How do I start a bunq account and connect this to Spend Cloud?

How do I start a bunq account and connect this to Spend Cloud?

Below, you can read about how to open a business account with bunq. If you have any questions after reading, you can contact bunq at support@bunq.com.

Summary

When applying for a bunq account, the following points are important to consider beforehand. The instructions that follow will explain these points in more detail.

What are you going to do?
  1. You will open a business account with bunq with the person authorized to do so.
  2. The account opening process is done through the bunq mobile app.
  3. Schedule an appointment with the authorized person to open the account.
  4. After opening the account, you will establish a connection between Spend Cloud and bunq using an API key.
What you need?
  1. A mobile phone of the financial administration with the bunq app installed.
  2. Chamber of Commerce (KvK) extract.
  3. Original identification document of the authorized person(s).
  4. Memorandum of association (may not be required in all cases).

Preparation

Before opening the account, it's essential to arrange and know certain things in advance. Here are the key things you should have or have arranged before opening the account.
  1. The account must be opened by a managing director, authorized person, or manager.
While you can open a bunq account from anywhere, make sure that the director, authorized person, or manager is present. Often, only these individuals are authorized to open a business account unless stated otherwise in the Chamber of Commerce (KvK) registration. You can see who is authorized to open an account on your organization's KvK extract.
  1. Chamber of Commerce (KvK) extract
bunq requires a KvK extract to verify your business information.
  1. Identification document of the authorized person(s)
To open the bunq account, you'll need the identification document of the authorized person(s). A photo of the original document is taken from the app. If there are multiple authorized persons on the KvK extract, we may also ask for their identification documents, depending on the powers of the directors. If multiple directors need to give consent to open an account, they will also need to identify themselves.
  1. An email address to receive emails from bunq
This email address is used for verification with a code. It's important that you have access to the email address you enter. This email address also serves as your login name.
  1. A 6-digit login code and a 5-word password phrase
The bunq app must be securely protected. In addition to a 6-digit code, bunq requires an extra layer of security in the form of a hand scan. It's possible to replace the hand scan authentication with a password phrase, which is strongly recommended. It allows the director to open the bunq app without always needing to be physically present.
  1. A mobile phone where the bunq app must be installed (Install the app on a phone accessible to the financial administration)
Registration of the bunq account cannot be done on an iPad or tablet, only on a phone. The mobile phone requirements are as follows:
  1. Operating System: at least iOS 8.1 or Android 4.1
  2. Camera (front and back)
  3. Required space: around 110 MB for Android, 50 MB for iOS

Opening a bunq account

If you have the necessary preparations in place, you are ready to open a bunq account. Follow the step-by-step guide below for a successful installation.
  1. Download the bunq app from the Google Play Store or the App Store.
  2. Fill in your company's details, accept the terms and conditions, and confirm your email address.
  3. Account security: Your bunq account is secured in at least two ways: with a 6-digit PIN code and by hand recognition or a 5-word password phrase. In many cases, the financial administration is involved in the daily use and management of the app. Therefore, using the password phrase is strongly recommended and should be set up by the person managing the app.
  4. Add ultimate beneficial owners (UBOs): Add the people who have an interest in your organization. Beneficial owners must be indicated during registration because bunq is obligated to know who benefits from the business and who the owners are. If one of the beneficial owners, for example, is a company in a country that we don't support, bunq cannot open an account.
  5. Verify identity: This step verifies the identity of the director opening the account. First, you will be asked to take a photo of the director's identification document. In the next step, the director must record a short video of themselves stating three numbers.
  6. bunq reviews the application: bunq will now process your application. The screen will indicate that this may take up to 24 hours, but in most cases, the account is opened within minutes. We may require additional information (e.g., articles of incorporation) in some cases. If so, we will contact you through the app to resolve it.
  7. The account is open! You will receive a message in the app confirming that the account is open. You can find the IBAN number in the account overview.

If something goes wrong or if things are unclear, let bunq know! In the bunq app, you can find more information under 'Together' in the 'Private Matters' section. You can also contact us by email at support@bunq.com.

Important settings

Before we can link bunq to Spend Cloud, several settings in the bunq app need to be adjusted. It's important to review the following settings in the app:
  1. Password phrase
By setting a password phrase, the app can be used by anyone who knows this phrase. Along with the PIN code, this provides security for the app. The password phrase can be set as the preferred authentication method: In your bunq app, go to 'Profile' -> 'Security' -> 'Preferred authentication.' If you know the password phrase, you can manage the entire app. Learn more about how it works: https://together.bunq.com/d/2864-reset-passphrase
  1. Increase limits
The default daily limit for the bunq account is €1,000. This means that a maximum of €1,000 per day can be spent on all cards associated with this account.

Estimate the daily expenses for all cards from this account and set a daily limit. Go to Settings -> Security -> Limits for this purpose. For more information, visit the following link: https://together.bunq.com/d/362-bunq-limits
  1. Setting up the business account on multiple devices
You can log into the bunq app on three phones using the login details. By sharing the login details, you authorize someone to perform all actions that the director can, including increasing daily limits. Learn how to set this up here: https://together.bunq.com/d/2952-logging-in-on-new-device
  1. Adding multiple directors
You can also add multiple directors to the bunq account. Each director will have the same authorities over the account. Learn how to add a director here: https://together.bunq.com/d/5143-how-do-i-add-another-director-to-my-business-account/2

Linking bunq to Spend Cloud

Once your business account is fully set up, you can request a bunq API key. The API key is a key that allows bunq and Spend Cloud to communicate and exchange data.
The API key is valid for only 4 hours and will expire automatically. Coordinate with your ProActive consultant to set up the API key in Spend Cloud.

Requesting and entering the API key in Spend Cloud goes as follows:

In the bunq app

  1. Log in to the bunq app.
  2. Go to the 'Profile' tab and then click on 'Security and settings.' Choose 'Developers,' scroll down, and select 'API keys.'
  3. Confirm that the API key is requested for the business account.
  4. Click on the 'plus' icon and follow the steps. After the last step, the key will be generated. Select it to view and share the key, for example, via email or WhatsApp.
  5. You can share the API key with your ProActive consultant or enter it in Spend Cloud yourself. Coordinate this with your consultant.
In Spend Cloud (if you are setting up the API key yourself)

  1. Go to your Spend Cloud environment and log in as usual.
  2. Then go to Application Management / General / Administrations.
  3. Find the administration for which you want to set the key and click on 'Edit.'
  4. Look for the 'bunq API key' field. Enter the key here and click 'Save.' For security reasons, the key is not displayed in Spend Cloud. You can only view it in the bunq app.
  5. Go to Application Management / Cash & Card / Card Management. Click on 'Synchronize.'
Spend Cloud now has a connection with bunq based on the key. The integration is complete. Any further steps can be discussed with your Visma|ProActive consultant.

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