In order to receive money and be able to do payouts you need an account with Adyen. Adyen is our Payment Service Provider which processes all payments. This Adyen account can be managed via Stager and is in some senses comparable to a bank account. A big difference though is that it has no bank account number, you can not deposit money directly on the account and you won't receive bank statements.
It is similar because it also allows you to collect and store money until time of payout. The account must therefore be requested by someone in the organization who is authorized to do so.
A background check and risk inventory is carried out by Adyen as part of the Money Laundering and Terrorist Financing Prevention Act. Going through this so-called Know Your Customer (KYC) check is necessary to be able to sell tickets and to do payouts. If you have all the information to hand, you will have completed all the steps in about 30 minutes and the check is generally completed within 24 hours. You only have to go through this process once.
The verification is pretty strict so make sure that you use the exact same data as on official documents.
Who can do it?
Someone in your organization who is authorized to sign. If you are authorized to sign, you may perform certain legal acts on behalf of the company, such as signing agreements or opening an account. If the person is not authorized, you can get into trouble if a disagreement arises over delivery or payment. The owner or president of the organization can always sign, check with him or her who else is authorized to sign, and whether there are any restrictions.
What information needs to be filled out?
Go to Settings - Account - KYC. In the blue text boxes you will find explanations that will guide you through the process.
Step 1: Creating an Adyen account
Email address of the KYC contact
Legal company name
Country in which your company is based
Person authorized to sign:
First name and last name
Gender
Country of residence
Step 2: The KYC process
It can take several minutes before the account is created. Refresh the page and click on the link. A new tab is opened where you can start the KYC process.
For safety reasons, every 30 minutes your session expires and you'll get kicked out of the form. Simply click on the 'revisit the KYC form' link on the KYC tab in the Stager backstage and you can continue, all previously filled in information is saved.
First, select which of the 3 options best describes your company structure. Then click 'Next' to move to the following screen.
The KYC process consists of 3 steps, all of which are covered on this page:
Company details
Decision-makers
Bank account details
To complete all 3 steps, you'll need the following information for each step.
Company details
Legal company name (already filled in)
DBA (Does business as): fill this out if your company is known to the public under a different name. For example: "Home delivery" (DBA) has as legal company name "Just Eat Takeaway.com N.V."
Business registration number (Chamber of Commerce number or other registration number) & VAT number
Business phone number (can only contain numbers, no spaces or special characters, except +)
Address of your company
Company registration document.
Not sure what your VAT number looks like? We've made an overview how the numbers look like in the Netherlands, Belgium & Germany. You can get your VAT number from the tax authorities. It's important to fill in the VAT number correctly.
Country | Name of code | Structure number | Example of code |
NL | BTW-nummer | NL - 9 digits - B - subnumber | NL123456789B01 |
BE | BTW-nummer | BE - 0 or 1 - entrepreneur number (9 digits) | BE 0123.456.789 |
DE | Umsatzsteuer-ID | DE - 9 digits | DE123456789 |
If you have to upload a company registration document, this document must be:
Issued by a reliable, independent source (RIS) such as the national commercial register of the country where the business is registered in.
Issued within the last one year, or contains a signature and a state of affairs with the date not older than one year.
One of the allowed formats: JPEG, JPG, PNG, or PDF (max. 2 pages)
Minimum allowed size: 1 KB for PDF, 100 KB for other formats
Maximum allowed size: 4 MB
After filling in the company details, they are verified. The next step is to fill in bank details.
If you are a German e.V. (eingetragener Verein), you won't have a Chamber of Commerce number. You will have a registration at the Vereinsregister and use that and registration number. You can find yourself in the online registry of Germany.
Decision makers
The decision-makers of your organization are UBO, which stands for Ultimate Beneficial Owner(s). In short, a UBO is any natural person who:
has an economic interest of more than 25% in an organization;
has control over an organization.
In the case of a foundation with a council or board, your UBO is a 'controller officer', which is a council or board member. Enter information about at least one of them. If your foundation does not have a board or council but does have a director-administrator, the director-administrator is the UBO.
In the case of a commercial company, this concerns the persons who have 25% or more shares, voting rights or ownership interest. If there are none, the UBO is the person who owns the company or has the most control.
From every UBO you need:
First name and surname
Date of birth
Country of birth
Address details
Copy of passport or identity document (not a drivers license)
You can have the document verified instantly using an app, or upload a copy of the document. Verification of a copy may take up to 3 working days.
Use one of the allowed formats for uploading documents: JPEG, JPG, PNG, or PDF (max. 2 pages).
Minimum allowed size: 1 KB for PDF, 100 KB for other formats.
Maximum allowed size: 4 MB
Bank details
You need the following details:
Account holder name
Country code of the country where the bank is located
Currency - depends on the country code you enter
IBAN
Here too, you have the option to verify the bank account directly via your banking app, or by uploading a bank document. From experience, we know that a PDF of a bank statement works best. Make sure the IBAN, account holder’s name, and the bank’s logo are clearly visible. Please note: verifying a bank document can take up to 3 working days.
Sign documentation
Now all you have to do is sign the services agreement and the Payment Card Industry Data Security Standards questionnaire. Read the terms and conditions for each agreement and when you agree, select the name of the signatory, mark the checkbox and press sign.
That's it! Your information is now being checked. Generally, you will be approved within 24 hours. You can see this by the status on the KYC page. You will also receive an email when the verification has taken place or if you did not pass the verification process.