Many types of bank accounts cover pretty much everything that people look for – from checking and brokerage to savings. But what about the basics? That’s right, today we’re talking business and merchant accounts! You see, not all clients sure, if they are required to have both these accounts, and what are their purpose. That’s what we talk about in this article. What is a merchant account? Do you need one for a business? A merchant account is a type of bank account that allows companies to accept electronic payment transactions for their goods and services. So, if you are
Opening a business account at a bank might be worrisome, as you are never quite sure about the ever-changing requirements and documents needed to start one. And sometimes you don’t have any free time to spend on multiple visits to the banking institutions – especially now when it’s better to minimize unnecessary contacts due to the pandemic.
Thankfully, there is a faster and safer alternative like Genome, where you can open multiple personal, business IBANs or merchant accounts completely online – no need to waste time or risk your well being.
Using Genome’s business IBAN you can send low-cost internal, SEPA, and SWIFT money transfers to other bank accounts, open multicurrency accounts, and exchange currencies instantly, as well as use alternative payment methods.
And right now any low-risk company can open a business IBAN account for free and temporary won’t need to pay monthly fees thanks to Genome’s COVID-19 initiative. For more information on pricing check Genome’s website.
in Genome for free
Ready to try out Genome’s business IBAN account? Then this tutorial is for you.
It goes unsaid, but you need to have a personal IBAN account to open a business one, it takes only four simple steps to do so and Genome already has a detailed tutorial on that right here. But in short, you will only need a valid phone number or email to sign up, an ID-card or a passport, and a smartphone.
If you have a personal account, log into “my.genome.eu” and get to your dashboard – click on the “personal” tab in the left upper corner and choose an option “add business wallet” when it will show up.
Please note that if you don’t have a personal IBAN and just registered on Genome’s website, you will need to fill in your personal details and pass the Onfido verification process, which was described in the previous tutorial. To do that, click the “start” button in the center of the screen, under the verification description. After the “personal details” and “identity verification” stages will be completed, you can move to the “company’s details” tab.
You are required to have a valid government-issued ID or a passport or a scanned image of it if you use PC to onboard, your company’s registration certificate, or its electronic equivalent, as well as a document listing you as an owner/director or a valid representative.
Firstly, enter your company’s name, type and activity, its registration number, VAT number (optional), your company’s phone number, email, and website (optional). Please check the box on whether you are a director or a person authorized on the behalf of the company. Then, fill in the company’s registration address. If your office address is the same as the registration one – check the “yes” box, if not – provide a different address.
And now – the final step: please provide information on ownership structure. You either need to check the box “I’m 100% owner of the company”, or add more owners.
If you choose the second option, you’ll need to know the other owner’s first and last name, date of birth, the percentage of the company owned by them, their registration country, city, address, and postal code (optional).
And voila – you now have a business IBAN account at Genome, as we’ve promised – fast and safe.