Payment services in Banqup streamline how you pay suppliers and get paid by customer, all from one central platform.
What you get with Payments
Get paid faster
When you send invoices via email (alongside Peppol), Banqup automatically includes a "Pay now" button and a QR code. Customers can pay instantly with little effort through their preferred payment method like Bancontact, credit cards, or via their bank.
Pay multiple invoices in a single transaction
Select several invoices from different suppliers and pay them all at once in a single transaction. You can also make payments from anywhere thanks to the mobile app.
Automatic reconciliation
When you pay or get paid through Banqup, the invoice status updates automatically. No more manual tracking or checking bank statements to confirm which invoices are paid.
You also get detailed transaction reports (similar to CODA files) that include complete payment references, counterparty details, and transaction summaries for easy accounting reconciliation.
With Payments, you reduce administrative work. No need to log into your bank accounts to see if you've received payments, Banqup does it for you and updates the status of your invoices automatically.
How to add Payments to to your subscription
Payment services are available as part of the Optimum plan.
Step 1: Upgrade to the Optimum plan
If you're already on the Optimum plan, you can skip this step.
Click your business name (top-right corner).
Select Settings.
Click Subscription.
Click Upgrade subscription.
Select the Optimum plan and select the number of documents per year you need.
Review your payment method.
Tick the box to acknowledge that it's a recurring subscription with automatic payments.
Click Continue.
Your new plan activates immediately with pro-rated pricing for the remaining days in your billing cycle.
Step 2: Complete the verification (KYC)
Before you can use payment services, you need to complete a one-time verification process. This is required by financial regulations to ensure secure payment processing.
What you'll need:
You'll need proof of incorporation for your company, personal details and ID documents of the company's legal representatives and UBOs, and one signature from a legal representative.
If you are the legal representative, you can sign directly during onboarding. If not, you can send a signature invitation to the relevant person with a single click.
Verification steps:
Go to Payments. (If the app is not installed in your space yet, read here how to install it.)
Click Finish onboarding
Follow the on-screen instructions to:
Verify your business identity
Upload required documentation
Provide information about legal representatives and UBOs
Collect digital signatures from legal representatives
Verification timeline: Once submitted, verification typically takes up to two business days. You'll receive an email confirmation when your verification is approved.
Step 3: What you can do after verification is approved
Once your verification is approved, you can reap the many benefits of Payments. Here's some suggested reading to get familiar with Payments:
FAQ
How long does verification take?
Once you've submitted your verification request with all required documents, it typically takes up to two business days to complete.
Can I start using Banqup before completing the payments verification?
Yes! You can use Banqup to manage invoices and documents immediately. Payment services become available only after verification is complete.
Do I need to complete verification again if I have multiple spaces?
Verification is done per legal entity. If your different spaces are subsidiaries under the same legal entity, you won't need to verify again. If they're different legal entities, each needs its own verification.
What's the difference between Banqup Business Account and a linked bank account?
Your Banqup Business Account is a dedicated payment account provided with Payments. Linked bank accounts are your existing external bank accounts that you connect to Banqup for additional payment flexibility. You can pay from either type of account.
Can I pay multiple invoices at once?
Yes. You can select multiple invoices from different suppliers and pay them all in a single transaction. When paying with a linked bank account, the payment is processed through your Banqup Business Account to enable the bulk distribution.
Are payment links secure?
Yes. Payment links use bank-level encryption and fraud protection. All transactions meet regulatory requirements for digital payments, and payment confirmations are automatically verified and processed.
Will customers still be able to pay me if they don't use the payment link?
Absolutely. Payment links are an additional convenience option. Customers can still pay through whatever methods you normally accept (bank transfer, cash, check, etc.).
What payment methods can customers use?
Customers can pay using Bancontact, iDEAL, credit/debit cards, or direct bank transfers through their bank's portal.
Does adding payment services change my monthly subscription cost?
Payment services are included in the Optimum plan. Check your subscription settings to see pricing details for your specific situation.
Can I remove payment services later if I don't need them?
Yes, you can downgrade your plan at any time. Changes take effect at your next renewal date.
What are Enriched Movement Reports?
Enriched Movement Reports are detailed transaction files that include complete information about every transaction in your payment accounts. They're similar to CODA files and can be imported into accounting software for reconciliation.
Do I need to manually mark invoices as paid?
No. When you pay invoices through Banqup or when customers pay through payment links/QR codes, the invoice status updates automatically.