Since it arrived in 2016, Bizum has marked a before and after in our lives and “I make you a bizum” no longer sounds strange to us. This instant mobile payment system is an alternative to traditional forms of payment, which makes it one of the most widely used services for sending money.
If you are a self-employed worker or company and want to start charging and paying for your projects through Bizum, it is important that you know how it works and what its advantages and limitations are.
A service for individuals and freelancers?
Bizum is planned as a payment service between individuals. As explained in its FAQ section “the use of Bizum to send or request money from one mobile number to another is a service for individuals; our solution for freelancers is based on the e-commerce service . If you have an e-commerce, you can now start receiving payments from your customers with Bizum. You must talk to your bank to contract it, since it is a different service from sending money between individuals. The user will accept payments as he makes payments in electronic commerce with Bizum» .
Therefore, if you are self-employed and want to start charging and paying for your projects through Bizum, you can use Bizum as a freelancer as long as you declare the income received as a sale or service and include it in the corresponding VAT and personal income tax return. .
Banks have the obligation to provide the Tax Agency with information on any movement that exceeds the limits set by law (transfers, deposits or withdrawals of money that exceed 3,000 euros or that are carried out repetitively to prevent tax fraud and money laundering). For this, the Tax Agency has set a maximum of 60 operations per bank account through Bizum per month to fight against the underground economy.
Bizum for companies and freelancers
In the case of the self-employed and companies, the rules of the game are very different: Bizum has a special service for businesses. To activate it, contact your bank and register as a company. By doing so, you will be assigned a virtual POS , and you will now be able to operate in the same way as online stores.
The professional will have to take into account the income received by this means in their VAT, Personal Income Tax or Corporate Tax returns. Some of the limits that individuals have with Bizum can be extended when registering as a company in the service. Others, however, remain, such as, for example, the maximum amount of money you can receive per day, which is only 2,000 euros, whether you are an individual or self-employed.