You can edit and verify your bank account information and business details from the Financial Services tab of your Lightspeed account. This is a secure process that requires a one-time code sent to your email to access. Once your request is submitted, we will review and complete the requested changes or reach out to you if there is more information required.

It is important to keep your information up to date. Failure to regularly review and update your information may lead to audits or payout delays.

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 location.

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. You can still process sales during this time.

1. Log in to the Back Office with your administrator account.
2. Navigate to Financial Services > Settings.
3. In the Bank account section, click Change.

   

4. Select the reason for the bank account change, then click Next.

   

5. You will need to verify your identity before proceeding. Confirm which email address you’d like your access code sent to, then click Send code.
6. Retrieve the access code from your email and enter it in Lightspeed Restaurant when prompted.
7. Click Add a bank account to add a new bank account.

   

• If you bank with an integrated banking partner, choose Connect account through Plaid, then select your integrated banking partner's logo.
• If you add your bank account manually, choose Add bank details manually. You will need to upload a bank document as proof of ownership.
8. Follow the prompts to connect your bank account.
9. 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

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. These changes will apply to all locations associated with your account.

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. You can still process sales during this time.

1. Login to the Back Office with your administrator account.
2. Navigate to Financial Services > Settings.
3. In the Business Details section, click Change.

   

4. Select Change of business ownership or business structure as the reason for updating your account details, then click Next.

   To update owners, DBA, location address, or your statement descriptor, contact payments.documents.hospitality@lightspeedhq.com.

5. You will need to verify your identity before proceeding. Confirm which email address you’d like your access code sent to, then click Send code.
6. Retrieve the access code from your email and enter it in Lightspeed Restaurant when prompted.
7. Complete the application wizard by filling out all required fields. Click Save and continue to progress to each page.
8. Review your application to ensure all information is correct. You will see an alert for any missing information.
9. 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 and to the Back Office.

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.hospitality@lightspeedhq.com for assistance.

  

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