Bank account/trading names

[Newbebe]

Hi,

If we have a bank account of lets say FASHIONHOUSE TRADING and then we trade with business name of Funkywarehouse and under that Fashion House we'll have other sections ie: babyfashion, womensfashion and so on (which we will call divisions of Funkywarehouse). Is it possible to make all purchases payable to just Funkywarehouse?

How about when we accept credit card payment from one of our online shop of Babyfashion or womenfashion, the processing company will state that the payment is made to FASHIONHOUSETRADING because that's the only business account we have.

Hope that makes sense. Just a little confuse, it will make it easier for us to do our accounts if we post each payments to corresponding business rather than just to one account then we won't know wheather that purchase is for Fashion House or Babyfashion.

Thank you in advance.

 

[gary]

Yes, you can have a separate company name and trading names, and have all cheques etc made out to the company name. Lots of companies do this. If you want to accept payments in the trading names, all you need to do (as far as I am aware) is inform your bank of your trading names so they know to accept cheques made out to those names.

Gary

 

[Newbebe]

Thank you for your response. I have informed them guess I'll have to write and explain it all.

Just one more thing, how about if you have an online store, do you need to inform customers that your payment for this ABC shop will be made to WhateverTrading, because of course there is only one business account and when you register for online merchant that's the account they register you with.

Many thanks.

 

[gary]

For an online shop, I would recommend making it very clear what name is going to appear on their credit card statement or you'll get a lot of chargebacks from people who don't recognise the name. In some cases you can also add a description of the purchase which helps.

Gary