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Account in the payment system for business

03.05.2023

When starting a new business, it is important for a company or an entrepreneur to quickly organize the receipt of payments from counterparties, as well as their sending. At the same time, partners and customers may be located in other countries. There can be problems with opening a bank account in the Netherlands, sometimes this procedure can take months. That is why we recommend paying attention to an alternative to banks - payment systems.

Why is it difficult to open a bank account?

Over the last decade banks are increasingly tightening control over their customers, especially corporate. The banking sector in the Netherlands, as in other EU countries, is influenced by the extraterritorial activities of FinCEN (the Financial Crime Enforcement Agency of the US Department of the Treasury), the introduction of CRS data exchange, AML (Anti Money Laundering) financial monitoring rules ) and KYC (Know Your Client).

Banks are interested in the origin of the capital of their clients. From companies wishing to open a corporate account, require confirmation of the substance - the real economic presence of the company in the Netherlands. The concept of substance may include the presence of a company website in the Dutch language and in the corresponding domain zone, a physical office and hired employees. According to a number of criteria, the beneficiaries (shareholders / founders) of the company are checked: the presence of a non-resident (individual or legal entity, for example, in the holding structure) causes suspicion. 

Almost 100% likely banks do not cooperate with representatives of the so-called high-risk (High-Risk) business: Forex, Gambling, Dating, Casino, ICO, Adult. Among the main criteria for classifying a business as High-Risk is the high probability of chargebacks and chargebacks. We are talking about the fact that the funds previously withdrawn from the card are returned to the buyer or consumer of services. This happens when the buyer believes that the seller has not fulfilled its obligations, therefore the funds were withdrawn illegally (the goods were not delivered, the service was not provided, the goods of inadequate quality were sold, and so on). For the acquiring bank, where the seller's account is opened, such a development of events is extremely unprofitable.

For example, one of the most risky types of business is cryptocurrency activities. In 2021, the Basel Committee on Banking Supervision proposed introducing a risk ratio of 1250% for cryptocurrencies, that is, if there are crypto assets, the bank must hold fiat currency in reserve at the rate of 1:12,5 relative to the value of these assets. More than 95% of banks refuse to open an account for crypto companies immediately and without talking.

Advantages of payment systems

Payment systems respond to new types of business much more flexibly than conservative banking institutions. They are ready to work with non-residents, with cryptocurrency projects and some other risky types of business.

Note! Payment system (Payment Service Providers, PSP) is a fintech company that provides clients with cashless money transfers (via online transactions). PSP customers can be both individuals and legal entities. Such companies operate licensed by Electronic Money Institution (EMI), as well as in accordance with the norms of the current legislation regarding the security and security of funds. They undergo an annual audit.

By opening an account with Wise, Revolut or another payment system, you get a convenient platform for making money transfers. You are provided personal IBAN, like in a bank, and access to making payments in different currencies. At the same time, payment systems offer low commissions for account maintenance and currency conversion at a favorable rate. With the help of an account in the payment system, you can transfer a payment in euros to your partner, and he will receive the amount on the spot, for example, in hryvnias.

However, a caveat to keep in mind: Most PSPs only allow you to open a transaction account., which is not intended for long-term storage of money. Leading fintech operators keep customer funds in accounts in European banks regulated by the ECB. Funds on the account are covered by compulsory insurance. That is, a payment system is an excellent option in cases where you need an account as quickly as possible in order to start your business without missing out on favorable market conditions. Later, when the business gains momentum, you can try your luck with opening a bank account.

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