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. 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. 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.

   

6. Check your email for the access code.

   

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

   

8. 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.
9. 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.

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.

  

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.

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. 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 Save and continue to progress to each page.

    

12. Click Save and Continue.
13. Review your application to ensure all information is correct. You will see an alert for any missing information.
14. 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.

What's next?