Companies use different instruments to promote their brands. These are advertising slogans, catchphrases, loyalty schemes, partnerships with market leaders, and so on. A unique payment solution can be another brand promotion instrument.
If you carry out business operations in the international arena, you should be interested in setting up a corporate account with a British Payment Service Provider (PSP). This will allow solving several important tasks:
- You can have a handy instrument for receiving payments from clients residing in different countries;
- You can send payments to whatever country you like;
- You can have access to online banking without ever visiting the bank office;
- You can use various European financial instruments including Open Banking API, loans, low commissions, and so on.
All you have to do toset up a corporate bank account with a British payment system is get in touch with our experts and acquire professional assistance in the matter.
A corporate account with a British payment system: access to international banking opportunities
When your business company enters international markets, the issue of transboundary financial transactions arises. As you probably know, not all European, Asian, American, etc. banks are prepared to take non-resident companies onboard. This is especially true if the company is registered in an offshore jurisdiction. However, there are modern financial institutions that will gladly provide banking services to you wherever your company is domiciled. Needless to say, professional consultations are required to achieve the goal.
The British payment system that we are advertising here is one of such financial institutions. Your company does not have to be registered in the UK, you don’t have to pay a personal visit to London, and you can still gain access to an online banking system. Besides, opening an account with the British PSP is going to cost less than setting up an account in a large European bank.
Why a corporate account in Great Britain makes economic sense
Our clients who have opened accounts with the British PSP point out the following main advantages that it offers:
- Opening a corporate account there takes between 7 and 10 business days, which is much less in comparison to opening an account with a traditional bank in a foreign country.
- The account can be opened remotely, which will save a lot of time and money for you.
- You gain access to the full range of banking services including IT solutions, trading opportunities, marketplaces, capital storage, and distribution.
- The British banking platform charges affordable commissions and it offers beneficial conditions to foreign customers.
In addition to a corporate account, you can consider the opportunity to open a personal account with the British PSP. It provides services to individuals residing outside the European Economic Area.
Key facts about the British payment system
The payment system holds a license from the Financial Conduct Authority of Great Britain and it has been operating since 2015. The system provides payment information security in conformity with the PCI DSS standards.
The British payment system is a user-friendly virtual platform that offers a large number of modern financial instruments including the following ones:
- Payments to your personal and corporate counterparts;
- Tangible (plastic) payment cards and virtual payment cards;
- SWIFT transactions and SEPA payments;
- An individual IBAN that allows doing business in the EEA;
- Accounts and payments in more than 30 national currencies;
- Escrow accounts (that can be used when buying real estate, for example);
- Internet banking opportunities;
- Client support in different languages;
- Protection of transaction and account balance information;
- Payroll programs and opportunities to make transactions to different countries of the world.
The terms of providing a payment channel for a client depend on the jurisdiction and activity of the company, and can only be determined after reviewing the company’s documents and activity.
If you have a high-risk business and you would like tochoose a payment system to provide financial services to your company, you are welcome to request a free consultation on the matter with our experts.
MasterCard Business from the British payment system
The client company owner is welcome to order a ‘MasterCard Business’ from the British PSP. The card will bring several advantages:
- You can use your iPhone or your Apple Watch to make payments wherever you are at the moment without any restrictions;
- You can have a virtual pay card free of charge;
- The card can be added to the company account;
- You will have round-the-clock access to your money;
- You can use the automatic currency conversion mechanisms.
All operations with the card are perfectly safe because a two-factor authentication system is used to confirm online transactions
If you like traveling, you may be interested in acquiring ananonymous UnionPay card. It can be used to make payments in more than 160 countries and it has a built-in currency conversion function.
Restrictions for corporate clients of the British PSP
The British payment system cooperates with legal entities registered in different countries including offshore jurisdictions. Nevertheless, some restrictions apply, as is the case with all other financial institutions of the world. The restrictions concern the types of business activities that the company is engaged in and the country of its registration. The British PSP will NOT provide services to the following corporate clients:
- Those engaged in adult materials and weapon trade and manufacturing;
- Non-licensed companies engaged in gambling, brokerage, cryptocurrencies, lotteries, and the like.
- Companies registered in sanctioned countries such as Iran and North Korea.
If you doubt that a certain banking institution is prepared to provide services to you or if banking services have been denied to you before, please apply for ourPRE-APPROVAL service. You can inquire with several banking institutions at a time if they are ready to give a provisional approval of your application for their services.
Why should you open a corporate account with the British payment system?
If you are planning to carry out business activities in Europe, you definitely need a euro account. The wisest thing to do is to find a financial service provider that can give you a European IBAN so that you can make payments in the SEPA. This will allow paying smaller commissions and using no intermediaries.
The British payment system offers some additional bonuses to corporate clients. These include the following ones:
- Easy access to the money for everyday payments: all corporate clients can use prepaid bank cards for this purpose.
- The PSP clients residing outside Europe are entitled to open accounts in many different currencies in addition to the euro.
- You will have a wide choice of trading instruments and opportunities to use different functions for your Internet shops.
- You can make mass payments with the API application.
- You will have direct access to the SEPA Instant and Open Banking API applications, which allows making and receiving fast payments.
- You can cooperate with partners and clients in many countries.
You can also use your account with the British payment system to hold money in different currencies and use competitive exchange rates when converting your money into euros.
The tariff policies of the British PSP
As of 2023, the British payment system applies the following fees and commissions:
|Service||International clients||European clients|
|Application processing fee||1,000 EUR||Free|
|Monthly maintenance fee, active account||100 EUR||20 EUR|
|Outgoing payments to EEA countries||from 45 EUR||from 0.35 EUR|
|Outgoing payments outside EEA||from 20 EUR||from 20 EUR|
|Initial bank card issuance||Free|
Please get in touch with our consultants to find out about other fees and commissions that the British PSP applies.
How to open a corporate account with the British payment system
- Write to firstname.lastname@example.org and book a free expert consultation.
- Cover the cost of our services in any way that you prefer. You can use PayPal, Western Union, WebMoney, a credit card, or you can make a bank transfer. We also accept payments in Bitcoin and other cryptocurrencies.
- Collect the package of the application documents (we will tell you exactly what documents you have to supply).
International Wealth has been in cooperation with the British payment system for a long time and we assure you that this is a reliable business partner who provides high-quality financial services and uses state-of-the-art banking solutions.
No matter what type of business you are engaged in, our experts can help youopen an account with a foreign bank or a payment system. With our assistance, you can find the banking solution that suits your purposes best of all!