How to change bank account for fees and settlements

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This article gives information on how to change a bank account for debits and settlements.

 

A bank account (different to the merchant account) is required, to which merchant account fees and Peach payments service fees, will be debited.

This account may also be the account that receives settlement for revenue made.

 

To change this bank account :

 

Requirements :

1. Bank account must belong to the same legal entity as that of the merchant account

2. Bank account type must be acceptable by the acquiring bank (which offers the merchant account) for settlement and billing (Typically, account type should be current account)

 

Procedure :

1. Retrieve bank confirmation letter for the new account (Not older than 3 months)

2. Send an email to merchantaccount@peachpayments.com requesting the change

3. Complete debit order mandate for Peach fees (if this account should also be used for this)

 

Our merchant on-boarding team will work on implementing the change with the relevant acquirer and update our systems accordingly.

 

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