Bank Account Requirements

What are the bank qualifications for opening a SumUp account?

When registering a bank account with your SumUp account, kindly note the following points:

  • Your bank account must operate in the same currency used in the country in which your SumUp account is registered. (e.g. If you have a SumUp account registered in the UK, you need to enter a UK bank account and operate using the GBP while merchants registered in Ireland can enter any bank account from a Eurozone country.)
  • SumUp accepts every type of bank account with every card (also prepaid) with IBAN, but please pay attention to the transaction limits associated with your card and/or bank account.
  • The company name registered with SumUp must be the same as that listed on the bank account. Every company must have a company bank account to avoid payment issues. (Meaning personal bank accounts will not be accepted.)
  • Only 1 bank account per SumUp account is allowed. It is not possible to link two bank accounts to your SumUp account.

 

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 its merchants are able to operate successfully, in line with the EU Fourth Anti-Money Laundering Directive.

One of the ways to prevent tax evasion by a company is to make certain that there is a clear understanding of where the company’s’ funds are held. Take, for instance, the findings in the last National Risk Assessment (NRA), in which UK law enforcement agencies have noted cases where client accounts have been utilized to provide personal banking facilities to criminals. In these client account fronts, the criminals have been able to move and store large sums of illegal proceeds while concealing the audit trail of criminal funds.

Therefore, it is necessary that there be an explicit separation of personal and company funds. This separation can only occur when the company, be it a Ltd, SRL, Srls, SNC, or spA company, has its own bank account, and is not tied to a personal bank account. SumUp is merely maintaining the international standard within the business sector for the prevention of tax evasion.

Additionally, in practice it is actually 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 is really hard to provide an accurate view of these things (which are needed to maintain business finances) when they are tangled in with your personal transactions and expenses.

Reduce your legal liability by ensuring your business has a separate bank account.

Should you desire to change your bank details, please click here.

Additional questions? Kindly contact our Customer Support Team.

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