Open an Account in a Payment System

Benefits of Opening an Account in a Payment System

Entrepreneurs operating abroad may face difficulties as banks often refuse to work with non-resident companies and individuals. Opening a bank account usually requires numerous documents, and even a flawless reputation does not guarantee approval. Therefore, careful preparation is essential, making payment systems an attractive alternative.

A payment system is a company that facilitates the exchange of funds between participants—both individuals and legal entities.

It provides financial services under a specific license, such as an Electronic Money Institution or another license that allows transferring money for third parties.

Although not a traditional bank, a payment system offers similar products:

• Business accounts for conducting payments;
• Integration with PayPal;
• e-commerce tools;
• Fast support and personal account manager;
• Services for high-risk clients and exotic jurisdictions;
• Issuance of virtual currency, etc.

Advantages of a Payment System Account for Clients

Opening a payment system account is usually easier than opening a bank account and can often be done remotely via video call without personal presence in a specific country.

Once your account is opened, you can:

• Obtain an international bank account number (IBAN) for your company;
• Manage your account online efficiently;
• Access cash via a card, e.g., Mastercard;
• Convert currencies at favorable rates.

Documents Required to Open a Payment System Account

Typically, corporate clients need to provide:

• Completed application forms;
• Color scan or photo of passport or ID, proof of address, brief biography;
• Corporate documents (company registration certificate, charter, list of directors and shareholders, etc.).

These are not exhaustive; the payment system may request additional documents at any stage. Failure to provide them will result in account denial.

Key Points When Opening a Payment System Account

Entrepreneurs should define the business specifics: main transaction currency, client and partner markets, risks, etc.

This information helps select the payment system that best suits your needs. Our lawyers can advise you on the most suitable options at any time.

Accounts are opened after application fees are paid and client verification is completed. Costs vary by payment system and over time; our managers provide up-to-date details. Our services are separate from the system’s fees.

Typically, no minimum deposit is required, but some systems may impose one depending on the client.

Uses of a Payment System Account

While most payment systems do not offer credit, account holders can access a range of financial tools to:

• Send and receive transfers with minimal fees;
• Pay for or receive payment for goods and services;
• Request expense reports;
• Pay salaries;
• Access business insurance;
• Invest funds for profit.

Another benefit is that account holder data is private and not disclosed to third parties. This makes payment system accounts attractive for entrepreneurs registered in offshore jurisdictions. Note that offshore companies typically use offshore payment systems.

Steps to Open a Payment System Account

• Step 1: Choose a payment system. Select a reliable system with suitable fees and experience in your business segment. Applications can be submitted to multiple systems to increase chances of success.
• Step 2: Prepare documents. Prepare corporate and personal documents and complete application forms accurately.
• Step 3: Submit application. Send forms and documents as required. Be ready to provide additional documents if requested. Some systems charge a fee for application review.
• Step 4: Verification. Usually online, requiring selfie and passport photo.
• Step 5: Successful registration. Access credentials and account details are provided. Activation may require a minimal deposit, which can include the account opening fee if applicable.

For detailed information, contact our managers by phone, email, or application form to speak with an expert promptly.