Account Verification
Explanation of all necessary information to verify a Payrexx account
This article should help you with the account verification and simplify the activation of Payrexx Direct and Swiss Collecting. As a financial intermediary, we are obliged to identify your organization and the relevant representatives.
- Personal details and a valid identification document as well as proof of address of the representatives
- an active website with terms and conditions and contact information visible
We need the following information about your organization:
- Business type
- Company name
- Industry of business
- Website with visible terms and conditions and contact information
- Place of business (address, country)
- Phone number and e-mail
- Commercial register and VAT number (if available)
- Company verification document
Depending on the country, a specific suitable legal form can be chosen. Depending on the selected group of the legal form, other information is required in the further course of the verification.
The following overview shows the different legal forms that can be selected by country
CH/LI
DE
AT
FR
IT
NL
DK
UK
LU
BG
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
Legal form group | Selectable legal form |
|---|---|
Individual |
|
Company |
|
Association (NPO) |
|
Foundation (NPO) |
|
Public administration |
|
For regulatory reasons, we are required to verify your information.
Depending on the business form, different official registration documents must be uploaded. Based on the legal form there will be distinction in further business details, defining which other documents and information must be requested.
The following figure shows the necessary information depending on the legal form:
Legal form | Business details | Proof of company |
|---|---|---|
Sole proprietorships |
|
|
Company |
|
|
Association |
|
|
Foundations |
|
|
Public administration |
|
|
Article 4 + 3 of the AMLA regulates which persons must be specified in financial decisions. More precisely, this means for the merchant that...
- ... the legal representative who is authorized to sign must be recorded. In the case of collective signatures, at least two legal representatives must be specified.
- ... the beneficial owners (Ultimate Business Owner - UBO) must be recorded: All shareholders who own 25% or more of the shares in the company must be recorded. If there is no clear beneficial owner, the controlling person (fictitious UBO) must be specified (e.g. the managing person who exercises control over the organization and the corresponding assets).
The same person can be both the legal controller and the beneficial owner at the same time. For example, this would apply where a shareholder owns 25% or more of the company's shares and is authorized to sign on behalf of the company.
We are aware that the legal definition of the beneficial owner is not always practicable, which is why you will find more detailed information depending on the legal form group in the following description:
Individual
Company
Associaton
Foundation
Public administration
Persons with 25% or more of the shares in the company (UB
In a company, persons who have 25% or more of the company shares can be considered beneficial owners (UBO).
Example 1: The example company "Exampe & Partners" has the entire shares distributed among four partners at 25% each. This profit entitlement makes them all UBOs of the association. And so they would all have to be declared (incl. documents). If only one person had 25% or more of the shares, he would be the sole UBO.
Example 2: Tom is the only member funding the "Yoga Studio Example" (so owns 100% of the company shares). He has no formal role in this company, but acts as their external stakeholder. In this case, Tom is a UBO for the "Yoga Studio Example" due to an actual control (incl. profit claim) he exercises over the company.
If no one owns 25% or more of the shares in the company, then the control holder(s) (fictious UBO) must be specified.
Persons exercising effective control otherwise (control holder(s) - fictitious UBO)
If your company does not have a UBO, you must designate one or more fictious UBOs. A fictitious UBO is a natural person who can actually control the enterprise and dispose of the corresponding assets.
Example: The special purpose association "Organisation of the Example Festival", which is organized as a simple partnership, consists of 5 members. All of them own 20% of the shares. However, the managing director is entitled to make decisions alone and disposes of the available assets. In this case, the managing director would be a fictitious UBO.
Persons with 25% or more of the shares in the company (UBO)
In a company, persons who have 25% or more of the company shares can be considered beneficial owners (UBO).
Example 1: The "Example Limited" has the entire shares distributed among four shareholders at 25% each. This profit entitlement makes them all UBOs of the association. And so they would all have to be declared (incl. documents). If only one person had 25% or more of the shares, he would be the sole UBO.
Example 2: Tom is the only member who finances the "Specimen Limited" (so owns 100% of the company shares). He has no formal role in this company, but acts as its external stakeholder. In this case, Tom is a UBO for the "Specimen AG" due to an actual control (incl. profit claim) he exercises over the company.
If no one owns 25% or more of the company's shares, then the control holder(s) (fictitious UBO) must be specified.
Persons exercising effective control otherwise (control holder(s) - fictious UBO)
If your company does not have a UBO, you must designate one or more fictious UBOs. A fictitious UBO is a natural person who can actually control the company and dispose of the corresponding assets.
Example: The "Sample Limited" has over 150 shareholders. No shareholder owns 25% or more of the shares. However, the managing director is entitled to make decisions and disposes of the existing assets. The managing director in this case would be a fictitious UBO.
An association has no beneficial owners by design. Therefore, all members of the association's board who hold 25% or more of the voting rights must be indicated. If this is not the case for any board member, please indicate a member of the association's board who can exercise both control over the association and the disposal of the respective assets. We recommend to indicate the president of the association.
A foundation has no beneficial owners by design. Foundations indicate the legal representatives. Furthermore, a written declaration (only the personal details without proof documents) is required concerning the following persons:
- Founders of the foundation (persons or organisations)
- Specified beneficiaries (persons or organisations)
- All members of the Foundation Board holding 25% or more of the voting rights
This written declaration will be linked in your account. Note that this declaration can completely be filled out online. All relevant information for this written declaration can be found in the foundation certificate.
Public administrations do not have beneficial owners by design. Public administrations shall only indicate the legal representatives. In addition, the persons indicated must be findable on the website of the respective public administration.
The following data and documents are required for all persons to be specified:
- First name and surname
- Birth date
- E-mail address
- Phone number
- Colored copy of proof of identity (only ID card, passport or driving license valid)
- Home address and country
- Confirmation of home address (only electricity and water bills, bank statements or official documents are valid)
- At least one legal representative must be named. In the case of collective signatures, at least two legal representatives must be specified.
The following documents are accepted to confirm your identity:
- Passport
- Identity card / identity card
- Driver's license
Important! Please upload a full picture of an ID card, which meets all the listed requirements.
- must be valid (not expired)
- Front and back side
- must be of good quality/legible and in color
- all four corners must be visible (not cut off or incomplete)
- JPG or PNG format
The following documents are accepted for home address confirmation:
- electricity or water bill
- Bank or credit card statement (feel free to make amounts illegible)
- Official document
Examples
Important! Requirements for those documents:
- issued within the last 6 months (date must be visible)
- your full personal name and home address must be visible
- must be of good quality/legible and in color
- all four corners must be visible (not cut off or incomplete, however irrelevant information may be rendered illegible)
Provide the following information about your bank account, to which you will receive your payouts from Payrexx:
- Currency of the account
- Country of the bank
- Swift code (BIC)
- IBAN number
Banks have strict guidelines and usually only accept payments if recipients on the transfer match 100% with the registered account holder. It is therefore important that the correct payment information and the correct company type are provided when registering:
- Sole proprietorships are regarded as natural persons and transfers are therefore always referred to the name of the registered person. The bank account must therefore be in the personal name of this person and not in the company name.
- Other types of companies such as GmbHs or AGs are considered legal entities and transfers are sent to the registered company name. The bank account must be in this company name and must not be registered in the name of a natural person.
- Non-profit organizations such as clubs or non-profit organizations must have an account in the name of the organization.
For more information on payouts and bank accounts, see the following articles:
We need information about what you sell and what services you offer.
- Description of what you will sell in your shop.
- Estimated sales revenue
- Company name
- Recurring transactions: Let us know if you need products/services in exchange for monthly, quarterly, yearly etc. payments.
Important: For security reasons, we cannot accept high-risk businesses. A list of unsupported business models can be found under the following links:
After you have provided all the information and documents, our onboarding team will review your application.
All applications submitted before 16:00 on workdays will be reviewed on the same day.
If we have any questions about your application, you will promptly receive an email from our onboarding team.
Last modified 1mo ago