What are the bank requirements when opening a SumUp profile?
When registering a bank account with your SumUp profile, please take note of the following points:
You can register a bank account in the same currency as the country where you signed up.
SumUp accepts most banks and cards (including prepaid) using IBAN. Please pay attention to the transaction limits associated with your card and bank account.
You can only register one bank account per SumUp profile (previously SumUp account).
Linked sole trader bank accounts should be set up in the name of the business owner.
The business name registered with SumUp must be the same as that listed on the bank account. Every business must have a business bank account to avoid payment issues. Personal bank accounts will not be accepted.
Partnerships, charities, clubs/societies, non-profit organisations, schools, colleges or universities should use a bank account in the name of the entity and the name registered with SumUp must be the same as that listed on the bank account.
Every business must have a business bank account to avoid payment issues and personal bank accounts will not be accepted.
You can change your bank details quickly and easily at any time. Our Support Team will gladly help answer any other questions you may have.
Why does SumUp require that a company registering with us have its own bank account, which is not linked to a personal bank account?
With this requirement, SumUp is removing the possibility of tax evasion and is ensuring that our merchants are able to operate successfully and in line with the EU Fourth Anti-Money Laundering Directive. In doing so, SumUp is upholding the international standard within the business sector.
Having a separate bank account for your company helps you to ensure that the bank transfers your money without worry because there is a much clearer understanding of where the company’s funds come from and are held.
Additionally, in practice, it’s much more difficult to trade and manage a business without a separate company bank account. Take, for example, monitoring your business’ income and expenses. It’s hard to have an accurate view of these (which is needed to properly maintain your business finances) when they are tangled in with your personal transactions and expenses. You can reduce your legal liability by ensuring your business has a separate bank account.