Your Square account closes November 5. What to save and settle before it does.

Last updated: November 2, 2026

Short answer: If your business sells mainly CBD or hemp-derived products, Square’s notice says your account closes on November 5, 2026, at 11:59 PM Eastern. Before then, download your customer list, sales reports, catalog and 1099-K records from your Square Dashboard. If you bill customers on a schedule, call Square about moving saved cards today, because Square says that transfer can take up to two weeks. Ask Square how refunds on past orders and any Square Loan will be handled after closure. Then, before you apply with any new processor, check which of your products the federal hemp change affects. It lands in two steps, November 12 and December 11.

Who does this apply to?

Square sent two versions of its notice.

First group: if you sell mainly CBD, hemp or hemp-derived products, your account closes November 5.

Second group: if CBD was part of a wider catalog for you, Square asked you to remove those items by October 15, and your account stays open for everything else.

This post is mostly for the first group. If you’re in the second, the question for you isn’t what to export, it’s where your CBD sales go now. So skip to “Before you apply anywhere” right now.

What should I download before 11:59 PM ET on November 5?

Square’s notice says your account stays active until 11:59 PM Eastern on November 5, and that you can export your data from the Square Dashboard until then. Save these four things, and store them somewhere other than your laptop:

• Your customer list. Names, emails and order history are how you’ll reach customers on your new checkout.
• Your sales history and reports. Your next processor’s underwriting will usually ask for recent processing statements. This is where they come from.
• Your catalog. Export your items so you don’t rebuild product listings by hand.
• Your Form 1099-K records. You’ll need them at tax time whether or not the account is open.

Do it now. Don’t leave it for the evening of the 5th.

I bill customers on a schedule. What happens to their saved cards?

This is the step most likely to go wrong, so here’s exactly what Square’s help center says:

• Only the account owner can request a card-on-file export, by calling Square Support at (855) 700-6000, Monday to Friday, 6 AM to 6 PM Pacific. Square verifies ownership on the call.
• Square sends an encrypted file directly to your new processor. It won’t send it to you, and the new processor must be PCI DSS Level 1 compliant.
• Square says the process can take up to two weeks.

Two weeks is longer than the time you have left. Call first thing, and ask Square two questions: will a request started before November 5 still be completed after the account closes, and what do they need from your new processor to send the file. Ask for the answer by email or in your support ticket, so you have it in writing.

Because the file goes processor to processor, you’ll need to know who your new processor is when you call. If the cards can’t move in time, plan to ask subscribers to re-enter their card on your new checkout, and tell them why before their next billing date, not after a failed charge.

How will refunds on past orders work?

A payment taken on Square is refunded through Square. Your new processor can’t refund it. Ask Square how refund requests on past orders will be handled once your account is closed, and decide now what you’ll tell a customer who asks for one in December.

If you have open disputes or chargebacks, ask Square the same question about those.

What about my Square Loan?

Square’s notice says your loan balance and terms don’t change, and that because card processing on Square is ending, Square will work with you on another way to repay, such as a payment plan. Contact the Square Loans team before November 5 so the arrangement is in place before your last card payment.

Can I keep selling my other products on Square?

Square’s notice says you can open a new Square account for products that aren’t CBD or hemp-derived.

Before you apply anywhere: which products does the federal change affect?

Square’s notice points to a federal law taking effect November 12, 2026. Since that notice went out, Congress moved most of the change to December 11. It now happens in two steps:

• November 12, 2026: products containing cannabinoids that the cannabis plant can’t naturally produce lose their status as federal hemp.
• December 11, 2026: most of the other changes take effect, including the total-THC standard and a 0.4 mg total THC limit per container.

Bills to delay the change further have been introduced in both chambers. As of late October, none has moved out of committee.

We don’t tell you which of your products are compliant. Your product counsel and your COAs do. Any processor’s underwriting will ask what you sell and for the COAs behind it, so have that answer ready before you apply. Our document checklist lists what to gather.

Choosing your next processor

You’ll be tempted to sign with whoever answers first. Read the terms before you do, especially reserves, holds and payout timing. We wrote five questions to ask any processor before you sign, and a calm guide to switching if you’re starting from zero.

Bankful is a high-risk payment processor built for businesses like yours, including CBD.* When you talk to us, we’ll tell you where we’d route your business and what underwriting will ask for, so you can have it ready.

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