payouts' then 'Connect Bank'
- Follow the instructions that appear
Some banks will ask you to authenticate your account during this process. This is normal and helps keep your account secure.
Understanding the Hold Period
After linking your bank account, there's a 15-19 day holding period before your first payout arrives. Payments are processed Sunday through Thursday, excluding bank holidays.
This might seem long, but it's standard for payment processors and helps protect both you and your customers.
Bank Requirements by Region
The type of account you can use depends on where you're located:
US and Canada: Only checking accounts work (called chequing accounts in Canada)
UK and EU: You need a current account and must complete either BACS or SEPA authorization before setup
The account must be registered under the same legal name that appears on your Squarespace Payments account. Personal accounts need your personal name, business accounts need your business name.
Changing Your Linked Bank Account
If you need to switch to a different bank account later:
- Go to 'Payments' in your settings
- Under 'Payout Account', click the pencil icon
- Enter your new account details
Bank Account Verification Methods
Depending on your region and bank, you might need to verify your account using one of these methods:
Login Authentication: Log into your bank through a secure service like Plaid directly within Squarespace
Micro-Deposits: Squarespace sends small amounts to your bank, then you confirm these amounts in your Squarespace settings
If you're asked for a verification code, check your bank statement and enter it in the 'Payments' panel in Squarespace.
Keep an eye on your email for any updates or requests from Squarespace about your bank account verification.
FAQs
What if I have issues with bank account authentication?
Contact your bank first to confirm your details are correct. If problems continue, reach out to Squarespace Customer Support.
Can I use any type of bank account with Squarespace Payments?
No. In the US and Canada, only checking accounts work. In the UK and EU, you need a current account.
How long before I receive my first payout?
Expect a 15-19 day holding period after your bank account has been linked to Squarespace Payments.
What happens if my bank account details are wrong?
Your payouts will be delayed or rejected. Double-check all details before submitting, and update them immediately if anything changes.
Jargon Buster
Squarespace Payments: Squarespace's built-in payment processing system that handles transactions on your website
Plaid: A secure platform that connects your bank account to apps and services like Squarespace
BACS: UK system for processing payments directly between bank accounts
SEPA: European Union system for bank transfers in Euros
Micro-deposits: Small test amounts sent to your bank to verify you own the account
Wrap-up
Connecting your bank account to Squarespace Payments is essential for getting paid from your website. The setup process is usually quick, though verification can take a few extra steps depending on your bank. Once everything's connected, payments will flow automatically to your account. Keep your bank details up to date and don't hesitate to contact support if you run into any issues.
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