You can edit your bank account information and business details from the Financial Services tab of your Lightspeed account.

Updating your bank account details

This process changes the bank account where you receive payouts (deposits) from Lightspeed Payments. If you have multiple locations using Lightspeed Payments, you must change the bank account details for each site.

Changing your bank details will cause a temporary hold on your daily deposits while your request is reviewed. Payout delays may take up to five business days while this change is processed.

In order to change the bank account details, you must have access to the email address used to originally apply for Lightspeed Payments.

1. Login to Retail POS with your admin account.
2. Navigate to Financial Services > Lightspeed Payments.
3. Click Settings.

4. In the Bank account section, click Change.

   

5. A pop-up window will appear to confirm the reason for the bank account change.

   

6. You will need to verify your identity before proceeding. Confirm which email address you’d like your access code sent to.

   

7. Check your email for the access code.

   

8. Enter the access code in the wizard to continue.

   

9. Click Add a bank account to add a new bank account.

   

10. If you bank with an integrated banking partner, select their logo. Alternatively, choose the option to manually add your account.

    

11. Once you have verified your information, click Submit.

    

Your application will be reviewed automatically and will be updated with the status of your request in the Financial Services tab.

Updating your business information

If your business has changed ownership, contact underwriting@lightspeedhq.com to update the ownership information.

Otherwise, in the event of legal entity changes, navigate to the Financial Services tab of your Lightspeed account to add a new legal entity.

Changing the legal entity tied to your account will cause a temporary hold on your daily deposits while your request is reviewed. Payout delays will take up to five business days while this change is processed. Once approved, payouts will be deposited to the new bank account on file.

1. Log in to Retail POS with your admin account.
2. Navigate to Financial Services > Lightspeed Payments.
3. Click Settings.

4. In the Business Details section, click Change.

   

5. A pop-up window will appear to confirm the reason for the change. Select the reason for the update.

   

6. Click Next.

7. Click Continue.

   

8. You will need to verify your identity before proceeding. Confirm which email address you’d like your access code sent to.
9. Retrieve the access code from your email and enter it in Retail POS when prompted.
10. Complete the application wizard by filling out all required fields. Click Save and continue to progress to each page.
11. Review your application to ensure all information is correct. You will see an alert for any missing information.
12. Click Submit.

Your application will be reviewed by our underwriting team. You can view the status of your application in the Financial Services tab of your Lightspeed account.

Verifying your account

You may occasionally receive a request to verify that the information we have on file is still up to date. This request will be sent to the email address we have on file.

Failure to complete the review may result in delayed payouts, so it is important that you complete the verification process as soon as possible. To complete the review, follow the steps in the email, or click Start review in the Financial Services banner.

Account verifications are due 30 days from time of notification. Failure to complete the review may result in delayed payouts.

Once you begin your review, you'll be able to confirm or edit your business details, legal entity, personal information, and bank account.

Viewing the status of your request

Your application to update your bank account will be automatically reviewed and given one of three statuses. Here is an explanation of every status and the next steps they require.

• Your request was successfully submitted and completed. Your next payout will be deposited into the new bank account.

  

• Your request was successfully submitted but may require additional validation by our payments team. The payments team will review your request and may be in touch if more information is required.

  

• There was an error while attempting to complete your request. Please reach out to payments.documents.retail@lightspeedhq.com for assistance.

  

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