Account Verification Guide

In this article, you will find step-by-step instructions on how to complete the account verification process.

As a financial intermediary, we are required to identify your organisation and its relevant representatives. Therefore, a verified account is a prerequisite for using our in-house payment providers, Payrexx Pay and Payrexx Pay Plus.

Completing Account Verification

Follow these steps to verify your account:

Log in to your Payrexx account.
Click Verify Account in the main menu.

If the menu item "Verify Account" is not displayed, navigate to Payment Providers and click "Activate" next to Payrexx Pay.

The setup wizard will open, divided into the following six sections:

The following guide describes each step of the verification process in detail.

1. Infobox

The Infobox displays the current status of your account verification. At a glance, you can see which sections have already been completed and which still require information to be submitted:

2. Business details

This section explains how to complete the "Business details" part of the account verification process.

Information on the form of the business

Provide details about the legal structure of your business:

Country: The country in which your business is registered. The country specified during registration is displayed. Please contact our support team if you need to change it.
Business type: Select the legal structure of your organisation.

Information about your business

Provide information about your business and its address:

Full legal name: Enter the name of your organisation exactly as it appears in the commercial register.
Trading name: If your organisation operates under a name different from its registered legal name, you may optionally enter it in the Trading Name field.
Company registration number: Enter your organisation's commercial register number.

For sole proprietorships, simple partnerships, associations, and public authorities, providing a commercial register number is not mandatory.

VAT number: You may optionally provide your VAT Identification Number (VAT ID). This is a unique identifier used across the European Union for businesses and self-employed individuals engaged in the cross-border supply of goods or services subject to VAT.
Industry: Select the industry in which your organisation operates.
Address: Enter your organisation's address details.

Company verification document

Upload a proof of business document to complete the verification of your business information:

Upload file: Click the button to upload the document.
Upload with phone: Click the button to display a QR code. Scan the QR code with your smartphone and upload the document directly from your mobile device.

For sole proprietorships, simple partnerships, and public authorities, submitting proof of business documentation is optional.

For more information about proof of business documentation, please refer to the following article:

Documents and Information | ENGLISH | Docsdocs.payrexx.com

3. Personal details

In this section, you must provide details of all individuals who:

Are authorised signatories of the organisation.
Own 25% or more of the organisation's shares or ownership interests.

If there is no clearly identifiable beneficial owner, the controlling person (nominee UBO) must be specified instead (e.g. the managing individual who exercises control over the organisation and its assets).

Click "Add Person" to enter a person's details:

Click the pencil icon to enter or edit the person's details:

A form for entering the person's details will open. The form is divided into the following three sections:

Business influence

Provide information about the person's role and level of influence within the organisation:

Legal representative: Indicate whether the person is a legal representative of the company or not.
Signature: Specify whether the person is authorised to sign individually or jointly.
Job title: Enter the person’s job title.
UBO: Indicate whether the person is a UBO or not. If you select "No" you will be asked a follow-up question about whether the person is a fictitious UBO.

An UBO (Ultimate Beneficial Owner) is a natural person who ultimately owns or controls the company.

A fictitious UBO is considered the beneficial owner of a company when no actual owner can be identified.

Ownership structure: Enter the percentage of ownership held by the person in the company.
Board of directors: Indicate whether the person is a member of the board of directors or not.

Personal information

In the following section, provide additional personal details and upload an identification document:

Personal details: Enter the person’s first name, last name, date of birth, email address, and phone number.
1. The phone number must be entered in the following format: +41234567890
Identity confirmation: Upload one of the following documents to verify the person’s identity:
1. Passport (main page with personal details)
2. Identity card / national ID card (front and back required)
3. Driving licence (front and back required)

The document must meet the following requirements:

It must be valid (not expired).
The ID image must be clearly readable, high-quality, and in colour.
All four corners must be visible (not cropped or incomplete).
File size must be under 8,000 x 8,000 px, in JPG, PNG, or PDF format, and smaller than 10 MB.

Upload identity document: Click the button to upload the document.
Upload with phone: Click the button to display a QR code. Scan it with your smartphone to upload the document directly from your mobile device.

For more information about identity verification documents, please refer to the following link:

Documents and Information | ENGLISH | Docsdocs.payrexx.com

Home address

Enter the person’s residential address and upload a document confirming their place of residence:

Home address: Enter the residential address where the person currently lives.
Confirmation home address: Upload one of the following documents to verify the person’s residential address:
1. Utility bill (electricity or water)
2. Bank or credit card statement
3. Official document (e.g. letter from a government authority, tax document, or residence confirmation)
4. Telecommunications bill
5. Insurance statement

The document must meet the following requirements:

Issued within the last 6 months (the date must be clearly visible)
High-quality, legible, and in colour
All four corners must be visible (not cropped or incomplete)
The person’s full name and current residential address must be clearly visible
File must be under 8,000 x 8,000 px, in JPG, PNG, or PDF format, and smaller than 10 MB

Upload address document: Click the button to upload the document.
Upload with phone: Click the button to display a QR code. Scan it with your smartphone to upload the document directly from your mobile device.

For more information about proof of residential address documents, please refer to the following article:

Documents and Information | ENGLISH | Docsdocs.payrexx.com

4. Bank account details

In this section, you set up the bank account to which payouts from Payrexx will be transferred.

To get started, click "Add Payout Account" and select the currency of the payout account.

The following example shows a Payrexx account with two payout accounts:

Payout accounts: Existing payout accounts are displayed in this section.
Add payout account: You can add additional payout accounts – one for each currency (CHF, EUR, GBP, USD).
Default currency: Set one of the payout account currencies as your default currency.

For transactions in a currency without a dedicated payout account, a conversion fee of 2% will be charged in addition to the currency conversion at the daily exchange rate into the default currency.

Payout descriptor: This text will appear in your bank account as the reference for each received payout.

Please note that umlauts (ä, ö, ü) or accents (é, à, è, ù, ê, â, ô, î, û, ë, ï, ç) cannot be used in the payout descriptor field.

5. Product and billing details

With Payrexx, you can offer your products or services in several ways:

On-site (retail store; card terminal)
Online (E-commerce)
Combination of online and one or more on-site point of sale

In the next step, please add a sales location. Additional sales locations can be added afterwards.

Adding an on-site point of sale

Select the corresponding radio button to add an on-site point of sale:

Please enter the details of the point of sale according to the following structure:

Location type: Select the type of location.
1. Fixed location (if it is a store, shop, restaurant, or practice with a permanent location)
2. Mobile (if you accept payments on the go, e.g., on-site at the customer's location)
3. Events or markets (if you sell at markets, trade fairs, or other events)
Name of sales location: Enter a name for the sales location (e.g., Zurich Branch or Bern Market Stand).
Address of sales location: Enter the address details for the location where you sell your products and accept payments via the card terminal:
1. For fixed locations: Enter the address where the card terminal is being used.
2. For mobile locations: Enter your organization's official address.
3. For events or markets: Enter your organization's official address.

Sales location photos

In the following step, please upload photos of the location where the card terminal is used:

Exterior photo: Upload a photo showing the location where you use the card terminal from the outside.
Interior photo: Upload a photo showing the location where you use the card terminal from the inside (e.g., checkout area, counter, etc.).

If you selected "Mobile" or "Events or markets", uploading photos is optional. However, you are welcome to upload photos of your booth or vehicle.

Description of your product or service

Describe your business model as specifically as possible. Please elaborate in particular on the products or services offered, the target customer group (B2B/B2C), the sales countries or regions, and the intended use of the payment features.

The description should be formulated so that an external third party can understand your business model without requiring further clarification.

An example is shown in the following image:

Estimated turnover

In the next step, please provide a realistic estimate of the revenue at the sales location:

Adding an online point of sale

Select "Online point of sale" if you sell via an online channel:

Enter the website where the Payrexx payment solution will be integrated or linked from:

Description of offering

Use the following three fields to provide details about your offering and your customers:

What do you sell: Describe the products or services you offer.
Who do you sell to: Describe your target customers.
When do you ask for money: Explain when the customer is required to pay for their order.

Information on expected online revenue

In the following section, please estimate the online revenue you expect:

Estimated maximum monthly turnover: Enter the average monthly revenue you expect to generate via this card terminal.

Including a buffer: Please do not calculate your estimated transaction volume too tightly. Instead, include a buffer for unexpected growth or seasonal fluctuations. Example:

Expected monthly revenue: CHF/EUR 15,000.00
Including buffer: CHF/EUR 20,000.00

The buffer should be as realistic as possible.

Estimated average amount per transaction: Estimate and enter the average transaction amount for this card terminal.
Recurring transactions: Indicate whether you will use recurring payments (subscriptions or automatically renewing memberships).

Delivery

If you ship physical products, please provide the following delivery information:

Physical products: Indicate whether or not you ship physical products.
Delivery time in days: If yes, specify how many days elapse from order placement to the products' arrival at the customer.
Drop shipping: Indicate whether or not you engage in drop shipping.

Drop shipping refers to when a merchant sells items in their online store without keeping physical stock. Instead, the merchant forwards incoming orders to the manufacturer or wholesaler, who then ships the goods directly to the customer.

Statement descriptor

Define what information of your organisation should appear on the customer’s credit card statement:

6. Submit

Ensure that the information provided is accurate and complete, confirm that you will report any changes to Payrexx, and accept our Terms and Conditions:

You can then submit your account verification application by clicking the corresponding button.

Review

Our onboarding team will review your account verification application as quickly as possible.

All applications received on business days before 4:00 PM will be processed on the same day.

If we have any questions regarding your application, our onboarding team will contact you via email promptly.

Once your account is verified, you can activate Payrexx Pay or Payrexx Pay Plus and start accepting payments from your customers.

Last updated 16 days ago

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