Simple Answers to the 10 Most Frequently Asked Questions
The world of banking is extremely diverse and complex. Digitalisation enables product innovations and new types of opportunities, but also makes for greater complexity. Also, regulatory requirements affect the configuration of the offer and the processes provided. Even though our mission at Penta is to make business banking as simple, intuitive and fast as possible, we also experience that every now and then there are more and more questions.
We are happy to exchange ideas with you and will answer all your questions with great care. Our support team is at your disposal with a lot of expertise and modern IT to offer you a fast and pleasant customer service. With eagle eyes, our Customer Relationship Management team has spotted ten questions that have been asked particularly in the last few months. We would like to answer these most frequently asked questions again here. We are sure that there is something new here that will catch your interest.
1. When Will the Connection between Penta and finAPI Work?
finAPI is a sophisticated banking interface that allows for fast and secure exchange of account information. With Penta, you benefit in particular from linking your business account with your accounting software. For many accounting tools we already offer the connection via the finAPI interface. However, we are working hard on the connection of further accounting tools. We keep you up to date.
2. When Will the DATEV Direct Connection Be Available?
At the moment, it is not yet possible to connect your Penta account to DATEV. We are working on it and it will soon be possible to connect your account with DATEV Unternehmen online and DATEVconnect online. The connection will be available soon. We keep you posted.
3. Are You Offering Credit Cards or Debit Cards?
The Penta card is a VISA debit card, which can be used to make payments as long as there are sufficient funds in the account. While debit cards offer the same payment and withdrawal features as a credit card, they only work on a deposit basis with no credit card limit. Penta only offers the VISA debit card and not credit or EC cards.
4. Where Can I Download My Invoices for the Account Maintenance Fees?
All invoices can be downloaded by the account administrator (managing director) in the menu area “Administration” – “subscription”. The best way to do this is to use the Google Chrome browser, as our web app is optimized for it. Additional users without admin rights can view invoices in the menu area “Transactions” and download the invoice. After successful debiting, the invoice is automatically added to the transaction. On our FAQ- page here you can find more information and you can also find a video about this function.
5. Why Is the Company Name not Displayed to Recipients for Sole Proprietors or Freelancers?
The Industrie- und Handelskammer (IHK) recommend that the legal form sole proprietors (Einzelunternehmen) and as a freelancer should appear with the first and last name, even if there is no legal obligation to do so. For this reason, in case of doubt, it is not the company name but your first and last name that will appear with your recipients.
6. Why Are Internal Transactions Between Main and Sub-Accounts not Executed Immediately?
Unfortunately, we do not support instant transfers. Since a transfer between the main and sub-accounts is also a transaction between accounts with different IBANs, this is not possible in real time even internally.
7. Why Are Transactions from Today not Shown on My Account Statement?
Transactions are always shown in the account statement with one day delay.
8. Why Does Penta Need all the Answers to these Various Compliance Questions in the Onboarding Process?
The questions that we ask you during the onboarding process are essential for us at Penta and for our partner bank solarisBank for the verification of your company. This allows us to ensure a smooth process of future incoming and outgoing payments. We assure you that we keep the number of questions as low as possible and that they are required for legal and regulatory reasons.
9. Can I Use the Bank Account Immediately if I Open an Account for My UG i.G. or GmbH i.G.?
Yes, as soon as the company verification is done on our site and all legal representatives of the company have completed the personal video identification via IDnow. After that you can immediately start using your Penta account in full and transfer the share capital.
10. Can I Open a Penta Account even if My Company Is not Located in Germany?
Penta currently only offers an account to companies that have a business address in Germany. If you have multiple business addresses, please use the German address where your company is registered. You can also open a bank account if you want to start a business in Germany and pay in your share capital. An overview of possible legal forms can be found here. You can have a residence in Germany or abroad.
We hope that we could bring some light into the darkness. Of course our support team is looking forward to all your further questions or new ideas. Contact us by mail, phone or ask your question in the Penta Slack Community. You can find an overview of all contact options here. We also answer many other questions in our Help Center.
Our Help Center for all your questions
We are happy to help you with your questions and offer you solutions for any challenges. Because only together with you, we can develop the ideal business banking for your company.