Opening banking /merchant accounts
It is hard to find a company that operates with a bank account in its daily business. Due to enforcement of stricter rules on anti-money laundering and counter financing terrorism bank more often refuse to open accounts.
Legarithm team has repeatedly opened bank accounts in foreign jurisdictions …Более детально Account opening in a payment institution
Facing with the problems of opening a bank account and …Более детально Connecting a merchant account
A merchant account is a necessary element of any business …Более детально
Why do you need a merchant account?
If you plan to accept card payments on your website or sell service subscriptions to your customers, you will definitely need to connect a merchant account.
The merchant account allows you to connect to your site card payment methods and any other ones (Apple pay, Google pay, YandexMoney, Webmoney, Bitcoin, Ripple and others).
Popular Neteller, Paypal and Skrill are also providers of merchant accounts.
Before opening a merchant account, the merchant provider will obligatorily conduct a study of your business, type of activity, website and will definetily ask you to provide a package of necessary documents.
After receiving decision on compliance from a merchant provider, it will be necessary to integrate via API or SDK.
There are certain tariffs and requirements for each type of activity, but you should be aware that tariffs always depend on each specific case.
Legarithm experts know everything about connecting payments on the site, contact us if you want to accept payments on your site without unnecessary worries and difficulties.
What difficulties can arise when opening a corporate bank account?
Due to the fact that the EU countries have strengthened measures to combat money laundering and terrorist financing, it has become more difficult to open a bank account for businesses and individuals.
Banks are increasingly closing accounts due to suspicious transactions or lack of supporting documents. Typically, such documents are contracts and invoices.
In addition, banks increasingly began to request the presence of a substance. Substance is the presence of a real local office and local employees in the country of registration or operation. Today, most banks will refuse to consider documents for opening an account in the absence of any subordination.
The Legarithm team is ready to offer its services for building of a substance or economic presence in the country where it is planned to open a bank account.
Who should open an account in the payment system?
A payment system account is a good and sometimes the only alternative to a corporate bank account.
Some payment systems are willing to open corporate accounts for risky businesses related to gambling, adult content, and the Forex market. Such companies will be denied in opening an account in bank, but will be able to open an account in the payment system.
The account in the payment system will be of interest to companies that have no substance. At this stage, payment institutions generally do not require showing office lease or employee contracts.
Can you trust payment systems?
The choice of payment system should be approached carefully. There have been cases when the payment system blocked the accounts of all its users without the possibility of withdrawing money.
The Legarithm team works only with trusted payment institutions, we will protect you from fraudsters and find the best solutions with optimal rates.