Advantages and disadvantages of servicing in international payment systems
There are some peculiarities of opening an account with international payment systems. Payment Systems are becoming more and more popular. Their services are considered an alternative to the banking product. It is possible to make payments remotely without a personal visit to the financial organization.
Main advantages and disadvantages of payment systems
Before you open an account with a payment system in 2021, it is recommended to get acquainted with their main categories. It is possible to distinguish between international and regional, national Payment Systems. They can specialize only on work with individuals or companies, but there are also those that serve all clients. These systems also differ in the number of currencies.
Here is why it is worth opening an account with a payment system:
- An account can be created quickly;
- It is possible to make quick transactions all over the world;
- It is possible to make payments in different currencies;
- It is possible to save on conversions.
Most Payment Systems offer accounts in one or more currencies, international transfers and cards, and deposits. Some of them offer a credit facility. It is recommended to open the account for the companies, working with the contractors from abroad.
Corporate account opening in the international payment system is a beneficial alternative to banking services. The speed of service is quite high, and it is possible to use services remotely. It is also possible to choose the best tariffs and work with several currencies. Payment systems are loyal to non-residents, in contrast to many financial institutions. Safety of finances is ensured. The identification procedure is more simple.
Despite a large number of advantages, there are some disadvantages of using the systems. Some potential clients may have a negative attitude to the Payment Systems application. Currently, payment systems do not offer such a wide range of services as banks do.
Limits may be set on payments and other transactions. It is not impossible to block an account if a suspicious transaction is performed. Contact our specialists at IT-OFFSHORE to find the right option for you to create an account in a short period of time.
Top 5 International Payment Systems
There are several big payment systems that are well known, have a wide range of services and are reliable.
It is the international payment system that allows to transferring, withdrawing or exchanging funds from a wallet while maintaining confidentiality. It is often used as a way of deposit and withdrawal in investment projects, it is used by cryptocurrency exchanges and various services working online. It is possible to open a wallet in dollars, euros, and rubles.
Electronic Payment Systems allows clients to make payments for purchases and pay bills and accept transfers. PayPal operates in more than 200 countries, has over 200,000,000 users and works with 25 currencies. Depending on the region there are different conditions for use.
WebMoney is an international payment system with more than 40,000,000 clients. There are services in this system, with the help of which you can account and exchange funds, attract financing, and make secure transactions. Transactions are made instantly.
Master Card Incorporated
MasterCard is the international payment system, a transnational financial corporation, that united more than 20 thousand financial organizations in 210 countries. This corporation is actively working on the development and implementation of microprocessor card technologies and standards.
The international name of this company is JCB Co. This is one of the largest payment systems in Japan, among the top 10. It provides a wide range of services - you can make transactions with your bank account, pay for services in different countries of the world, buy goods online, etc.