Changing a Personal Account to Business Account

[bruncher]

I want to be able to accept card payments into what is currently a personal account. I'm guessing that the bank will insist that I have a business account. Is it conceivable that they will let me keep the same account number?

[Tedx]

As far as I can recall, if youre a limited company then you'll need an account for it. If your self employed, then I've know self employed people who use personal accounts. You just have to be meticulous in separating out the personal transactions from the business transactions.

Record keeping is everything.

[bruncher]

As far as I can recall, if youre a limited company then you'll need an account for it. If your self employed, then I've know self employed people who use personal accounts. You just have to be meticulous in separating out the personal transactions from the business transactions.

Record keeping is everything.

I do have separate accounts for different activities. My question is very narrow, about whether I would be able to keep the account number if the account was reclassified. You generally can't ask the bank a hypothetical question because they usually won't talk to you without 'going through security' to identify you. I don't want their attention until I have an idea of the likely outcome.

[Mike4]

I can't answer your question for sure but I'd say it is highly unlikely you'll be able to change the status of your personal account to "business". Banks seem to view the two types of account as completely different and are managed by different departments in different ways so I doubt they'd just arbitrarily swap one into the other type.

But to achieve your aim you could get an iZettle or PayPal mobile card reader. You apply on line and then you'll see if the site will accept your personal account number without having to speak to ANYONE!

Further info:
I am a old skool card merchant retailer with a proper card terminal like you see in restaurants rather than these newfangled iZettle things, and for that I had to open a specific card merchant bank account, which then deposits takings into my business current account. The reason you might want a proper card merchant account is to take "card not present" payments, e.g. by phone. My backup iZettle doesn't do this. Too much scope for fraud I guess.

[bruncher]

I can't answer your question for sure but I'd say it is highly unlikely you'll be able to change the status of your personal account to "business". Banks seem to view the two types of account as completely different and are managed by different departments in different ways so I doubt they'd just arbitrarily swap one into the other type.

But to achieve your aim you could get an iZettle or PayPal mobile card reader. You apply on line and then you'll see if the site will accept your personal account number without having to speak to ANYONE!

Further info:
I am a old skool card merchant retailer with a proper card terminal like you see in restaurants rather than these newfangled iZettle things, and for that I had to open a specific card merchant bank account, which then deposits takings into my business current account. The reason you might want a proper card merchant account is to take "card not present" payments, e.g. by phone. My backup iZettle doesn't do this. Too much scope for fraud I guess.

Hi Mike

Many thanks for this, iZettle / PayPal solution sounds good, as I have the personal account already linked with PayPal. I'd forgotten about PayPal since ebay stopped using them for processing payments.