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Why is a business bank account required for iDEAL?

Last changed: Tue, 3 Jan, 2017 at 2:53 PM

The use of a business bank account minimises the risk for consumers. This consumer protection is necessary for the following reasons:

  1. iDEAL is a guaranteed advance payment to the webshop (with subsequent delivery).
  2. Online purchasers do not have the consumer protection offered by the EU Consumer Rights Directive when trading with a private bank account.

When opening a business account, the bank applies more stringent requirements than it does for a private account. In addition, banks provide continuous monitoring and reviews of business accounts and the transactions of participants/clients.