For the last few years, a lot of new rules for banks have become effective, and conditions for the opening of bank accounts for the clients have become stricter.
That is why many clients are trying to find alternative solutions, which are payment systems.
The payment systems allow opening an account fast, and Know Your Client requirements are very loyal and easy to comply with.
Those of you who have already tried to open an account in big classic banks in Europe or Asia know that it may take a very long time, and eventually not every attempt is successful.
Often, it takes about 2-6 months for a bank to check client’s documents and business activity. Sometimes, banks check the information for 1-2 years (for example, in some banks of Singapore and Hong Kong).
The payment systems have a lot of advantages over the classic banks, specifically:
– transfers may be done in a few minutes;
– commissions are relatively low, and an opening of an account is cheap or free;
– multicurrency accounts;
– no requirement for minimum account balance;
– a minimal list of documents required.
Modern payment systems are well protected, and it means your money is safe.
Payment systems may offer a lot of convenient options for entrepreneurs:
– to accept payments for goods and services;
– to make payments to business partners;
– to pay salaries to your employees.
You do not need to collect a lot of documents for your company and beneficiaries. Usually, it is required to provide only a few documents in order to verify a company and its beneficiaries.
However, payment systems have a lot of disadvantages which should be taken into account.
Some payment systems may have security issues, and that is why choosing of a payment system for your business should be carried out with great seriousness.
It is important to take into account the jurisdiction where the company is registered, goodwill and many other factors.
The experts of the company LServices have a solid experience working with payment systems, and they can help you to prevent many mistakes, and save your time and money.
Please feel free to contact us, and we will be happy to assist you with an opening of an account in a payment system.