Bank account and personal information requirements for using Shopify Payments in Lithuania

Before you can use Shopify Payments in Lithuania, you need to understand the bank account requirements and personal information requirements.

These requirements are in place to comply with regulations and prevent financial crimes. In this article, you can find information on requirements when using Shopify Payments, the types of documents accepted, and guidance on ensuring that your documentation meets the necessary criteria.

Overview of requirements for Shopify Payments in Lithuania

Review the following requirements for using Shopify Payments in Lithuania:

Eligible business types: Certain types of businesses and services aren't permitted to use Shopify Payments. To determine whether your business is eligible, refer to the list of prohibited business types for Lithuania, that's outlined in the Shopify Payments Terms of Service (TOS).
Bank Account Requirements: Your bank account must meet the following requirements before you can connect it to Shopify Payments:
- The bank account is with an EU or Lithuania-based bank in EUR.
- The bank account is eligible for SEPA transfers, and can accept debits.
- The bank account has an International Bank Account Number (IBAN) that starts with the following letters: AT, BE, CH, DE, DK, EE, ES, FI, FR, GB, GI, GR, HR, HU, IE, IT, LT, LU, LV, MT, NL, NO, PL, PT, RO, SE.
Personal Information requirements: To comply with regulatory requirements and prevent financial crimes, you must provide information about yourself and your business. This includes details about the individual creating the Shopify Payments account, the associated business, and the individuals who own or control the business. Ensure that your documentation is clear, correct, up-to-date, and free of errors or spelling mistakes.

Purpose of collecting personal information

The collection of personal information is necessary to identify merchants using Shopify Payments and to comply with regulatory requirements. This helps prevent money laundering, terrorist financing, and other financial crimes. As regulations evolve, Shopify and its partners might request additional information from you to ensure compliance. These reviews can happen at any time during the lifespan of your Shopify Payments account.

Required information

The personal information that Shopify is required to collect varies from country to country. In the case of Lithuania, details of the following individuals or business entities are required:

The individual creating the Shopify Payments account, including personal tax information.
The business associated with the Shopify Payments account, including company tax information.
The individuals who ultimately own or control the business, including the business owner or a senior executive with legal signing authority.

Acceptable document types

To help with the verification process, you need to provide certain documents to validate your personal information and in some cases your business information. The following document types are acceptable for individuals and businesses in Lithuania.

Identity documents

When submitting identity documents, they must include your full legal name, date of birth (DOB), and your photo. The following are the accepted address documents when using Shopify Payments in Lithuania:

Pasas (Passport)
Asmens tapatybės kortelė (Identity Card)
Vairuotojo pažymėjimas (Driver’s License)

Address documents

When submitting address documents, they must include your full legal name, the personal address that you add to your Shopify Payments profile, and, if stated, be dated within the accepted date range. The following are the accepted address documents when using Shopify Payments in Lithuania:

Komunalinių mokesčių sąskaita (Utility bill)
Išrašas iš finansų institucijos (Statement from a financial institution)
Vyriausybės institucijos laiškas (Letter issued from a government institution)

Company or entity documents

When submitting company or entity documents, they must include the full company legal entity name that matches the entity name that you add to your Shopify Payments profile, tax ID from your local tax authority, and the company address that matches the address you add your Shopify Payments profile. The following are the accepted business documents when using Shopify Payments in Lithuania:

PVM mokėtojo registracija (VAT Registration)
Lietuvos Respublikos juridinių asmenų registro išplėstinis išrašas (Extract from the register of entities)
Registravimo pažymėjimas (Registration certificate)

Ensuring documentation compliance

When providing your documents, you need to ensure that they meet the necessary criteria. Use the following guidelines to ensure compliance:

Accuracy and validity: Ensure that the information on your documents is correct and valid.
Clarity and legibility: Make sure that your documents are clear and large enough to read.
Completeness: Provide all necessary details and ensure that all information is visible. If a document has been cropped, then ensure all important information remains visible in the frame.
Consistency: Ensure that the information on your documents matches the information provided during the account setup process.