Opening an account in the payment system

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Sirenko Mykola

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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Opening an account in the payment system

In a world where global financial transactions play a key role in business development, the convenience and efficiency of currency transactions are a necessity.

In the face of numerous challenges that non-residents face when opening traditional bank accounts, payment systems emerge as a reliable alternative that can meet the various financial needs of modern companies.

Carrying out economic activities by companies and individual entrepreneurs cannot be done without keeping an account for settlement transactions.

Today there is the procedure for non-residents to open a bank account has become increasingly difficult because the banks regard almost every non-resident company as a risky client, requiring them to prepare a significant package of documents and a long time to consider an application for opening a business account.

Then the question arises of finding the optimal solution — turning to payment systems for help.

Payment systems, being licensed financial institutions, provide a wide range of services designed to simplify currency transactions for their clients. They offer fast account opening, flexible terms for currency transactions, and the use of the latest financial technologies.

Turning to payment systems is suitable for anyone who does not want to spend a long time looking for a foreign bank whose policy allows opening an account for non-resident clients. It is worth considering payment systems even if you need an online account for settlement activities, you do not have the opportunity to visit bank branches to open accounts, or the banks have refused to cooperate with you.

This is especially true for businesses involved in international trade or e-commerce, where the speed and reliability of financial transactions are crucial.

Advantages of using payment systems include:

  • Availability and Convenience: Opening an account in the payment system is possible without a physical visit to the office, which is ideal for international customers. Also, most payment systems have a more budget option for opening an account compared to banks, and currency conversion is carried out at a favorable rate;
  • Support of High-Risk Business: Payment systems are often more loyal to high-risk segments that may be rejected by traditional banks. These types of economic activities include those that are carried out in industries prone to money laundering (casinos), characterized by a higher probability of regulatory problems, which is caused by a direct prohibition in legislation or its absence (cryptocurrency);
  • Technological innovations: Application of the latest technologies to ensure security, speed of transactions, and financial management.

The list of services of various payment systems related to account opening for business may differ significantly.

However, most of these financial companies offer such services as the provision of virtual and physical cards, and direct and indirect details of international IBAN accounts for making payments in USD, EUR, GBP, etc.

Law firm “Prikhodko and Partners” specializes in providing legal services for businesses planning to open an account in the payment system.

We offer a full range of services – from consultations and preparation of documents to legal support for concluding contracts and providing access to personal offices.

The standard procedure for opening an account in the payment system includes the following stages:

  1. Consultation with a lawyer to clarify the needs of the interested client and choose the appropriate payment system;
  2. Collection and submission of documents according to the list. Mandatory documents for opening an account in any payment system are a certificate of incorporation, charter, lease agreement of a legal address, business plan, documents confirming the current status of the company, its structure, register of beneficiaries, documents of participants, and directors (certifying the identity and confirm permanent residence);
  3. Support of the procedure for signing the agreement on cooperation with the payment system in case of approval of the application from the client;
  4. Getting access to your account(account management tools).

When choosing a payment system, it is important to consider not only the conditions and cost of services but also the reputation of the system, and the availability of additional services that can be useful for business. The chosen system should meet the specifics of your company’s activities, and ensure a high level of security and confidentiality.

Conclusion: Opening an account in the payment system is an important step for companies seeking to optimize their financial operations in the modern business environment.

This provides not only speed and convenience but also access to a variety of financial instruments that promote flexibility and business development.

With effective legal support, the process of opening an account can be greatly simplified, allowing businesses to get up and running quickly and focus on their core tasks.

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A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

Contact now
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