Account owners or users with the appropriate permissions (Super Admin) can add a bank account to receive settlements, or link an existing bank account to a specific store.
This article explains how to complete both actions.
Requirements
Before starting, ensure the following details are available:
Sort code
Account number
Account holder name
The bank account must be in the same country and local currency as the Teya merchant account.
For businesses managing multiple locations, it is possible to associate more than one bank account to receive settlements. Each location can be linked to a specific account according to where settlements should be received.
Bank account eligibility
The business type determines which kind of bank account can be linked:
Business type |
Eligibility |
| Sole Trader | A bank account in the account holder’s name or business name can be used, provided it can receive payouts and meets all requirements. |
| Organisation, Company or Incorporated Entity | The bank account must be held in the business’s legal name, matching the name registered with Teya. Personal accounts are not permitted. |
How to add a bank account
Open the Teya app;
Navigate to Explore;
Scroll down to Settlements & Accounts;
Click Destination Bank;
Select + Add New;
Enter the bank details (sort code and account number).
Once the details have been added, the account will go trough a verification process:
Instant verification occurs immediately once the account is authenticated with the bank.
Partial verification applies if the details are similar but not identical and can still attempt instant verification.
Manual verification is required if the details do not match. In this case, contact us through live chat by selecting Need help. Manual verification can take up to four working days to complete.
| Note: Settlements initiated before the new account is verified will continue to be paid to the previous bank account. Only future settlements will be sent to the new account once verification is complete. |
How to link a bank account to a store
When multiple stores are associated with a profile, it is possible to define which bank account will receive settlements for each one.
In the Teya app;
Navigate to Explore;
Scroll down to Settlements & Accounts;
Click Destination Bank;
Select the desired bank account for settlements;
Tap Link stores.
Choose the store(s) to connect and confirm the selection.
Each business location can have a different bank account associated to receive settlements.
FAQ: Additional Steps You May Need to Complete First
1. What should I do if my business structure has changed?
If your business structure has changed (e.g., moving from a Sole Trader to a Limited Company), you’ll need to update your business details.
Please contact us via Live Chat or through our support channel so we can make these updates for you.
2. Do I need to provide documents when changing bank accounts related to a loan?
Yes. If the change involves a loan-related bank account, you’ll need to share supporting documents.
You can send them to help@teya.com or submit them through our support channel.
We may request additional details or documentation depending on your situation.
3. What if I use Instant Settlements, do I need to adjust anything first?
If you use Instant Settlements with your Teya Business Account and want to switch your settlements to an external bank account, you’ll need to change your settlement frequency first.
Instant Settlements are only available through the Teya Business Account, so the frequency must be set to Everyday or Business Day before you update your bank details.