If your property changes bank accounts or ownership, you must update your RaccoonPay details.

Please note that updating the billing details in your subscription plan does not update your RaccoonPay payout information. To change where payouts are sent, you must follow the steps outlined in this article.

The process differs depending on whether you are updating bank details for the same company or transferring ownership of the business. This article explains both scenarios and what actions are required.

Before Changing Ownership

If ownership is changing, the current and new owners should first agree on:

• The date when payouts to the current owner should stop

• The date when payouts to the new owner should begin

This ensures a smooth transition and avoids payouts being sent to the wrong bank account. 

Important: RoomRaccoon is not liable for this.

Once the current and new owners have agreed upon the above, let us know through the in-app chat, so we can put the payouts on hold. Keep in mind however that holding the payouts does not stop payments from coming in until the change of ownership documentation starts. 

1. Changing Bank Details Only

Please note: this action does not stop payments from coming in, it only affects payouts. 

This applies when:

• The company/legal entity remains the same

• Only the bank account (IBAN) used for payouts changes

How to Update Your Bank Details

You can update your payout information through the RaccoonPay self-onboarding process in your RoomRaccoon account. 

Go to Payments > Onboarding & Settings > click on the Update button in the relevant section. 

You have two options when updating your bank account.

Option A: Add a New Payout Account (Recommended)

1. Add the new bank account in the Payout Details section.

2. Wait for the new account to be verified.

3. Once verified, remove the old bank account.

This option allows payouts to continue going to the existing verified account until the new one is fully approved.

Option B: Replace the Existing Bank Account

You can also edit the existing payout account and replace the IBAN.

Important to know:

• The account will become unverified immediately

• Payouts will be paused until the new bank account is verified

This option is best if payouts should no longer go to the old bank account.

Important Notes

• The new IBAN must belong to the same company or legal entity

• Verification requirements are the same as during the original RaccoonPay onboarding

• Payouts will resume once the bank account is successfully verified

2. Changing Business Ownership

If your property changes ownership, the RaccoonPay account must be updated with the new owner’s information.

How to Update Ownership Details

The new owner must complete the RaccoonPay onboarding process again and update all required business information.

Why the Existing Account Is Updated Instead of Creating a New One

The existing RaccoonPay account must be updated rather than creating a new one because it ensures continued access to:

• Stored payment cards

• Pending payouts

• Transaction history

• Chargeback dispute management

Creating a completely new account would prevent access to this data, however this is only available for new RoomRaccoon accounts; not an existing one. 

Important Notes

• Once the ownership update process begins, the account may temporarily become unverified

• During verification:

  • Payouts may be paused

  • Some payments may temporarily fail

• It is recommended to start the process only when all required documents are ready

The documentation required is the same as during the original RaccoonPay onboarding.

Need Help?

If you are planning to update your bank details or transfer ownership of your property, please let our team know so we can help streamline the process.