Before you can use SmartPay, your business needs to be TEG compliant. If you have not completed this process yet, learn how to get TEG compliant here. Once your business is TEG compliant, you'll need to complete the payment setup application to get started with SmartPay. This is done through Trustd, our compliance platform. Please log in to Trustd and click on the ‘Payment setup section’ to get started.
*** Note: It’s not currently possible to pay subcontractors through SmartPay. This is because to process payments between members on SmartPay each member needs to be verified by our compliance platform, Trustd. ***
Click here for a step-by-step guide on how to complete your payment set up application. In addition to the identity documents listed below, you’ll need to have the account number and sort code of the bank account where you will receive payments. Note this cannot be an external invoice factoring account.
When you have completed the payment setup section on Trustd and submitted your application, our team of Compliance Officers will review your documentation. This review may take up to 7 working days to complete. You may be asked to add or update your documentation until your application is approved. Once you’re approved, your business will be TEG compliant.
Documents for sole traders:
As part of your payment setup application, you will need to provide:
| Proof of Identity | Proof of Residential Address |
| UK/EU driver’s licence | Bank Statement dated within the last 3 months |
Documents for limited companies:
As part of your payment setup application, you'll need to provide:
| Proof of Identity | Proof of Residential Address |
| Passport | UK/EU driver’s licence |
| UK/EU driver’s licence | Bank Statement dated within the last 3 months |
Trustd will automatically identify the Ultimate Beneficial Owners (UBOs) who own 25% or more of the limited company. These UBOs will need to provide their documentation:
| Proof of Identity | Proof of Residential Address |
| Passport | UK/EU driver’s licence |
| UK/EU driver’s licence | Bank Statement dated within the last 3 months |
What's an Ultimate Beneficial Owner and why is this information required?
An Ultimate Beneficial Owner (UBO) is an individual that benefits from or is positively impacted by a company, even though they are not formally named as the owner of a business.
If your limited company has any UBOs that are different to the applicant director, Trustd will identify any Beneficial Owners for your company and ask you to complete their details during the application process.
Why are you collecting this information?
To offer our Members the ability to pay and get paid on the Exchange we want to ensure both Member companies as well as individual transactions are conducted in a secure and safe manner. We have adopted Know Your Customer (KYC) and Know Your Business (KYB) checks comparable to best practices applied in the financial services industry.
These checks include screening checks to verify that these individuals are not involved in any illicit activity, including but not limited to: Fraud, Money-Laundering, or the financing of terrorist activity.
For Sole Traders, checks are conducted on the business owner. For a Limited Company, checks are completed for any Directors or Beneficial Owners within the business.