A Business account is for a Business for Business use whereas an Individual account is for an individual for personal use. There are additional differences between these accounts and an Agent account.

An Agent account can be used to register Individual and Business Accounts. The Agent Account will automatically receive commission on chargeable transactions performed by the individuals and Businesses registered by and assigned to the Agent account.

An Individual account where permitted may be used to submit an application for a Swifin account on behalf of friends, family or business associates and contacts. Individual and Business accounts are not intended for the purpose of earning agency revenue.

If you would like to earn Agency revenue then the Correct account to have is either Agent or Merchant.

There are some differences between an Agent account and a Merchant account.

An Agent Account can be used to register Individuals and Businesses whereas a Merchant account can be used to register Individuals, Businesses and Agents.

Merchants accounts can there earn T1 and T2 revenue whereas Agent accounts can only earn T1 revenue.

T1 revenue is agency revenue earned from Customers (Individuals and Businesses) registered directly. T2 revenue is agency revenue earned from Customers (Individuals and Businesses) registered indirectly. For example a Merchant would earn T2 revenue if the Merchant registers an Agent and the Customers registered by the Agent perform chargeable transactions.
Was this article helpful?
Cancel
Thank you!