Action required on a balance account
Adyen, our partner where your balance account(s) is managed, is required to regularly verify the details of your organization. For instance, they check whether all necessary documents are present and up to date. If that is not the case, action is required from you as a customer. If no timely action is taken, the balance account may be blocked.
Do you want to update information without an open action required from Adyen? Click here to go to the bottom of this article to read more about this.
How to know when action is required
When you need to check the pending actions within the balance account, you will first see this in the menu under Application Management / Cash & Cards / Balance Accounts. You will see 'Action required' next to the relevant balance account:
Because we understand that you may not regularly check this menu, everyone within your organization who is registered in a rights set as a module manager for Cash & Cards and has access to the Card Management menu will receive a notification email when action is required. In this notification email, a deadline is mentioned. Make sure to take action before this date to avoid a blockade.
Performing the pending action
Navigate to Application Management / Cash & Cards / Balance Accounts. If you don't see this menu, it needs to be added to your rights set, or you can inform a colleague who does have access. Click on 'Adjust Verification.' You will be directed to your balance account at Adyen, where you can see what needs to be changed or submitted. These could be various actions; here’s an example:
Sometimes, you need to modify existing information:
If you have any questions about the pending action(s), please contact us as soon as possible via support@proactive.nl, start a chat through DIRK, or call us on our regular support number. We are happy to assist you.
When actions are not completed on time
If the requested documentation is not provided to Adyen in a timely manner, they are unfortunately required to block the balance account. No further transactions can then be made. This requirement stems from a combination of laws and regulations related to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
If your balance account is blocked, you will receive a notification by email. Please complete the required actions as soon as possible. Adyen will review the new documentation promptly, and if it is correct, your balance account will be reactivated.
Making Changes Without Pending Action from Adyen
It is, of course, possible to update information with Adyen through the Balance platform when something changes within your organization. To make a change, go to the menu: Application Management / Cash and Card / Balance Accounts. Click on View Verification to modify merchant details. Only use the pencil icon to change the name that will appear on the card and the delivery address for Spend Cloud cards.
The information you can modify is divided into three categories: company details, decision-makers, and the account number from which you will transfer money to Adyen's balance account. At the top, you can click the pencil icon to change the type of company your organization is.
Under Company Details, you can update general information about your organization, such as the name, type of organization, address, and registration details. On the left side, you can select different sections to edit the information. After making changes, click Save.
Under Decision-Makers, you can specify who within your organization is a decision-maker. You can also add a decision-maker or remove one if necessary.
Notes: Please note that at least two roles must always be present: at least one signatory and at least one stakeholder or owner. In the case of a single UBO (Ultimate Beneficial Owner), two roles will apply.
In the Account Number section, you can indicate which bank account you will use to transfer money to top up your balance with Adyen. If you change the account number, you must also upload an official document to verify the bank details. This can be done in the second step of this section on the Balance platform.
Important Info: Keep the following in mind when making changes:
- When you update something here, the information must be verified by Adyen. You can also see this in the status of the balance account within Spend Cloud. The account remains active during this process.*
- *The account will remain active for 30 days. Typically, Adyen only needs a few business days to verify the information. It is possible that Adyen will require additional information to complete the verification. Module administrators within Cash & Card will receive an email about this. Make sure to provide the requested information as soon as possible to avoid the account being blocked.
- There are certain requirements that documents and data must meet. In this article, you can read which data is involved and the criteria that must be fulfilled. Following the guidelines in this article reduces the chance that Adyen will need additional information.
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