4 minutes Managing Your Advance
Overview
Keeping your business information up-to-date ensures smooth repayments, timely communications, and regulatory compliance. This guide explains what details you can update yourself and what changes require contacting SAPI directly.
Contact Information Updates
To update your business contact details:
Email: [email protected]
Phone: +44 20 3868 4990
What you can update:
- Email address (for statements and notifications)
- Phone number
- Business trading address
What you'll need:
- Your SAPI account reference number
- New contact details
- Reason for change
Processing time: Updates typically completed within 1-2 business days
Important: Update your email before the old one becomes inaccessible (e.g., if an employee leaves).
Bank Account Details
How to update:
1. Call +44 20 3868 4990 during business hours
2. Provide:
- Your SAPI account number
- New bank account details (sort code, account number)
- Reason for change
3. Complete identity verification
4. Sign new Direct Debit mandate via email link
5. Allow 3-5 business days for update to take effect
Important: Notify SAPI before closing your old bank account. If Direct Debit fails due to account closure without notice, fees may apply.
Payment Processor Changes
Scenario: You're changing your PSP, switching from Stripe to SumUp for instance, or adding a new payment provider.
How to update:
1. Email [email protected] BEFORE making the change
2. Provide:
- Current payment processor
- New payment processor
- Planned date of change
3. SAPI will send you instruction to update your crediting account with the new PSP.
4. Connect your new payment provider
5. Confirm with SAPI once connected
Timeline: Allow 5 business days before/after changing processors to ensure seamless transition.
Business Name or Legal Structure
Scenarios:
- Limited company name change (via Companies House)
- Sole trader changing to limited company (incorporation)
- Partnership changes (adding/removing partners)
- Business acquisition or merger
Why contact SAPI: These changes affect your legal agreement and may require contract amendments or additional due diligence.
How to update:
1. Email [email protected] or call +44 20 3868 4990
2. Provide:
- Details of the change
- Effective date
- Supporting documentation:
- Companies House confirmation (for company changes)
- Certificate of Incorporation (for new limited companies)
- Partnership agreement (for partnerships)
3. SAPI will review and may require:
- New contract signing
- Additional KYC/AML checks
- Director/owner verification
Timeline: 5-10 business days for simple changes, longer for complex restructuring.
Director or Owner Changes
Scenarios:
- New director appointed
- Existing director removed
- Ownership transfer (shares sold/transferred)
- Beneficial owner changes
Why contact SAPI: SAPI must verify new owners/directors for regulatory compliance (KYC/AML).
How to update:
1. Notify SAPI within 14 days of the change via [email protected]
2. Provide:
- Companies House confirmation of change
- New director/owner details (full name, DOB, address)
- Reason for change
3. New directors/owners must complete:
- Identity verification (ID and proof of address)
- KYC questionnaire
4. SAPI reviews and updates your account records
Timeline: 7-10 business days for verification and approval.
Significant Business Changes to Report
Business Sale or Acquisition
If your business is being sold or acquired:
- Notify SAPI immediately
- Outstanding balance typically must be settled before ownership transfer
Insolvency, Administration, or Liquidation
If your business enters insolvency proceedings:
- Legal obligation: You must notify SAPI immediately
- Contact +44 20 3868 4990 and [email protected]
- Provide details of insolvency practitioner
- Outstanding balance becomes due immediately
- Work with SAPI's collections team on resolution
Trading Cessation
If you stop trading (temporarily or permanently):
- Notify SAPI immediately
- Outstanding balance remains due
- Collections will pause if no sales, but debt doesn't disappear
- Discuss repayment plan with SAPI's team
Major Business Model Changes
Significant changes to how you operate (e.g., shifting from retail to wholesale, closing physical stores to go online-only):
- Notify SAPI via [email protected]
- May affect repayment collections (especially if payment processing changes)
- SAPI may need to reassess risk and terms
Identity and Security Verification
When making sensitive changes (bank account, ownership, etc.), SAPI verifies your identity through:
Security Questions
Based on information provided in your original application:
- Date of birth
- Business registration number
- Recent transaction amounts
- Original advance amount
Document Verification
You may need to provide:
- Photo ID (passport or driving licence)
- Proof of address (dated within 3 months)
- Bank statements showing new account details
Important: SAPI will never ask for your full bank account passwords or PINs. If someone claiming to be SAPI requests sensitive security information, do not provide it and report it to [email protected] or +44 20 3868 4990.
Updating After Repayment
After you've fully repaid your advance, your account remains on file for:
- Future advance applications (faster processing for returning customers)
- Record retention (regulatory requirement)
- Access to historical statements and tax documents
To update post-repayment details:
- Email [email protected]
To request account closure: Contact [email protected] with your account reference. Note that we're required to retain certain data for regulatory purposes.
Frequently Asked Questions
Q: I'm moving house (personal address). Do I need to update SAPI?
A: If you're a sole trader using your home address for business, yes—contact [email protected] to update. If you're a limited company with a separate registered address, you should still update your personal address with SAPI so we can reach you if needed.
Q: My business bank account was closed by my bank—what do I do?
A: Contact SAPI immediately at +44 20 3868 4990. You'll need to provide new bank details urgently to avoid failed Direct Debit payments and arrears fees.
Q: Can I update my details by email, or do I have to call?
A: For non-sensitive updates, email [email protected] is fine. For bank account or ownership changes, calling +44 20 3868 4990 is faster for identity verification.
Q: How long does it take for changes to reflect in my account?
A: Portal updates (email, phone, notifications) are instant. Bank account changes take 3-5 business days. Legal structure changes take 5-10 business days.
Q: What happens if I don't notify SAPI of a director change?
A: Failure to notify SAPI of material changes may breach your agreement terms and could lead to immediate repayment demands or other enforcement action.
Q: Can I change my repayment percentage?
A: Repayment percentages are based on affordability assessments. If your circumstances have changed significantly (e.g., sales declined and you can't afford current percentage), contact [email protected] to discuss forbearance or restructuring.
Need Help?
Email: [email protected]
Phone: +44 20 3868 4990
Business Hours: Monday-Friday, 9am-5pm GMT