If you need to update the bank account where you receive your settlements, or from which we debit your service fees, please follow this simple guide.
The bank account we refer to is your standard business transactional account, which is linked to your merchant facility for both payouts and billing.
1. Before You Begin: Key Requirements
To ensure a smooth and compliant process, please make sure the new bank account meets the following two requirements:
Correct Legal Entity
The new bank account must belong to the same registered legal entity as your merchant facility. We cannot settle funds into a third-party or different company's account.
Correct Account Type
The account must be a transactional (current/cheque) account. Most acquiring banks do not permit settlements or debits from savings or credit card accounts.
- Correct Date
The bank confirmation letter must be within the last 3 months. As required by the FIC Act, we cannot accept a bank confirmation letter that is older than 3 months.
2. The 3-Step Procedure
Please follow these steps to initiate the change:
Get a Bank Confirmation Letter
You will need to obtain an official, stamped bank confirmation letter for the new account from your bank. This letter must not be older than three months and must clearly show the account holder's name and account number.
Send a Request via Email
Send an email to support@peachpayments.com with the subject line "Request for Change of Bank Details". Please attach the scanned copy of your bank confirmation letter to this email.
Complete a New Debit Order Mandate
Our team will reply to your email with a new debit order mandate form. You will need to complete and return this to authorize us to debit your monthly service fees from the new account.
3. What Happens Next?
Once we have received all the required documents, our Add-ons and Risk Teams will review the request and implement the change on our systems.
We will notify you via email as soon as the update is complete.