14 Things You Always Wanted to Know About Penta

Tom
Tom March 2022 Content Creator 8 min

Table of contents

Curiosity is a natural part of the human condition and this is doubly true where your business transactions and finances are concerned. When you sign up with a new banking service provider or you’re shopping around for the right one, you want to know a few things: What exactly are you getting into? Will you be safe? What is the registration process? No doubt many more questions spring to mind. 

Peruse these 14 common queries about Penta’s business banking service and satiate your natural inclination towards endless curiosity. Make the informed choice for your business banking needs. 

Is Penta a bank?

Penta does not have its own banking licence, which means we do not qualify as a bank.

However, our partner, Solarisbank AG, owns this licence and an API banking platform. Penta uses these resources to provide you with the banking services we offer.

Is Penta a subsidiary of Solarisbank?

No. Penta is a partner of Solarisbank AG, which provides us with the necessary banking licence and part of its technical infrastructure so that we can offer you your digital business account and the corresponding services for your daily business success.

Am I a customer of Solarisbank or Penta?

Basically, you are a customer of both and accept a contract with both companies when you open an account. However, we at Penta are your main contact for questions regarding your business account. Solarisbank provides us with a bank licence and parts of the infrastructure to provide the banking services, but remains neutral behind the curtain.

Is my Penta Business Account a regular business account?

Yes, your Penta Account works just like a normal business account. You are given a German IBAN, which is provided by our partner, Solarisbank AG. The only difference: Penta gives you maximum flexibility through the Web and Mobile App and adds useful services and integrations to your account, e.g. for your accounting.

Does each account have an individual IBAN?

Yes, every Penta Account has an individual German IBAN.

What are the requirements to open an account with Penta for a GmbH or UG in formation?

To open your Penta Account for a GmbH or UG in formation, you need to complete the registration process, verify yourself via our partner IDnow and the corresponding KYC process, answer the necessary security questions and submit the following documents:

  • Notarised, stamped, and signed memorandum of association (Musterprotokoll, Urkundenrolle, Gesellschaftsvertrag)
  • Signed list of shareholders with list of company shares

Additionally, the registered address of your GmbH or UG must be located in Germany in order to open an account with Penta.

After successfully opening an account, you need to submit a few important details within a certain period of time in order to keep your account operational.

  • Within 90 days: Proof of your company’s tax number and the tax identification numbers of all legal representatives and authorised persons
  • Within ten weeks: The extract from the commercial register with the entry of the GmbH or UG in the commercial register

If you do not submit the above documents and information within the required deadlines, we are legally obliged to freeze your account.

Why do I need to verify the login to my Penta Business Account?

The Payment Services Directive PSD2 requires users to use at least two-factor authentication (2FA) when banking online. Therefore, your login to Penta includes two of the following three factors with which you can identify yourself:

  • Knowledge: PIN or password
  • Possession: Smartphone or other secondary device
  • Inherence: Fingerprint, facial, or other bodily recognition

The authentication procedure is carried out using smsTAN or Device Binding. We will send you an SMS to the mobile phone number you provided. Simply enter the code in the text message within the next five minutes to continue with the login.

Alternatively, you can permanently connect your device to Penta in the settings of the Penta Mobile App.

If you experience any problems receiving your smsTAN or anything related to our two-factor authentication process, don’t hesitate to contact our customer support

Is my Penta Business Account secure?

Absolutely secure! The security of your deposits is our top priority. Since we work with Solarisbank, we are subject to the same strict regulations as traditional banks in Europe and are supervised by BaFin. This means that your company’s deposits are protected up to €100,000 via the European Security Fund.

Penta and Solarisbank AG use secure SSL encryption and have numerous internal monitoring, reporting and security procedures. Your bank details will not be passed on to unauthorised third parties or used for advertising purposes. We are prepared for emergencies and make regular backups of your data.

The aforementioned two-factor authentication makes the Penta Business Account even more secure for everyday use.

So that you always have an overview of what is happening on your business account, you will receive notifications for incoming, outgoing and failed payments conveniently via push notification. You can find the setting for this in the menu “Administration” in the tab “Notifications”. Check out our blog post for more tips on secure online banking.

No Penta Account yet? Discover our digital banking account tailored to your business needs.

Does Penta charge interest or fees for account balances?

Due to our partnership with Solarisbank AG, we are bound by their negative interest rates.

Since November 1st, 2020, Solarisbank charges a fee on customer deposits. However, this only applies to deposits exceeding €100,000 and explicitly refers to the account balance of your main account. If you have several company accounts, the same limit applies per company.

The current deposit fee is 0.5% per year on deposits exceeding €100,000. The fee is not paid on the total amount, but on the remaining amount above that.

If the Bundesbank changes the rate of the deposit fee, Solarisbank may adjust its deposit fee accordingly. This change may be an increase or decrease in the current amount.

Solarisbank’s deposit fee is calculated quarterly depending on the number of days your account balance exceeds the above amount. The deposit fee is automatically charged to your account and you will see it in your transactions, statements, and quarterly statement.

How do I withdraw cash from my Penta account?

Withdraw cash at ATMs worldwide with your Penta Card. Fees incurred and withdrawal amounts depend on which plan you choose when signing up for Penta: 

  • With the Starter plan, you have two free cash withdrawals per month worldwide
  • With the Comfort plan, you have three free cash withdrawals per month worldwide
  • With the Enterprise plan, you have nine free cash withdrawals per month worldwide

Additional cash withdrawals within the month cost €2.50 per withdrawal. All prices exclude VAT. 

How long do I have to wait before a transaction is visible in my account?

Outgoing payments are usually visible immediately in your Penta Account. Incoming payments can take up to two days. All transactions are always displayed chronologically on your account statements.

Incoming and outgoing transactions are governed by the European SEPA network and its guidelines, which state that transfers and direct debits to and from SEPA accounts must be posted within one banking day.

However, booking times depend on the respective banks, which means that a business day can be equivalent to two banking days. Nevertheless, most transactions will arrive on your Penta Account within one to two days.

Can I have payments called back and how does that work?

If you wish to recall unauthorised or incorrect payments, you have following options to do so:

  • You can recall SEPA direct debit payments for up to eight weeks without giving a reason
  • For Visa card payments, you have 90 days to initiate a chargeback procedure with Penta

The recall of a SEPA credit transfer is associated with a fee of €10 and success is not guaranteed, as the recipient of the transfer must agree to the recall. If the payee does not agree, you may have to take legal action to resolve the matter.

How does multi-user management work with Penta?

As a business owner, you may wish to allow multiple users (employees, colleagues) to your account. You can grant total access so that what is in your business account is transparent. Alternatively, you can define individual permissions, e.g.: 

Set individual payment limits per user and receive push notifications for each payment to keep track of all transactions – Penta’s expense management makes it possible.

You can also allow your accountant or finance team to check payments, download statements, and view account details.

I have a new mobile. How can I change my phone number?

The procedure is fairly simple if you still have access to your old phone number. In this case, proceed as follows:

  • Navigate to “Administration” in the Penta App
  • Click on “Edit” next to your current phone number and enter the new number
  • Then click on “Save” and confirm the new number with a smsTAN sent to your old mobile phone number

If you no longer have access to the old number, simply send us an email with the new mobile phone contract attached and we will take care of the rest.

More answers to your FAQs await

Hopefully this post has helped answer some of the burning questions you had about your Penta Business Banking Account. If you still have one or a few questions left unanswered, visit our Penta FAQ page and browse the topics until you find what you’re looking for. If the FAQ page fails to satisfy, contact our customer support team

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Smartphone and Mobile App

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