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Updating your bank account details

Updating your business information

Taking over an existing site?

Something didn't go right?

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

Before you begin

🚨 Changing your account details will create a temporary hold on payouts while your request is reviewed. You may experience a payout delay of several days while this change is processed.

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

If you have multiple Sites or locations using Lightspeed Payments, you must change the account details for each site. 

This process changes the bank account where you receive payouts (deposits) from Lightspeed Payments. To change the bank account that Lightspeed charges for your subscription please see this article. 

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.

Where to go

1. Log in to Back Office with your administrator account.
2. Navigate to Financial Services > Settings
3. In the Bank account section, click Change.
4. A pop-up window will appear to confirm the reason for the bank account change.
5. You will need to verify your identity before proceeding. Confirm which email address you’d like your access code sent to.Note: if only one email is on file, you will not see a choice here.
6. Check your email for an access code:
7. Enter the access code in the wizard to continue
8. Click Add a bank account to add a new bank account.
9. If you bank with an integrated banking partner, select their logo. Alternatively, choose the option to manually add your account.
10. Once you have verified the bank account information, choose Submit:

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

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.

Success: Automatically updated

No further action is required.

Success: Review required

Our team will be reviewing your submission and may be in touch if additional information is required.

Error: Something went wrong

Please get in touch with our support team for assistance in resolving this issue.

Updating your business information

In the event of ownership or legal entity changes, navigate to the Financial Services tab of your Lightspeed account to add a new legal entity.

1. Login to Back Office with your administrator account.
2. Navigate to Financial Services > Settings.
3. In the Business Details section, click Change.
   
4. A pop-up window will appear to confirm the reason for the change. Select Change of business ownership or business structure or Other reason.
5. Click Next.
6. Select Continue.
7. You will need to verify your identity before proceeding. Confirm which email address you’d like your access code sent to.
8. Check your email for the access code.
9. Enter the access code in the wizard to continue.
10. Fill out your contact details to get started with the application wizard.
11. Complete the application wizard by filling out all required fields, clicking Continue to progress to each page.
12. If you have multiple locations, select which locations this change will apply to.
13. Click Save and Continue.
14. Review your application to ensure all information is correct.
15. 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.

Email Notification

You will receive an email notification confirming this change. 

If you have received an email notification advising you that your bank account details have been changed and you were not expecting it, please get in contact with our support team immediately.

Taking over an existing Lightspeed site?

If you have recently taken over an existing Lightspeed business you will need to request permission from the previous Site Owner. This is a security requirement that limits the risk of fraud.

When you access the Financial Services menu and choose settings, you will see this screen.

You must request an access code from the former Site Owner before you can proceed. 

The former Site Owner will be emailed an access code which they should provide to you.

Something didn't go right?

If you are having trouble submitting this change, get in touch with our support team at payments.documents.hospitality@lightspeedhq.com and we'll help you out!