What details should I provide for the external account that will be used for payouts from POS transactions?

While creating an application for a terminal only, you need to specify the IBAN of the account where funds from the processed transactions, excluding the applicable fees for accepted card payments, will be settled. This account must be held under the merchant’s name at a financial institution within the EEA. It is recommended for the account to be in the same currency as the one for payment processing so that the merchant avoids currency exchange when receiving transfers. You also need to provide a certificate that the IBAN belongs to the merchant, to ensure account ownership. The document needs to be uploaded in the section ‘Required documents’ before submitting the application.

Please note that if you choose to offer your client a complete solution - including both a physical POS terminal and an iCard Business account, the e-money account created for the iCard Business service will be automatically set for the  POS transactions payout account by our system. Learn more here.