Training Tip #4

Providing Proof of Bank

Quick Check

So far we have looked at parts of the application process that require identity, both individual and business, to be authenticated.

• Authenticating the beneficial owners of the merchant’s business using e-identitycheck
• Manually certifying an individual’s identity if not authenticated electronically
• Manually certifying the business if not matched electronically

This post provides answers to frequently asked questions on a crucial part of the application process – providing proof of bank.

FAQ #1 Why do you need a merchant’s bank details?

Merchants must provide confirmation of a UK bank account for settlement purposes.

FAQ #2 What information is needed?

Confirmation of the bank account must provide adequate proof that the bank account is in the name of the merchant’s legal entity.

The proof must show the following:

• The name of the merchant’s legal entity
• Account number
• sort code

FAQ #3 What can be used for proof of bank?

Acceptable forms of evidence containing the name of the merchant’s legal entity, account number and sort code, are:

• Business bank statement
• Internet bank statement (must be a downloaded PDF – screenshots are NOT accepted)
• Business banking welcome letter (both pages)
• Void cheque
• Paying in slip

The example below is a completed cheque. If the merchant provides you with a cheque as proof of bank, it must be VOID.

You can see below where the information required for proof of bank is on the cheque – account number, sort code and merchant’s legal entity.

FAQ #4 Is the proof of bank the same for every type of business?

Proof of Bank for Sole Traders – All proof of bank provided for sole traders must be in the name of the Principal of the business and be a UK bank account. It must also show the account number and sort code. In the event that the bank account has only been set up in the business name, 2 different proofs must be provided.

Proof of Bank for Partnerships – All proof of bank provided for partnerships must be in the name of all partners or the Legal Trading Name and be a UK bank account.It must also show the account number and sort code.

Proof of Bank for Limited Companies – All proof of bank provided for Limited Companies must be in the Legal Entity of the business, showing the Limited Company name and be a UK bank account. It must also show the account number and sort code. If the trading name is also displayed, this must be replicated on the application form.

FAQ #5 When should proof of bank be provided?

The proof of bank should be provided at the time of application.

Any delays will hold up the application, and will mean that the merchant will then experience delays in set up and delivery of their terminal and/or online services.

FAQ #6 Do you need paper based proof?

The quickest and easiest way to provide proof of bank is to upload it directly into the application in Revolution or emailed to customer.services@netpay.co.uk

The proof must be clear and easy to read, with all the required information, and can be:

• Photocopy
• Scan
• Photo