If you are wondering how to open a bank account for crypto business, then keep reading as we are going to deep dive into this. The majority of traditional banks and payment institutions, or EMIs, are not opening accounts for crypto-related businesses, and there is a fundamental reason for this: money laundering. Why Opening A Bank Account For Crypto Business Is So Hard? Compliance, compliance, and compliance. It is extremely hard or impossible to determine where the money is coming from. Essentially, any financial institution faces a money laundering risk.And such risks are not tolerable, especially for institutions that have top-tier banks as correspondents. The problem with crypto is that it is extremely hard to determine where the funds came from. Even if the crypto firm is paying regular employees or utilities, such as phone or internet bills, the money was earned in the crypto trading or exchange-related business where users could interact and trade in an undisclosed manner. Crypto-Friendly Banks and Payment Companies: What to Look For? There are a huge variety of digital banks and payment providers that serve high-risk industries, but only a small number of those will actually be looking to open accounts for crypto businesses. Still, there are some, and as such a selection is small, there are some things to pay attention to: Licence. It is critical that the firm be licenced on-shore, preferably within the EU. Named IBANs. In case some PSP approves your crypto business, find out if you are going to be provided with an IBAN . Currencies. The reason we put this as a separate checkpoint is because it is extremely hard to have payment and accounts supported in USD for crypto business, as the majority of USD correspondents are very strict in regards to such transactions. It would be really nice to have multiple currencies available, not just the euro. Fees. As the number of institutions willing to open an account for crypto-related business is so small, they are usually very aggressive with fees, as the high risk of banking such clients has to be justified. Even though there are ways to reduce such fees to a minimum, And we help clients negotiate that. Ongoing compliance. It is important to be aware of ongoing compliance with any payments company, as it may cause a lot of operational obstacles. There are a few things to ask before opening an account for crypto business so that there is an understanding of what ongoing compliance will look like: Transfer limits. What are the limits of money transfers before payments get stopped for a compliance check? Number of payments allowed. Is there a certain number of payments that can or cannot be processed within a certain period of time? Types of documents to support payments. Sooner or later, you will be asked by the payment company's compliance department to provide documents supporting the transfer. Be ready and have a clear understanding of what kind of documents will be accepted and how often this will be required. Monthly minimums. Will there be any minimums to adhere to? Or similar questions that might look important for your crypto business. Conclusion. All in all, it is not easy to open an account for crypto business. Therefore, it is important to have someone besides you who can help, and that is why we are ready to help you! Reach out to us and get a consultation from our expert team!

What is Payment Automation? If you've ever wondered how to automate your business payment with API connect, then keep reading on. Saving time has never been as important as it is today, and business owners are looking to save time, automate, and become more efficient. Such an approach leads to investing time where it pays off. Banking used to consume lots of time for business owners and their accountants. But times have changed. Nowadays, everyone can automate their payments via API connectivity, which is seamless and cheap. Plugging into a fully automated API that comprises an extensive suite of business-ready payment and reporting solutions And such solutions can be seamlessly integrated with existing back-office systems. Such automated payment systems can resolve many problems for businesses and their accounting departments. What Are the Benefits of Payments Automation? First of all, a stable payment system based on APIs will automate a lot of internal processes. Payments APIs from the best banking platforms are built on a suite of microservices to mitigate systematic risk and failures. Secondly, API is made seamless by an ERP or TMS that automates your management exposure with full reconciliation and real-time transaction reporting. On top of that, it is secure, as it was created by experienced developers and is securely encrypted, including restrictions and the latest authentication procedures. And finally, the payments company will support your integration in order to leverage the cutting-edge API technology with a whole suite of services. How Do I Get an Automated Payments System? We are collaborating with leading payments specialists across the globe that are helping SME’s, mid- to large-sized companies, and even other payment companies bank effortlessly via API connectivity. There are many companies from various industries and verticals that have already integrated via API technology and are leveraging payment networks to route thousands of payments daily. Reach out to us, and we will introduce you to top-tier banking service providers that will fit your business and help you save on payment costs. Our partner's payments API features include: Streamlined Processing - By connecting your business to an API-integrated suite of services, you can gain greater business payment control and collections with cost-effective foreign exchange conversion. Global payments reach - via API, you get access to a wide global payments network that is able to provide a complete cross-border pay-out solution. This enables your organisation to create payments in over 100 different currencies. Competitive rates - our partners are bank agnostic and have access to a variety of top-tier banks for their payment execution. Such a network is able to deliver more competitive rates and the best choice for payment routing. Automatic validation - a function that ensures all your payments are delivered on time by automating appropriate country rules. Our partners are aware of what information is needed to avoid payment returns. Compliance - The API connection allows you to keep up with the latest international legislation in order to ensure that all payments are never compromised. Conclusion Even though they can be easily automated with API connections, traditional banking and accounting still take a lot of time and work. In case you’re looking for multi-currency account services, we have a whole article on how to choose the best payments provider here .

If you are wondering how to open a bank account for a holding company, then keep reading. We are going to discuss the pros and cons of having a centralised multi-currency account for holding companies and separate accounts for holding companies. There are several factors to take into account, such as where the directors are based, transfer pricing, and different banks supporting different subsidiaries. Business Banking for Companies Owned by a Holding Company It is hard to open bank accounts for companies owned by the holding company. Regular banks are not keen to provide services to such corporate structures, and there are several reasons for that. For example, non-resident directors, or UBOs. Traditional banks usually require directors of the company to be residents of the country where the company is registered and operational. The appetite for risk among major financial institutions is often limited. While complex corporate structures pose risks and regulatory pressure, there are a few ways to reduce such risks, for example by having the same banking provider for the whole structure. Since one entity is onboarded by the bank or fintech, the rest should pass through compliance easier as the risk profile is already established within the compliance department. In addition, banks look at the business activities of the holding and its subsidiaries. It is much easier to open banking facilities when all entities are engaged in the same sector or business activity. Or are serving each other in the same industry with clear activity segregation (horizontal integration of businesses)? Moreover, if currency operations are centralised with the holding parent, transfer pricing kicks in and can cause extra layers of accounting. Quite often, it is more simple to have separate multi-currency accounts for holding owned companies. Practical Account Opening Steps for Holding Companies Before submitting your account opening application, you have to prepare it to be in line with what the bank is expecting from you. It helps if you are going to think like the bank thinks. Banks and fintechs want clarity and transparency in regards to the group or holding structure, source of funds, etc. You should prepare a clear and understandable organisation chart showcasing the links between companies and their ultimate beneficial owners. A detailed business activity description is especially needed, as from our consulting and work experience in banks, we know how badly compliance people want to understand the purpose of the account and source of payments. In addition, it is important to prepare some business activity-related invoices that can actually prove the business activity is legitimate and in line with what is being described. If holding companies are newly established, it is even more difficult. Banks do not want to touch newly formed holding companies. Digital banks and fintechs are very careful too. In our experience with clients, one trick that works is to submit an application for account opening with a traditional bank, and once the bank responds that the application has been received and is being reviewed, submit the same application to a fintech company, adding the bank's response. It shows that your company is pursuing traditional bank accounts and that fintech is not the last resort, which puts a lot of fintech companies off. It is also extremely important to justify non-resident directorships. It really helps if a parent or holding company opens a subsidiary directly as a 100% owner rather than with mixed ownership. This would signal the bank that you are just expanding the business in another country. Every instance is very different, as holdings are special corporate actors. We have helped multiple holding companies with account opening, and if you are looking for tips or help, do not hesitate to reach out to us for a free consultation or an introduction to favourable banking providers. Conclusion All in all, banks and FinTechs are very careful with holdings and holding companies. In the past few years, financial service providers have become more restrictive in regards to complex corporate structures; therefore, it is important to prepare the bank account opening application in a way that the banks want to see it. We can help you do exactly so; reach out to us for more information.

If you are wondering how to open a UK bank account as a non-resident seller on eBay, Amazon, or Etsy, keep reading as we are going to give you a full guide. In order to be able to sell on eBay, Amazon, or Etsy in the UK market, you must have a non-resident company registered with a company house in England and then open a bank account. There are several ways to quickly register and form a company in the UK; you may look for a service provider that can do that for you at minimal cost while also providing a virtual office and address, which will be needed for the bank account opening. Reach out to us, and we will give you a list of providers for e-commerce company incorporation in the UK. After Company Is Formed, Steps To Open A UK Bank Account As A Non-Resident As a non-resident director, or UBO, you can open a UK bank account for your e-commerce business if you can provide the necessary information and documents as discussed previously. Here are the basic steps: Choose the right bank for you: research and compare different UK-based banks or payment providers in order to determine which one is best for you. If you don’t have time for research, contact us, and we will provide you with a list or a free consultation. Gather required documentation: most UK banks will require your passport or ID, proof of address (PoA), description of your business activity, company incorporation documents and registration details, and proof of address of your company (we can help there too). Application to open an account: normally, you can apply for an account opening online. It might take a long time to process your application if you are using publicly available channels. To speed things up, we can provide introductions to responsible people within some digital banks that will take care of your application right away. In addition, you might receive questions or requests for more documents once the application is reviewed; our advice is to respond to such requests as soon as possible. Waiting for approval: once the application is submitted, the compliance department will review it, make the necessary public checks, and determine if your business is eligible for bank account opening. As I said, you might also need to provide additional information after the initial review. Funding the account: once the account has been approved, you will need to deposit money into it. This can be done by international wire transfer or by already receiving revenue from e-commerce activities generated on eBay, Amazon, or Etsy. It's important to note that the requirements for opening a UK bank account for non-resident eBay, Amazon, and Etsy sellers vary by bank, as each has its own client acceptance policy. What Should Non-Residents Look For When Choosing a UK Bank Account? As a non-resident, choosing a UK bank account can be challenging. However, we have compiled a few key points to look at before choosing the right one for you: Eligibility. In general, banks and payment providers have restrictions (jurisdictions, business, risk, etc.) on who can and cannot open an account.Make sure you understand their eligibility criteria and fulfil them. Alternatively, you may contact us for a free consultation and introduction to top-tier banking platforms in the UK. Fees. It is important to understand the fee structure, as it can help you save a tonne of money. Make sure you understand if there are any monthly fees, account opening fees, maintenance fees, or others. In addition, as a non-resident business owner, you will probably be remitting money back to your home country. This means you will need international wire transfers that might be costly. Contact us to make sure you get the best conditions for international money transfers. Exchange rates. If you will be making regular transactions in a different currency than your revenues, consider a bank that offers competitive exchange rates. Moreover, the exchange rate softens depending on several factors, such as currency, annual volume of exchange, and liquidity. Contact us to get an introduction to the best currency platforms in the UK. Online banking platform Check the bank’s online banking system and ensure that it is user-friendly and secure. Customer Support. Look for a good reputation for customer service and response times. Even better, seek out a personal relationship manager! Reputation. Consider checking the reputation and reviews of the bank or payment provider that you are going to use for your UK business. Trustpilot or similar is recommended. Conclusion All in all, opening a UK bank account as a non-resident requires research, preparation, document gathering, and budgeting. Feel free to use our team’s help in choosing and preparing for bank account opening.

Why Are Inexpensive Supplier Payments Important? If you’ve ever been wondering what the best way is to make overseas supplier payments, then please keep reading on. The digital economy is connecting businesses around the globe, so the need to make cross-border payments when paying overseas suppliers is increasing. Paying overseas suppliers in foreign currencies can be expensive and confusing at the same time. Thus, choosing a good payments provider is crucial and can make a difference in avoiding expensive transactions due to bad FX rates. Automate Supplier Payments and Improve Business Cash Flow A good supplier payments provider can also help improve business cash flows. This is achieved using certain automation tools that payment providers have. For example, automating supplier payments and doing them in bulk In other words, it is called mass payments . It is possible to not only make supplier payments in bulk but also to set the payments platform to make those payments on certain days of the month or in the future. Everyone knows that delaying supplier payments can improve business cash flow, but why bother doing it manually? Besides the mass payout solution, the integration with the supplier payment provider via API can completely automate this process. How to Pay Overseas Suppliers Inexpensively As technology and open banking are pushing payment costs down and opening new payment routes on a global scale, moving from a traditional bank to a digital bank or payments specialist is becoming the best option for SME’s. But finding a good digital bank or payments specialist isn’t easy. We talked about how to choose the best provider and explained what to look for. Finding a good and inexpensive provider, on the other hand, is a true fortune.Epico Finance team can help you with your choice for overseas supplier payments and foreign exchange matters. Reach out to us to get introduced to the best payment providers that can help you get the following banking features: Single IBAN for all payments and foreign exchange transactions Ability to receive payments in over 30 different currencies ability to send payments in 50+ currencies to 170 countries Ability to make mass payments by integrating via API or uploading an Excel spreadsheet Access to effective currency hedges for up to 2 years Process automation via API integration straight to your back-office Payment control and audit trails Streamlined beneficiary management and compliance processes The relationship manager is ready to help find the best solution and answer questions. Foreign Exchange and Supplier Payments The easiest and most straight-forward way is to hedge all FX exposures. With the right strategy in place, businesses can avoid losses arising from fluctuations in the foreign exchange market. There are plenty of hedging strategies out there; we have already written about some of them here . Nevertheless, it is recommended to speak with a foreign exchange specialist who is able to understand and advise on each different situation. Such specialists will be able to select a cost-effective solution that will keep business profit margins safe. FX specialists will also assist in the establishment of clear risk management objectives and guidelines. You can also speak with us during a free consultation or with FX specialists from our digital banking partners to get a tailored foreign exchange risk management strategy for your business. Conclusion All in all, the global digital economy is connecting businesses across borders. Paying overseas suppliers is becoming the norm, so it is important to get prepared and save money on costs. We hope that this guide will help you navigate supplier payments and make improvements.

If you are wondering how to open a bank account for your CBD business, then please keep reading as we are going to share our tips and experience with you. In recent years, CBD has seen a tremendous growth in terms of volume and adoption of CBD-based products, starting with nutrition to cosmetics and even clothing. According to this study, the market for CBD products in the EU and the US is growing at a rate of more than 30% per year. However, this adoption is still in the infant stage when it comes to banks and opening bank accounts for CBD businesses. Why are CBD businesses struggling with banking? Between the traditional banks and their compliance and due diligence policies, CBD is widely misunderstood in regards to being a drug. However, digital banks are opening their minds in regards to what the differences are between THC and CBD and what the value proposition of the CBD business is. Another reason is a high number of chargebacks or reversed payments. Naturally, a lot of banks attach a high-risk label to such business and carefully consider whether there is a necessary appetite for risk with such reversed payments or chargebacks. Moreover, CBD and hemp cultivation are becoming mainstream agriculture businesses and should be treated as such. In some countries, it is supervised or even licenced activity that adds a layer of trust for digital banks. Real Estate in CBD and Hemp Cultivation In our consulting experience, we have seen a business model where some companies build facilities for CBD cultivation but do not grow the plants directly but rather rent their facilities to farmers who then grow the plant. When we were helping our client open an account, we had to pitch the bank with a business plan and prove that the client was not directly involved in hemp cultivation. It was strange that the bank was so reluctant, as several months ago we successfully opened an account for a CBD grower from Canada. It is important to be clear about the main line of planned business and the purpose of the bank account. Our job as advisors is to help clients prepare for the bank’s due diligence and explain their business in as much light as possible. CBD and Hemp Business Banking: How to Open an Account? Anyone who has tried to open an account with a traditional domestic bank knows that it is a hard mission. Traditional banks are very slow and have increasingly difficult AML and KYC due diligence, and on top of all that, they are not familiar with CBD business. An alternative strategy that we use to help our clients open accounts with reputable financial institutions is digital banking, or PSPs (EMIs). As we have a strong background in banking and a wide network of partners, we already know which institutions are willing to look at CBD and hemp businesses as potential clients. In addition, we will land named accounts for our clients, and in some instances the IBANs will be from top-tier banks in the world such as JP Morgan, Barclays, Citi, or Goldman Sachs. So if you are looking to open an account for your CBD and hemp business, reach out to us for a free consultation! Conclusion The CBD and hemp industries are rapidly expanding, and more businesses are discovering the need for international bank accounts, which are extremely difficult to obtain. Given all the complexities, there are still many options for bank account opening, especially with EMIs and digital banks. Send us an email, and we will reply with a list of CBD-friendly banks and payment providers.

If you are looking to open a bank account for your gambling business, then keep reading as we are going to share key tips for application success and a list of gambling-friendly banks. It is no secret that many banks and payment providers do not have a risk appetite for gambling companies. Especially with an offshore licence. That is why it is deemed a high-risk business, and banks that onboard such businesses require premium fees for banking services. Where To Open A Bank Account For Gambling Business? Most likely, traditional banks won’t open accounts. The easiest way is through PSPs (payment service providers) or EMIs (Electronic Money Institutions). There are plenty of PSPs and EMIs that support gambling businesses with account opening. However, not all of them are good solutions, and here is why: Multi-currency accounts. Most EMIs and PSPs are unable to offer multi-currency accounts for gambling companies. In order to build a scalable business, we suggest having a multi-currency banking solution. Fees. The vast majority of EMIs will charge account opening fees, monthly fees, and premium transaction fees. It is important to have a sensible pricing structure in order to be profitable. Banking restrictions. Be aware of all banking restrictions and any additional charges that might arise from such restrictions. Jurisdictional support. The majority of EMIs will be interested in EU-licenced businesses only. If you have an offshore licence, it can become tricky to open a bank account. If you have at least one entity in the EU within your group structure, we suggest starting by onboarding the EU entity and then the rest of the group. This will help with the risk profiling of your group and open doors for offshore entities. Client support. Make sure you will have a point of contact, a relationship, or an account manager within the company opening the bank accounts. API integration. It is of great importance to have the ability to integrate via API and automate your payment operations, at least in part. Banking providers that are gambling-friendly have licences mostly in Lithuania or the United Kingdom. If you would like to get a list of the best banking service providers for the gambling industry, reach out to us, and we will share this with you. If you need help building a strong application for account opening, reach out to us for help. Conclusion It is not easy to open a bank account for a gambling business. Traditional banks do not want to touch this industry; therefore, alternative banking providers are the next best option. Reach out to us for a list of the best institutions based on your business case.

If you are looking to open investment bank account for your trading or your investment portfolio, then keep reading on as we are going to share some tips for you. There are many options for investment or brokerage account opening, especially with Neo brokers, various investment apps (start-ups) and classical brokerages. However, there is a huge difference between regular stock broker and investment bank. Why It Is Important To Have Your Investments With Investment Bank? There are many reasons why you would be better off having your portfolio with an investment bank rather than a neo-broker. Custody. It is important to know who is the ultimate custodian of your assets. The majority of brokerages and neo-brokers use custodians and sub-custodians for client asset safeguarding. It is high risk with small brokers that they might be cutting corners to get cheaper custody or earn additional revenue from client assets. An investment bank would be a broker and a custodian. Or be using another top-tier institution to safeguard clients assets. Asset segregation and good standing. All financial institutions are obliged to segregate their own assets from their clients assets. But how can you be sure it is done properly? With an investment bank or top-tier brokerage firm, you can always check their financial statements or management reports. Not only the listed brokers and banks provide such information. Top-tier private banks are transparent as well. Deposit guarantees. Investment banks are covered by the EU's deposit guarantee schemeosit guarantee scheme. We can help you open an investment bank account with a top-tier bank in the EU. Reach out to us. Transparent fees. As investment banks are heavily regulated, they must strictly comply with the regulations. On top of that, an investment bank will protect its reputation and will never charge hidden fees. Access to global markets Investment banks usually have access to global markets and a variety of instruments that will not be available with local or neo-brokers. If you seek diversification or regional investment opportunities, an investment bank is able to provide more instruments for you. Investment research. Most investment banks offer free investment research from in-house analysts. Market news and research material can help generate investment or trading ideas and enhance portfolio returns. Portfolio tools and ready-made investments Investment banks often offer various portfolio tools and ready-made investments. On top of that, many investment banks also give access to mutual funds. Wealth Management. Investment banks also offer wealth management services next to the brokerage account. Cost structure. Many consider investment banks a costly alternative to neo-brokers or investment apps. However, everything depends on the portfolio size. Investors that have portfolios above 1 million euros can effectively negotiate investment service costs down. We have helped many clients get cost-competitive accounts with investment banks. Reach out to us to learn more. Relationship manager. Many experienced investors know that once you make a registration with a regular brokerage, you will receive a salesperson's call promising many things. But once the account is opened, it's really hard to get any help. Sounds familiar? Investment banks do provide personal relationship managers to assist clients. If you would like to receive such service, reach out to us, and we will introduce you to senior relationship managers at top-tier investment banks. Account Opening Process With Investment Bank Investment banks have similar onboarding processes as regular banks. They perform due diligence, AML/KYC checks, etc. Sometimes there is more emphasis on the source of wealth for private individuals than opening a regular bank account, but that depends on the jurisdiction the individual is from. As the due diligence and account opening process is so similar to that of a traditional bank, you must prepare to wait and respond to the bank's compliance questions for at least a few weeks if you are onboarding as a corporate account and several days if you are onboarding as a private individual. Investment banks are not as quick as FinTechs or neo-brokers. Conclusion All in all, there are many advantages to opening an investment bank account rather than using a local brokerage or investment app. This is especially true if you have a sizable investment portfolio. If you have a portfolio that is below 50.000 EUR, reach out to us for a list of the best neo-brokers or investment apps to kick-start your investment journey!

Why International Payments Fees Are Important? If you’ve ever wondered how international payments work, then please keep reading on. It is important to understand how international payments work and how the fees for such payments are derived. On top of that, to comprehend the impact of the correspondence banking network (or payment routes) and currencies, and why this process can be complex sometimes. For businesses or individuals wishing to make international transactions, transaction fees might impact the final cost of such transactions and become a burden if these transactions are needed on a frequent basis. Another reason to understand those fees is that it will help reduce them. Using a well-established banking partner or payments specialist can save tonnes of money. They are going to use smart payment routing to avoid expensive correspondent banks and ultimately make the transactions cheaper. Understanding the International Payments Process By initiating a transaction to send money abroad, a complex system of reconciling and balancing between banks and financial institutions starts. For a bank to implement a cross-border transaction, it must have both currencies or exchange one currency for another in order to execute the payment. The bank will have a relationship with other banks to conduct a foreign transaction that is outside of their own network. Because of this, international payments involve more financial institutions than you can see. Here comes the term "correspondent banking. The correspondent bank will be used by a domestic bank to service such international payment requests from a client by leveraging the correspondent bank's payment routes, or in other words, banking relations. The correspondent bank will be holding different bank accounts with different banks nostro and vostro accounts . In general, banks in correspondent relationships will hold accounts for one another in order to transact internationally. Logically, if more institutions are involved in a transaction, there will be more fees. So choosing a provider or bank that manages its payment routes efficiently is important if you wish to save on fees. Currency Exchange for International Payments Most of the international payments will be conducted in foreign currency. For that reason, the currency exchanged is involved in the transaction and can be a huge part of the total cost. Moreover, it is reasonable to compare the exchange rate offered by your bank to a mid-market rate or a currency's current buy/sell value on the FX market. If this analysis is done correctly, it will reveal what margin is being charged by the bank for a simple currency exchange transaction. While banks get direct market access to foreign exchange, they pay mere fractions of a percentage for their own conversions. While end clients are being charged sometimes up to 2–3% for their conversions. One reason why independent payment platforms are more transparent and flexible is that they are focusing solely on delivering the best experience and cost-value ratio for payments and FX, while traditional banks have a variety of focuses or lack business development efforts to optimise in specific areas. How Do I Make International Payments? The natural question is how to make international payments and save money not only on sending the funds but also on the currency conversions. And why some payment specialists are able to offer those services cheaper. The best payment specialists will offer cross-border payments at lower costs by negotiating bulk deals with banks around the globe. Such providers are also able to offer clients greater flexibility, efficiency, and advice, besides the lower fees. On the foreign exchange part, some specialists are also getting very small fees for FX as they are buying in bulk. So their aggregate volumes are very high, and it makes sense for the prime broker to do wholesale business. To find a payments specialist that can provide cheap payments and currency conversion, you need to do some homework. We have an article on this topic here . Furthermore, we recommend our readers reach out to us to get a free consultation or a list of the best-in-class payment providers. How To Receive International Payments? Sometimes traditional banking accounts are not capable of receiving multi-currency payments. And it can cause some difficulties for businesses that have clients or partners overseas. A multi-currency solution via a single account is the best option for ALL international payments and currency exchanges that you or your business have. We can help you get named multi-currency accounts with top-tier institutions that will enable you to receive payments from across the globe in 40 different currencies and send payments in 50+ currencies to 170 countries. Reach out to us to learn more. Conclusion All in all, understanding how fees for international payments are derived and what the process looks like will help you save a great deal of money. We hope that this article was helpful!

Why Is Choosing a Reliable Payment Service Provider Important? If you’ve ever wondered how to choose the best payment service provider, then please keep reading. This guide will help you sort out the good ones and save a lot of money. Nowadays, there are plenty of payment service providers claiming to be award-winning, most trusted, and so on. But the truth is that the majority of them are not awarded, trusted, or even good at international money transfers. This is because they lack basic correspondent banking relations, have bad technology, or are undeveloped. Having a well-banked and technology-based payment service provider will improve your business operations and save a great deal of money. What Is a Good Payment Service Provider? [3 Tips] There are multiple ways to check the legitimacy and quality of any PSP available. Even more, there are many technical ways to do that. But it is not going to necessarily help the reader perform such technical analysis by So I have decided to look at this from a different angle. Here are a few quick tricks that will help everyone have a better understanding. 1. Management team First and foremost, it is important to check who is managing the company. You can easily look up the employees on LinkedIn . Moreover, you will be able to see the past experiences of the people who run the company. Also the number of all employees and how often they are changing. The key people should have relevant banking and payments experience along with a perfect reputation. Furthermore, because today's PSPs are highly technical, having a diverse developer team is advantageous.It also signals that you won’t have issues with the payment platform in the future. In a similar vein, you will be able to see where those people are located. This is useful when employees are based in one country but the EMI license is obtained in another. That should automatically raise some questions. For example, you want to open an account with a UK-licensed payment service provider, but all employees are based in Russia. Wouldn’t that look strange? 2. Media check-up . Media is a good tool to check for negative news on the particular PSP. Maybe this company had received a fine from the regulator for money laundering? Or maybe they were involved in some scandals? The negative light on company practices is a red flag. It is extremely important to work with reputable and transparent banking providers. 3. Payment routes . PSPs use other banks to route payments for their clients. So in many cases, your recipient will see the name of the bank that routed the payment. Now imagine the payment service provider is using a Russian or Latvian bank to route their payments. Your payment can be rejected by the recipient's bank. If your funds are going through high-risk countries, it isn’t great. So you should ask your payment provider who they bank with. And more importantly, where they keep your money. In other words, safeguard . A truly good payment service provider will partner with top-tier banks such as Barclays or Citi. On top of that, being a wholesale partner of a top-tier bank enables PSP to access a vast correspondent banking network. Such a partnership would also enable extremely good pricing capability, which is the key to competitiveness. What Is the Best Payment Service Provider? Having in mind all that was said, there are several good banking providers out there. Because each client is different, it all comes down to a unique business case.Epico Finance assists business owners in locating the best digital banks for their specific business operations and model. Reach out to us to get a list of banking platforms that are best for your business. We can also help you to: · Get EU or GB named IBANs for all payments and foreign exchange. · Introduce you to mass-payments by integrating via API or uploading an Excel spreadsheet. · Access to effective currency hedges · Exchange of currencies using reasonable and competitive pricing · A cost-effective solution for low-value international payments · Implement payment control and audit trails. · Get your best relationship managers ready to help find the best solution and answer your questions. Please do not hesitate to contact us for more information or account opening under better terms here . Conclusion There are numerous payment service providers on the market, but not all of them are of high quality. It is important to distinguish quality from tricky marketing campaigns. Use the three tips above and you will be able to distinguish quality payment firms.

3 Reasons Why Digital Bank Is Better Than Traditional Bank If you have ever wondered why you should choose a digital bank over a traditional bank, then please keep reading. We will look into advantages and disadvantages that will change your mind. With rapid innovation in the digital banking sector, businesses have to carefully consider and choose between a digital bank or a traditional bank. Some prefer the stability of old banking styles, while others like to be in the trend of digitalisation thus choosing online banking. Here are the reasons why this change is happening: 1. Digital banks are gaining traction due to the high degree of internet and mobile app usage. The technology has evolved, creating the everyday convenience of banking online via user-friendly digital banking platforms. Those platforms allow users to send and receive payments as well as track their financials and get personalised insights. The latter part is powered by artificial intelligence that is embedded in today’s digital banks. 2. Another reason is that digital banking solves both the attractiveness and functionality problems at once. For example, the amount of clicks it takes to open an account with a digital bank versus a traditional bank is incomparable. The online bank simplifies the functionality of daily banking operations by minimising the steps and time spent on the banking platform. On top of that, the digital bank offers an attractive user interface that does not scare users away but actually makes using the digital bank a fun experience. In addition, they create the comfort of using the necessary services from one's bedroom. 3. The price of services offered by a digital bank is significantly better than the ones offered by a traditional bank. The most popular consumer-focused online banks are selling their services at no cost, thus creating unprecedented price competition in the banking sector. This is not going to last for ever, but a digital bank will never be so expensive as a traditional bank is. For example, traditional banks still charge fees for account maintenance or card servicing, even though they make money from card schemes and invest users unused money balances in government bonds. What Is a Typical Traditional Bank? Traditional banks have been in business for hundreds of years and are very well present in local regions. Their services are well known among people because of their long history. Traditional banks also offer personalised services via their branches and solve problems on the spot. Their service scope is not limited to only payments or currency exchange; they are also able to offer loans, leases, insurance, investment products, and more. In other words, a traditional bank is an organisation with a local presence and a full banking service portfolio. It has less of a technological presence but a good understanding of the banking industry and lending money. What Are The Drawbacks Of Digital Banks And Traditional Banks? On the other hand, digital banking is a completely online service. In the event that a user has a problem that cannot be solved using standard customer support, getting help might cause headaches. On a positive note, digital players are getting banking licenses that by default offer funds insurance up to 100k euro. Even so, some still do not have such licenses, and users' funds are unprotected (but still safeguarded).The good news is that no online banks with EMI licenses have gone bankrupt thus far. Traditional bank clients need to go to branches, wait in lines, and deal with loads of paper work to get sometimes even the most basic services. In addition, a typical traditional bank hasn’t changed its pricing model and is often too expensive in comparison to the digital bank. Traditional banks are also slow to resolve customer issues or adapt to new trends. How To Get A Digital Bank Account You might be wondering how to get a digital bank account in Europe or the UK. The online registration process with a digital bank is fairly simple and straight-forward. It can be done without leaving the comfort of one's bedroom. Finding a good one might be a bit more difficult. That’s why we recommend checking out our tips on choosing the best digital bank or payments provider. Conclusion All in all, it comes down to reputation and physical presence versus technology and convenience. It is important to understand your own goals to make the right choice between the two. If you wish to save costs on your transactions and your valuable time and nerve, reach out to us to get a list of the best digital banks in the market.

What Are Mass Payments? If you want to learn how mass payments work and how to optimise your payment processes, please keep reading. Technology is disrupting the way businesses send payments. The focus of this article will be on how mass payments save man hours, reduce costs, and ease the process of making hundreds or thousands of payments to the relevant counter-parties. The Mass Payments solution gives you the ability to make payments at scale. So it works in the same way single payments work, but it supports automation and scale. The mass payments solution allows you to execute a payment in over 50 different currencies and to 120+ countries, including low-value channels. All this is done without having to maintain local currency accounts and from a single platform, in the same way you would be making a single payment. How Do Mass Payments Work? A good example is a fashion house that needs to make a thousand payments for payroll every month to a particular country in a particular currency. Rather than going in and making one thousand individual payments, there is an API connectivity or excel documents that can be exported from the accounting system with all relevant payment details (like IBAN, amounts, currency, etc.). So the company can drag and drop that excel document into the payments platform, and by doing so, they are automatically uploading a thousand payments into the platform, which are then performed in bulk. If a company has only GBP in their payments platform and payments are needed in GBP, USD, and EUR, the platform automatically exchanges currencies for these payments and executes them as it recognises which payments need to go via SEPA , SWIFT, or Faster Payments . This can also be done via an API connection, which is a very easy and straight-forward way. Another example where time can be saved would be supplier payments. A company that has hundreds or thousands of supplier payments can execute them in bulk the same way a fashion house executes its payroll payments by exporting an excel document from its accounting system or connecting via API. Mass Payments API The Mass Payments API brings all your payments together in one secure and efficient hub. Automation saves the payer time and improves productivity while ensuring better delivery to payees. The underlying technology allows the payer to respond quickly to client feedback and market needs. The API also supports local legislation to keep businesses compliant, with easy payment controls and audit trails. What Are the Benefits of Mass Payments? There are a number of different benefits of using mass payments besides saving time and money. Our advanced list of benefits below: Advanced Security - Mass Payments are protected by advanced encryption technologies with access restrictions and associated authentication steps. Sanction screening - the mass payments system is checking for suspicious payments and comparing them with black lists and agency data to prevent sanctions violations and keep the transaction flow smooth. Advanced Compliance - The mass payments solution is compliant with the latest international legislation to ensure that payments are never compromised and are always according to compliance standards. Scalability - with the help of cloud-based technology, a mass payments solution is ready to help your business scale. Cost-efficient - access to multiple wholesale liquidity providers via API ensures that the client is getting the most competitive rates and the best choice across the markets. Automatic Validation - All payments are delivered on time by automating country rules. The mass payments solution prevents returned payments because of the selected payment routes and upfront validated payment information. How To Get Mass Payments Solution? Getting a solution for mass payments is not hard. First and foremost, a digital bank account is required.The same provider that you set up your digital bank account with should be able to provide the mass payments solution. Reach out to us, and we will share a list of the best digital banking providers that support mass payments through robust payment corridors and will protect your financial data with encryption. Conclusion All in all, mass payments solutions are changing the way many companies send payments today. Whether they pay their suppliers, do payroll, or automate other functions of their businesses. Mass payments are an easy-to-use and easy-to-set-up solution that will benefit any business significantly.