What is a pooled account? How payment firms hold customer money
By SendPay Business · · 2 min read
A pooled account is one bank account that holds money belonging to many customers at once. The bank sees one balance; the firm's own ledger records how much of it belongs to each customer.
How it works
- Customers pay money in, and it all lands in the same account.
- The firm's ledger credits each customer with their share.
- Payments out are taken from the pool and debited from that customer's ledger balance.
- The firm checks regularly that the pool matches the total of all customer balances.
Why firms use them
Opening a separate bank account for every customer is slow and costly. A pool, often with virtual account numbers so each customer can still be paid directly, lets a firm serve thousands of customers from a few accounts.
Keeping the money safe
In the UK, payment and e-money firms must safeguard customer money, which usually means keeping it in accounts separate from the firm's own money, so it can be returned to customers if the firm fails. Reconciling the pool against the ledger every day is how firms show the numbers add up.
Where SendPay fits
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.