In this article, you will be provided with an explanation of the function and process of setting up your payment account.
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Why do I need a payment account?
With the reev Dashboard, we offer you the opportunity to offer paid charging services. This means that as an operator, you will receive payments from individuals who charge at your charging infrastructure. Our payment service provider (PSP), Stripe Payments Europe, Ltd., which is authorized for payment services and e-money business by the Central Bank of Ireland, handles these payments. Saxo Payments A/S acts as the bank. A BaFin license is granted.
For you as an operator, we provide a connection to the platform through the Stripe Connect products. Stripe Connect includes various software tools for processing payments. More information about the company can be found at https://stripe.com and about the Connect products at https://stripe.com/connect. The payment services provided by Stripe are subject to the Stripe Connected Account Agreement and the Stripe Services Agreement.
You need a payment account with Stripe so that as an operator, you can enter into a direct business relationship regarding with the users of your charging infrastructure, which complies with the requirements of the applicable legal framework (especially PSD2 and ZAG).
You can set up the payment account directly in your reev Dashboard. The amounts paid by the drivers will be credited to this account before the total amount for all charging sessions is disbursed to the registered business account in the form of a monthly payout.
How do I set up my payment account?
You can set up your payment account in the "Administration" reev Dashboard menu, under the "Billing Settings" tab, by selecting "Charging Employees/Tenants/Guests", and track the verification process there.
Essentially, a verification process is carried out, especially for banks and insurance companies (known as Know Your Customer or KYC). The purpose of this process is to prevent money laundering.
During the process, information about the company or business applying for the payment account is requested. Information to be provided includes company name and address, VAT ID, commercial register number, and website.
In addition, the following personal information is required:
- Additional information about the representative: A person known as the representative must activate this payment account. This person must be an authorized signatory for the company. Depending on the situation, it may be necessary to provide a scan of an identification document, an address document, or both documents to enable payouts. This is especially the case if Stripe cannot verify the representative or if there are concerns about penalties.
- Additional information about managing directors: For companies (excluding private companies), information about all directors must be collected. Directors are members of the company's board of directors. If there are potential concerns about penalties, you must provide a scan of an identification document and an address document to enable payouts.
- Additional information about beneficial owners (both for executives and owners): Information about all beneficial owners must be collected. Beneficial owners are individuals who exercise significant management control over the company (executives) or who own more than 25% of the company (owners). Depending on the situation, it may be necessary to provide a scan of an identification document, an address document, or both documents to enable payouts. This is especially the case if Stripe is unable to verify a beneficial owner or if there are potential concerns about penalties.
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Your reev Team