Why we need your bank account details
Paid needs to link your bank account to allow future payments for the work you do to be securely paid to your account. As our systems are automated Paid needs to verify that your bank account is real and can accept GBP deposits.
Paid verifies your account by depositing 1p with a unique code as the transaction reference. Once the transaction has been made you can read the code from the reference either through your online bank or paper statement.
Paid will deposit 1p with a unique reference number
- Paid In - Paid LTD 23456 1p where 23456 is the unique code
- Bank verification payments are made twice daily
The deposit should be same day if your bank accepts faster payments see (http://www.fasterpayments.org.uk/directly-connected-participants)
- All your bank details are securely stored within Paid's platform