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 US, you need to enter a US bank account and operate using the USD.)
  • SumUp accepts every type of bank account with every card (also prepaid), 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?

SumUp is registered as a Money Service Business with FinCEN and is required to identify its customers in line with the Anti-Money Laundering rules set out in the Bank Secrecy Act and the Patriot Act. We are required to verify your identity as the main contact listed on your SumUp account.

Therefore, we are obligated to verify that you are the individual registered with the SumUp account and that you are the main contact for your business.

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. For instance, 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 corporation or a limited liability company (LLC), 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.

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 quite complicated 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.

Additionally, reduce your legal liability by ensuring your business has a separate bank account. If your business account is the same as your personal account and a party decides to sue your company, it is possible that the court goes after you as it appears that you and the company are one and the same.

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

Additional questions? Kindly contact our Customer Support Team.

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