Most banks are not very fond of IT business. Especially if it deals with something imperceptible and incalculable: online consulting and web services, web development, etc. In such cases, VigoLex recommends the usage of payment service providers, such as: E-payments, Paysera, LeoPay, myPOS, Bilderlings, Cardpay, PayPal, Neteller, Skrill, Payoneer.
Payment service providers are magnificent alternative to banks. Opening accounts is easier, cheaper and much faster, and the services are practically the same
Benefits of payment service providers:
- personal IBAN – clients will not be hindered by transferring money to the payment system, since the account shall have the same number as in the bank;
- speed of transfers and crediting of funds – if counterparties work within the same PSP, then the transfer takes place instantly and without any commission;
- remote account opening within 1 – 10 days. Personal interview with a manager may be mandated, but VigoLex lawyers are eager to prepare a client for its completion;
- payment commission – the properly chosen PSP will save money. VigoLex financial consultants will help you to analyze where it is more convenient and cheaper to open and maintain an account;
- multicurrency – VigoLex specialists will advise you on which PSP offers favorable conversion rates and where you won’t have to pay a commission;
- issuance of Visa and MasterCard cards, which are replenished through the payment system and which work in EU and the USA;
- confidentiality – as of 2020 there are no obligations for PSPs to exchange information with financial monitoring of banking or tax authorities;
- ability to obtain loans from some PSPs. So far, only a few payment systems provide such a service and, if necessary, VigoLex will consult regarding such option;
- support of with high-risk businesses – online casinos, cryptocurrencies trading exchanges. It should be understood that when opening an account, the origin of funds and the client himself would be verified by the managers of the payment system. VigoLex lawyers will assist your completion of the checks and prepare the necessary documents.
Disadvantages and limitations of payment systems that the VigoLex team will help to solve at the account opening stage:
- limitations of multicurrency payment systems;
- European residency. Some payment systems have uniquely favorable terms of service, but they are available to only the EU residents. VigoLex shall advise on how to ensure effective residency and prepare all the necessary documents;
- absence of deposit insurance. VigoLex will help assess the risks of the selected PSP and provide an analysis of the most stable payment systems;
- special conditions regarding the amount of deposits and the minimum balance of funds on the account. VigoLex will analyze the conditions and requirements for the amounts of deposits and monitor the obligations regarding the minimum balance for comfortable business activity.