PayiO FAQ’s

 

Who can apply for an Account?

Limited Companies Registered in the UK,  Sole Traders and Partnerships

 

How long does it take to open an account?

Depending on the type of business account, opening time will vary from 1-5 days

 

What if I suspect that fraud has occurred on my Account?

Contact PayiO Immediately with information on 0330 043 1210 or email support@payio.co.uk

 

What are my Account limits?

 

Account Limits are as set out below;

SingleTransactionValue (out): £150,000

DailyTransactionVolume (out): 300

DailyTransactionValue (out): £2,000,000

WeeklyTransactionVolume (out) 1500

WeeklyTransactionValue (out) £10,000,000

 

What type of payments can I make?

All GBP payments sent from your account are made as Faster Payments.

 

Will you carry out credit checks or ID checks when I apply for an account for my Business? 

We will not carry out a credit check; however, we will carry out checks to verify your Business and UBO/Director identity.

Your documents will then be verified by our compliance team, who will then contact you when a decision has been made or if they require any further information from you.

Is there a charge for the account? 

Please check all our fees on your Pay iO Contract

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Can I go overdrawn? 

No, there is no overdraft facility with your account

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How is my personal information and privacy protected? 

We safeguard your information in accordance with our Privacy Policy and applicable law. Please see our privacy policy https://www.payio.co.uk/privacy/

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