Setting up Payment System Accounts: Pros and Cons

Traditional banks have multiple requirements and conditions for account opening, and non-residents and companies incorporated in a grey or offshore zone may face additional challenges. This is the reason why the market now has an alternative – payment institutions.

Payment systems commonly mean payment institutions and we will use this term further on. This article will cover whether it is worth setting up an account with a payment system and how to open a payment system account.

What are payment systems?

Payment systems are companies licensed to provide financial services. They enable online payments, and if you intend to offer services worldwide, a payment system account is a perfect solution.

Why set up a payment system account

The process of account opening with international banks is fraught with many difficulties and takes several months. We advise you consider payment systems.

Main advantages of payment system accounts:

• Quick account opening
• Minimum documents required
• Option to set up the account from anywhere in the world
• No attendance in person required
• Transactions take significantly less time than bank transfers
• Low fees

SBSB International Law Firm offers services for account opening with payment systems. Our experienced lawyers will be happy to give advice and help set up your payment system account.

How does one open a payment system account?

As a rule, the process is quite easy and involves the following steps:

1. Fill an online form or questionnaire.
2. Send the required scanned documents (incorporation documents, director and beneficiary documents).
3. Pass the KYC process. Please note that payment systems have a much simpler process than the traditional banks.
4. In some instances you will need to be identified (i.e. a video conversation with payment system representatives).

Setting up a payment system account is much quicker, effective and simpler than in the usual bank. As for this account’s drawbacks, one should remember that transactions require Internet connection.

SBSB specialists have extensive experience in opening accounts with payment systems. We will help you choose a payment system that best suits your business. Still having doubts whether a payment system account is right for you or in need of more information? Get in touch with us via our Telegram chat for a free consultation.