Opening an account in the payment system

The term “payment system” (PSs) refers to EMI platforms like PayPal, Revolut, and Wise that permit businesses to accept e-payments. These platforms are secure, fast, and widely used—so it’s in your best interest to get on board. Whether you’re a business owner or a freelancer, you may need an account in such a system to streamline your work processes. You may easily open an account with Eternity Law International by contacting us. An overview of how to do it is outlined below.

What is a payment system (in the context of EMI)?

In the context of e-money institutions, PSs are online banks that authorize you to pay for commodities and services virtually. You can keep funds in your accounts, or transfer them to others, and handle all of your payments without needing physical wallets. Each PS offers its own features and benefits that are customized to the client’s needs. It’s important to do some research to find the one that best suits you prior to opening an account.

The standards imposed by the regulator on EMIs (in the EU) are comparable to those imposed on banks, and they are constantly monitored, ensuring the safety of deposits. The payment institution also is forbidden to operate with client deposits and is required to maintain client funds in separate, specialized (segregated and secured) bank accounts. Most PSs will issue you a personal IBAN, which ensures that counterparties will only make payment operations to your credentials. You will also be able to conduct multicurrency operations, SWIFT payments, and much more.

Such platforms service natural persons, legal entities, organizations, and government agencies. If you are an individual looking to make or take payments from other individuals or businesses, you can register with most EMIs. For this purpose, the EMI will require, in addition to the questionnaires, the following documents: scan of the passport, selfie with a passport and document confirming the place of residence. The documents and procedures differ subject to the chosen EMI.

For legal entities, joining a PS is also an essential step toward taking virtual transactions from clients. To do this, businesses will need to submit corporate data such as their company names, tax ID numbers, and other corporate data.

In some cases, there may be limitations on who can open an account based on location or industry. For instance, some EMIs may not provide services in certain countries or may have limitations when it comes to high-risk industries like gambling or adult entertainment.

Overall though, opening an account is straightforward and accessible for anyone who needs to transfer or receive funds via the web.

How to open an account in PS

This typically includes the below-mentioned steps:

• Registration and creating an account for an individual (this is done online);
• Online filling out of questionnaires;
• Initial analysis of the case by the PI, in particular, verification of beneficiaries, directors, companies, counterparties.
• If after the initial check no questions arise, then a more in-depth study (due diligence) is carried out; at this stage, you will be asked for additional data;
• Linking your bank account or credit/debit cards.

*We assist with setting up a merchant account for your business. Please contact us for more details.

Key features of an account in PS

Advantages:

Speed: Payment operations are carried out fast, often within minutes.

Simplicity: Entering into relationship with a payment system is easy and can be done from anywhere. You don’t have to visit a bank or fill out paperwork.

Security: PSs provide many security actions to save your financial information.

Low fees: Payment systems often charge lower fees than traditional banks.

Access: Platforms are available to anyone with internet access, making it easier for people in remote areas or without access to traditional banking services to make transactions.

Disadvantages:

Limited services: PSs may not offer all services such as loans or investment accounts.

Fraudulent activities: Payment systems are vulnerable to fraud, and it can be difficult to recover lost funds.

Limit: A number of PSs only support certain currency, which can be a problem if you need to make transactions in another legal tender.

The cost of opening an account in the PS

The price is one of the most crucial aspects to consider when opening an account in a PS. While some PS are free to use, others may set fees for certain transactions or services. It’s advised to consider a list of EMIs to define the best one.

Open your account in a payment system with Eternity Law International

Opening an account in the PS may seem hard, but it is actually a simple process. We can help you to choose a payment system that meets your specific needs. No matter if you’re a firm or an individual looking to make quick and secure payments, there’s a payment system out there that’s right for you. With a bit of effort and legal support, you’ll be able to enjoy the convenience and security of Internet banking. In addition, if you are a cryptostartup, you may benefit from our service of licensing cryptoactivities. Also, for businesses and organizations, the company Eternity Law International offers a service of registration of trademarks. Please contact us and get more details about opening an account in a payment system. We are eager to work with you.