What is a payment account?

Payment accounts are defined in the European Payment Services Directive (PSD 2 - Directive 2015/2366 of the European Parliament and of the Council of 25 November 2015 on Payment Services in the European internal market) as accounts opened in the books of a payment institution regulated by a regulatory authority (ACPR - Banque de France for payment institutions registered in France, such as Lemon Way for example).

Depending on the merchant activity type (marketPlace, crowdfunding platform, eCommerce, etc.), the acceptation of the merchant's Terms and Conditions (which include Lemon Way Terms of Services) generates the opening of a payment account in the name of the user. This payment account is used as a support to payments performed by the user on the merchant's platform.

Lemon Way payment accounts are divided into two categories:

MERCHANT PAYMENT ACCOUNT
This is your company - unique - payment account (also referred to as your SC payment account). Commissions you take are automatically deposited on this account; this is also where Lemon Way takes its own commissions on your transactions.
Topping up your merchant payment account by bank transfer is always free of Lemon Way commissions.

CLIENTS PAYMENT ACCOUNTS
These are the payment accounts of your clients, which can be payers, merchants, project holders or investors for example.

You can create client payment accounts (API <RegisterWallet> function or manual creation from the LW Back-Office); they can correspond to natural persons or corporations (companies/associations/self-employed, etc.).

Each client payment account is subject to Lemon Way KYC rules, and can be identified through its unique External ID, that can be used to distinguish between your clients (ex: external ID starting with PH- for project holders or with I- for investors).

External IDs are non-modifiable and should therefore be chosen with care (special characters as well as the underscore character are not authorized).

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