What payment system to choose for a startup

It is relevant to open a payment system account for a startup in 2021, because it will allow receiving funds from customers online. There is currently a large number of offers in the market from different banks for online acquiring. The cost of services is on average about 2-3% of the amount of payment.

Pros and cons of using payment systems

There are several advantages of using payment systems. There is a possibility to open an account and start working in a short period of time. It can be more difficult to open an account at a bank.

Other pros:

• Growth of the target audience from different countries;
• Increase in the speed of funds transfer;
• Reduction of transaction costs;
• Opportunity to choose an advantageous currency conversion rate;
• A multicurrency account.

However, opening an account in the payment system has some disadvantages. If any mistake is detected, there is a high probability to block the account; afterward it is difficult to restore it. Moreover, the functionality of some payment systems is limited. Some payment systems are specialized only in a particular region.

What payment system to choose?

Before you open an account with a payment system, you should determine the payment gateway to be supported and transaction fees of the chosen system. You will also need to clarify whether the payment methods used by the customers are supported and, if there are hidden payments. To register an account with a payment system, contact our experts at IT-OFFSHORE.

Cyprus Payment System

Opening an account in the Cyprus payment system can be done remotely or in person. It is possible to get access to the usual bank services. An account will be created with a personal IBAN. European companies from other jurisdictions, including offshore, can create an account.

To open an account a package of documents and an interview will be required. Beneficiaries with 10% or more of ownership must provide a passport and proof of address of residence, legitimacy of origin of funds and a letter of recommendation. The most popular payment systems include unlimint (a licensed European financial institution), as well as ecommbx (offers a fully compatible money transfer network).

Hong Kong Payment System

Opening an account in the Hong Kong payment system is relevant because the territory is attractive for businesspeople. To work successfully with partners from China, it is possible to open an account in the territory. Since it is difficult to register an account with a bank, it is possible to use a payment system.

It works with most varieties of companies. Accounts can be opened for firms with limited liability, as well as sole proprietorships, partnerships. Directors and shareholders do not need to be residents. You can open an account with STATRYS - it is a payment system (licensed financial institution, especially relevant to companies operating in Asia). An alternative is to register with the Neat payment system.

Lithuanian payment system

It is possible to open an account in the Lithuanian payment system remotely. This service is available for companies from offshore territories. To register an account, it is required to provide an application form and a list of prospective senders, recipients, as well as corporate documentation, data on the directors, beneficiaries and shareholders.

Paysera is an online payment system. It provides services in more than 180 countries. VIALET is a European payment system that was registered in Lithuania at the end of 2017.