- Key facts about the British payment system where you can open business accounts
- The range of services for owners of business accounts with the British payment system
- Current business accounts with the British payment system
- Loans from the payment system for holders of business accounts with the British payment system
- Trade financing by the payment system for holders of business accounts with the British payment system
- Internet-based merchant acquiring for holders of business accounts with the British payment system
- Invoicing tool for holders of business accounts with the British payment system
- The easiest way to open business accounts with the British payment system
- Documents for opening business accounts with the British payment system
- How to prepare scanned copies of the documents
Banking institutions are not the only providers of financial services. You can open business accounts, save your funds, unlock other benefits when you become a client of a payment system. Advantages of payment systems over banks are obvious. They allow clients’ access to accounts from anywhere in the world, offer a variety of financial services, integrate I.T. technologies, provide tools for e-commerce and marketing. Moreover, their applicants and clients do not have to travel to the offices to sign contracts or papers. Payment systems lack bureaucracy, cultivate a focus on customer needs and experience, open accounts within a few days. As they are not depository institutions, they are not subject to the CRS (Common Reporting Standard), which gives them the freedom not to disclose to tax authorities information about beneficial owners and balances in corporate accounts. This article presents a popular licensed British system – a fintech platform offering a variety of innovative services, including business accounts with individual IBAN.
Key facts about the British payment system where you can open business accounts
The British payment system provides financial services such as personal and corporate settlement accounts with 24/7 access to funds, accepting payments, processing payments to 150+ countries in favor of legal entities and private persons, MasterCards – contactless and payment cards, transactions with cryptocurrencies, invoicing, installation and maintenance of POS-terminals, integration of current accounts with API, etc. Apart from banking products, the payment system’s lineup includes the following services: website design tools for e-commerce, online marketing, development of website security systems, other purposes.
The design of the British payment system began in 2015 after about 40 professionals in banking, I.T., and marketing met in the Latvian capital Riga. The work was completed on December 9, 2015: the date of registration of the payment system.
At the beginning of 2016, the launch of the Android/iOS mobile application made the payment system even more accessible and user-friendly. Its international customer base has rapidly expanded since the online and mobile financial services popped up literally at users’ fingertips. No wonder its popularity with company shareholders and executives is virtually global: any smartphone owner can make or receive instant payments from anywhere in the world, monitor one’s money, and switch between corporate and personal accounts.
On September 15, 2016, the payment system was licensed by the FCA (Financial Conduct Authority) in the U.K. It is registered in the United Kingdom in London and has two offices in London and Riga.
The range of services for owners of business accounts with the British payment system
The payment system offers corporate clients a wide range of financial services. Foreigners can open corporate accounts in euros, U.S. dollars, roubles, zlotys, krones, etc. – a total of 19 currencies. Users can access their funds on any device (smartphone, laptop, computer) connected to the internet.
The range of services:
- fast remote opening of corporate accounts (multicurrency or single-currency, accounts for multiple users)
- plastic and virtual payment cards, MasterCard business debit cards
- SWIFT money transfers and payments in 19 currencies
- internet-based acquiring services
- online invoicing
- loans and trade financing
- salary payments
- installation and connection of POS terminals (in the Baltics)
- escrow accounts
- a range of API- based marketing and I.T. tools (web design, websites, online e-stores, promotion, security audit, etc.)
- services for cryptocurrency projects: opening a current account, connection for processing, cryptocurrency purchase, and sale transactions.
Current business accounts with the British payment system
A current account with the recommended British payment system is an effective tool for making payments around the world. You can quickly receive money into the account and pay for services or goods at any convenient time. The clients can always check information about their credits and transfers online, as well as download their finances statements in pdf format.
The payment system’s technical features allow the following operations:
- open multicurrency accounts with individual IBAN
- conduct SWIFT payments
- exchange currency by the interbank exchange rates
- create payment templates
- import payment details from another database
- open virtual payment cards and order plastic cards
- conduct contactless payments
- top up cards.
The British payment system’s sample schedule of fees for corporate clients as of 01.02.2022:
|Services||Fees in EUR|
|For international clients||Domestic|
|Account opening plus first card issuing (document verification)
|Commission for holding of funds on the current account (annual interest on the average monthly sum on the account)||0.50% for assets up to 100,000
1% for assets over 100,000
|Closing of current account||free|
|Transfers between accounts within the payment system||free|
|SEPA transfers in EUR within the European Economic Area||45.00 (for sums up to 50,000)
65.00 (for sums over 50,000)
100.00 (for sums over 300,000)
|0.35 (for sums up to 50,000)
25.00 (for sums over 50,000)
100.00 (for sums over 300,00
|Transfers in EUR beyond EEA (SHA)||75.00 – 100.00 (for sums up to 50,000)
90.00 – 200.00 (for sums over 50,000)
|Transfers in GBP||20.00 (for sums up to 5000)
30.00 (for sums over 5,000)
80.00 express/CHAPS/over 200,000 GBP
|Transfers in USD||75.00 – 100.00 (for sums up to 50,000)
90.00 – 200.00 (for sums over 50,000)
|Transfers in RUB||from 75.00 (for sums up to50,000)
from 90.00 (for sums over 50,000)
|Monthly maintenance of an active account||100.00||10.00|
|Escrow account opening||0.50% of the amount|
|New card issuing (incl. priority post delivering)
Virtual card issuing
Virtual card monthly fee
2% of the sum (min. 2.50 EUR)
2% of the sum (min. 2.50 EUR)
EEA countries include Iceland, Liechtenstein, Norway, and 28 other E.U. countries. The E.U. resident status is granted to customers who meet the following criteria:
- the legal entity registered in E.U.
- the legal entity’s business is active; its office is located in the country of incorporation
- the beneficial owner must be a resident of the country where the company is registered.
Companies registered in Luxembourg, Cyprus, Malta, and the U.K. do not qualify as E.U. residents.
The fee for transfers in other freely-convertible currencies is from EUR 75.00, depending on the amount transferred. The currency exchange fee depends on the time: 0.50% on the sum exchanged (Mo-Fri 06:00-15:00 GMT), 1.00% outside business hours.
The account is considered inactive in case of less than 2 outgoing payments per month, and the international account holder is subject to a monthly fee of 100 EUR (a waiver applies for the 2 first calendar months after the account opening). No fee is charged for domestic users.
Also, for an additional fee of 30.00 EUR, customers can use the express transfer service – the payment within 2 hours.
Loans from the payment system for holders of business accounts with the British payment system
The British payment system offers loans for business development: to purchase fixed assets or to increase the working capital. The lending terms are as follows:
- loans from 1 to 8 million EUR.
- a variety of repayment schemes
- 1.5 week -the average wait time for your application
- the loan is for up to 120 months, the maximum term of the agreement is up to 10 years at 5%-10% per annum. The interest rate depends on the risk degree and the amount of other solutions used by the payment system client.
Trade financing by the payment system for holders of business accounts with the British payment system
Businesses can take advantage of trade financing by the payment system. This is a way to cover the cash gaps that emerge between the delivery time and the time of the sale of goods. The payment system makes no difference as for the countries where the counterparties and goods are located or how the goods are delivered.
The terms of trade financing from the payment system are as follows:
- amount: from 1 to 8 million EUR
- term: from 6 to 24 months
- interest rates range from 5 to 8% per annum. If the application is made for the amount of over 1 million EUR, the fee may be lower.
Internet-based merchant acquiring for holders of business accounts with the British payment system
This service is essential for owners of online stores. Merchant acquiring tool in the British payment system is the opportunity to accept payments made online by plastic card holders from any bank, terminal, online store, e-wallet via the internet. This is a very convenient customer-oriented instrument and perfect way to grow sales and revenues.
By ordering this option, you will receive access to the following benefits:
- a personal virtual office to control the e-sales statistics
- web-design and editor tools for customization of the main aspects of the online store and checkout page
- 9 ready-to-use modules and API integration
- transactions in about 20 currencies
- page localization in any language
- reliable remote verification (very important!) of the client’s I.D. and connection.
The installation of the acquiring tool and the conclusion of the contract can be implemented remotely. This arrangement takes less than 1 week.
HOW TO OPEN BUSINESS ACCOUNTS IN UK
Invoicing tool for holders of business accounts with the British payment system
With this tool, you can issue invoices via e-mail and SMS messages, as well as accept online payments. This invoicing function is designed for legal entities that manufacture goods or provide services, as well as self-employed artists, designers, tutors, trainers, etc.
The contract for invoicing services can be concluded remotely, after which the payment system staff arranges remote API integration of the legal entity with the document management system.
We recommend opening business accounts for non-residents with the British payment system for the following reasons:
- transactions in 19 currencies
- all transactions and monitoring – performed remotely
- financial details and data regarding account balances and transactions – securely protected
- working languages – English, Russian, German
- a wide range of financial services and solutions for e-commerce
- no bureaucracy: the account opening takes from 1 day up to 1 week and is done remotely
- reliability – the payment system is licensed by the financial regulator of Great Britain (FCA)
- the payment system operates under the jurisdiction of the United Kingdom.
The easiest way to open business accounts with the British payment system
The 3 steps:
Contact our experts for professional assistance in opening a corporate account. Our contact e-mail address: email@example.com.
Pay for the services of professional assistance in account opening. Available payment methods: bank transaction, payment card, Bitcoin, PayPal, Western Union. The cost of the service is from 2999 EUR.
Prepare all necessary documents to open a corporate account.
Documents for opening business accounts with the British payment system
To open a corporate account with the British payment system for a foreigner, it is necessary to fill in, sign, and scan the forms for opening an account. Please note that they need to be checked for errors and inconsistencies, and all scans must be of high quality, readable. Otherwise, your application will be rejected. Images must be in color. There must be no highlights, glare, shadows, or blurs.
The pictures and scans should be in any of the following formats: jpg, jpeg, png, pdf, bmp.
The image should not contain irrelevant objects or texts that are not in the original document.
Copies of documents of the account holder(s), beneficial owner, and executives of the company (as specified by the payment system):
- a notarized copy of the national passport
- the proof of residence (utility bills, lease agreements – the original or notarized copy)
- the account holder’s short resume
- a copy of the Certificate of Formation
- a copy of the Memorandum and Articles of Association/Bylaws/Operating Agreement
- Proof of business (bank statements, declarations, financial statements, proof of registration with the fiscal authorities, samples of invoices, transport documents, agreements, etc.)
- Certificate of Good Standing under the apostille
- Certificate of Incumbency under the apostille
- a brief outline of the company’s scope and activities, turnover, main suppliers, payment methods, fixed assets, etc.
Please note: all documents issued in other languages must be translated into English and affixed with apostille. Extra documents (a bank reference, certificates of the source of income, other) may be additionally requested by the legal department of the payment system.
How to prepare scanned copies of the documents
1. Take a picture or scan the document as shown in the pictures.
2. Take a picture or scan a document proving your residential address as shown in the pictures.
You can submit the following documents to prove your residence address:
- A passport page with the official statement of your residence address
- A bank statement showing your name and address
- A document issued by the state authorities that shows your name and address
- A utility bill no older than 3 months (gas, electricity, home phone, or internet). The cell phone bill will NOT be accepted.
3. You will need to take selfies (a picture of yourself) with your passport in your hand, as shown below:
Your photo instruction:
- The passport and face must fit into the same frame, not overlapping each other
- The picture of the face and details of the document must be clear – sharp, with sufficient contrast and detail
- A good quality photo, the lighting of good quality, the plain background in one color
- The face position: head facing forward
- Head uncovered. Additional accessories are not allowed
- Natural facial expression, without distortion.
For more details of the requirements, please contact our experts.
The application processing time depends on the quality of application documents. It can take from 1 day to 1 week from the submission of the portfolio. For the urgent opening of the account, please book expedite service for an additional fee of 2,000 EUR (for international clients) or 500 EUR (for E.U. residents).