Account Verification
To use Payrexx Swiss Collecting or Payrexx Direct, it's necessary to verify your Payrexx account. This article explains how to do it.
You can complete the verification of your account in the backend of your Payrexx account under "Verify account."
What do we need to activate your account?
As a financial intermediary, we are obligated to identify your organization and its representatives. Therefore, we require the following documents and information:
Business details of the organization, including VAT identification number (if available)
Personal details and a valid identification document as well as proof of address of the representatives
An active website with visible terms of service and contact information
A valid bank account in the name of the organization
Business details required
Your organization needs to provide the following business details:
Type of business
Company name
Industry of the business
Website with visible terms of service and contact information
Business headquarters (address, country)
Phone number and email
Commercial register extract and VAT identification number (if available)
Document proving company ownership
Type of legal entity
Choose the appropriate legal form for your organization based on the country where it is located.
The following table includes all legal forms for countries where Payrexx Swiss Collecting and/or Payrexx Direct are available.
Company verification document
For regulatory reasons, we are obligated to verify the information provided. Depending on the legal structure you have chosen, verification will be conducted with different official registration documents.
The table below shows which documents and information can be used to verify the respective legal forms.
Personal details
Articles 3 and 4 of the Anti-Money Laundering Act (AML Act) stipulate which individuals must be reported in financial business decisions. For you as a merchant, this means:
The legally representing person authorized to sign must be recorded. In cases of collective signatures, at least two legal representatives must be named.
The ultimate beneficial owners (UBO) must be recorded: All shareholders who own 25% or more of the company shares must be recorded. If there is no clearly identifiable ultimate beneficial owner, the controller (fictitious UBO) must be specified (e.g., the executive who controls the organization and the corresponding assets).
The same individual can be both legally responsible and economically entitled. For example, this applies when a shareholder owns 25% or more of the company shares and is authorized to sign on behalf of the company.
We are aware that the legal definition of beneficial owners is not always easy to understand. For better clarification, we have compiled some concrete examples in the following table:
Individuals with 25% or more company shares (UBO)
In a company, individuals who own 25% or more of the company shares can be considered as ultimate beneficial owners (UBOs).
Example 1: The example company "Example & Partners" has divided all shares equally among four shareholders, each holding 25%. This entitlement to profits makes them all UBOs of the organization. Therefore, they would all need to be reported (including documents). If only one person owned 25% or more of the shares, that person would be the sole UBO.
Example 2: Tom is the sole member funding the "Yoga Studio Example" company and therefore owns 100% of the company shares. He has no formal role in the company but acts as its external stakeholder. In this case, Tom is a UBO due to the actual control (including profit claim) he exercises over the company.
If no one owns 25% or more of the company shares, the controller must be designated as a fictitious UBO.
Individuals exercising actual control in other ways (controller, fictitious UBO)
If a company has no UBO, it is necessary to designate one or more fictitious UBOs. A fictitious UBO is a natural person who can actually decide on the company's affairs and dispose of the corresponding assets.
Example: The purpose community "Organization of the Example Festival," organized as a Simple Society, consists of 5 members, each owning 20% of the shares. However, the manager is authorized to make decisions alone and has control over the existing assets. In this case, the manager would be a fictitious UBO.
The following documents and information must be submitted for all individuals:
First name and surname
Date of birth
Email address
Phone number
Colored copy of an identity document (only ID card, passport, or driver’s license are acceptable)
Home address and country
Confirmation of home address (only electricity and water bills, bank statement, or official document are valid)
At least one (or two for collective signatures) legal representatives must be specified
Identity confirmation
The following documents are accepted for identity confirmation:
Passport
ID card
Driver's license
The uploaded copy of the identification must meet the following requirements:
The identification must be valid (and not expired).
Both the front and back must be visible.
The image of the identification must be legible, of good quality, and in color.
All four corners must be visible (not cropped or incomplete).
The file format must be JPG or PNG.
Confirmation of home address
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
The uploaded document must meet the following requirements:
Issued within the last 6 months (date must be visible)
Full name and home address of the person must be visible
Must be of good quality, legible, and in color
All four corners must be visible (not cropped or incomplete, although irrelevant information can be redacted)
Bank account details
For the bank account to which Payrexx will make payouts, we need the following information:
Currency of the account
Country of the bank
SWIFT code (BIC)
IBAN number
Banks have strict guidelines and generally only accept payments when the payee's name matches the registered account holder 100%. Therefore, it is important to provide the correct payment information and the correct type of business:
Sole proprietorships are considered natural persons. Therefore, the bank account must be in the personal name of the individual, not the business name.
Other types of businesses, such as GmbH or AG, are considered legal entities. The bank account must therefore be in the business name and not registered to a natural person.
Non-profit organizations, such as associations or non-profit organizations, must have an account in the name of the organization.
For more information about payouts and bank accounts, see the following article:
Details on products and services
We need information about what products are sold or what services are offered:
Description of the products or services sold in your shop
Estimated monthly sales
Company name
Recurring transactions (e.g., whether products or services are offered against monthly, quarterly, annual, etc. payments)
Link to the website
For security reasons, we cannot accept high-risk businesses. You can find the list of unsupported business models at the following link:
Verification
After you have submitted all the required documents and information, our onboarding team will review your application as soon as possible.
All applications received on business days before 4:00 PM will be processed the same day.
If we have any questions regarding your application, you will receive an email from our onboarding team promptly.
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