Changing your bank details should be as smooth as possible. Luckily, we are here to help you with this sometimes stressful process.
If you change or close your bank account without letting us know we will be unable to settle your transfers into your account and may be unable to collect payments. This could affect your ability to pay suppliers and run your business. Additionally, if we can’t collect your direct debits we could close your account.
Therefore, we ask that you get in touch with our customer support team on 08001032959 (or if you are in the Republic of Ireland on 01 696 8393) or email us at firstname.lastname@example.org.
Do not close your old bank account until the change is complete to avoid funds being held.
Please note that it can take up up to 14 working days, from confirmed receipt of all correct information, for the change to be completed.
- Our first question to you will be, are you changing your legal entity? If you are, then it’s a slightly different process we need to follow. For further information on changing your legal entity with us see this article. If you’re only changing the bank account, proceed to step two!
- You'll then be asked to provide proof of your new bank details. This proof of bank can be one of the following:
- Void cheque
- Paying in slip
- Bank statement date within 3 months
- Bank welcome or communication letter dated within 3 months
Once you have sent us this proof of bank (POB) we will review this to check if it will be accepted by the acquiring bank. Some key things to remember when sending your POB are:
- The name of the account holder must clearly reflect the registered/legal name eg. A sole trader using a business account will need a POB that showed “Joe Bloggs T/A Joe Bloggs Shop”
- For Sole Traders: Format must be Merchant Name T/A Trading Name
- For Partnerships: Merchant Name, Merchant Name T/A Trading Name
- For Limited Companies: Limited Company Name (exactly as it appears on Companies House – Must have “LTD” or “Limited” at the end)
- We cannot accept screenshots of any kind. The document must be PAPER or PDF format (These can be scanned and emailed to us)
- We cannot accept anything showing your bank card for data protection reasons. If you send us a photo of your card we will have to delete your case and open a new one.
- You will then be asked to sign direct debit mandates for your new bank account. These will be sent to you electronically (to the email address associated with your Paymentsense account) for signature. Please sign these as soon as possible.
- After you have signed the mandates, we will then forward the information to the acquiring bank. It can take up to 14 days from the date that we have all the correct documents for the change to be completed. Any incorrect documents may result in a delay. Please keep an eye on your emails as the acquiring bank may need further supporting information from you.
- Your bank account has been changed and you can trade as normal.