How to Open a Business Account With Paysera
Having a business account with a well-regulated and reliable provider can make a real difference to the growth of any business that seeks efficiency and cost-saving without having to compromise quality. If you’re looking to open such an account, don’t only look at traditional banks but also explore the possibilities offered by such financial technology companies as Paysera which can offer cutting-edge products and services at favourable prices.
What You Need to Know About Paysera
Paysera is a Lithuanian electronic money institution offering an international payment system, licensed, regulated and periodically audited by the Bank of Lithuania, the supervisory authority of the Lithuanian financial market. The licence enables Paysera to carry out business activities related to the issuance of e-money and provision of payment services within the EU.
Paysera is a secure way to manage business finances as it operates in accordance with the international standard of security technologies and PCI DSS (Payment Card Industry Data Security Standard). The latter regulates companies that accept card payments and process client data.
Founded in 2004 in Vilnius under the name Elektroniniai Verslo Projektai to manage one specific project, Paysera earned its electronic money institution licence in 2012 and started expanding to the neighbouring country Latvia in 2013. Today, it’s a leading payment processing partner in the Baltics, serving over 60,000 business clients.
Many of the business clients are online shops (around 13,000) that use Paysera tools and services (delivery service, lockers and more) to accelerate their growth.
The network of Paysera is continuously expanding internationally through a franchise-like joint venture model that connects international companies, established and led by experienced local entrepreneurs.
The Paysera system connects numerous financial service providers – local and international banks, international payment systems and payment partners. Its clients can transfer money to more than 180 countries, in more than 30 currencies. The full list of countries where Paysera payments are available can be found here.
Why Choose Paysera
You can open a new Paysera account electronically without having to fill out any papers. Since the company is fully licensed and regulated by the authorities of the EU country, you can expect safe and secure payment services, available in Europe and overseas.
The main features of Paysera business account:
- An online IBAN account, free of charge for businesses registered in SEPA countries
- Unlimited instant 24/7 transfers in euro at a competitive price
- Fast international transfers at competitive prices in 30 different currencies within 30 minutes
- Currency exchange services in real-time to 30 different currencies at favourable exchange rates (often better than those offered by traditional commercial banks)
- A contactless payment card for secure payments, thanks to 3-D Secure technology
- A mobile application with numerous features (real-time notifications about incoming transfers and more)
- Payments with QR codes and via SMS messages
- A payment gateway and checkout with the integration of the most popular payment methods
- Event ticketing system Paysera Tickets for ticket sales and event promotion
- 24/7 support services
- Multiple permissions to manage a business account
A head of the system (or, Paysera Business account manager) can easily grant permissions to those company employees who possess identified personal Paysera accounts. Authorisation can be granted by logging into the Paysera system and creating new permission in Settings. Then, it will get activated within 12 hours.
Paysera Super App
A super app is designed to replace multiple apps and satisfy as many needs as possible in one place. Basically, such apps aim to offer seamless experiences by integrating numerous services – from payments to food delivery and transportation. Paysera aspires to be more than a payment service by integrating various additional services into its mobile application and enabling its clients to perform as many business tasks as possible.
Up until recently, Paysera has been known as a system for everyday financial management, or a mobile wallet, that encompasses a payment gateway service and checkout. Today, its goal is to shift to the whole ecosystem that accommodates tens of various mobile applications and to become a super app.
Therefore, not only you can open a business account with Paysera, but there’s an opportunity to integrate your company’s services into the Paysera mobile application.
You should get involved for the reasons mentioned below:
- Over one million downloads of the Paysera application
- All its users are registered, identified and verified
- No credit card processing fees – clients can pay instantly straight from their account
- Available in such markets as Lithuania, Latvia, Bulgaria, Romania, Albania, Kosovo, Switzerland, and other countries
- Security of the highest level, matching the international standards
- The Paysera team takes care of the design and the application integration, only the backend API should be done by your team
- Products and services can be fully or partly white-labelled, depending on the services
To certain companies, the Paysera Tickets service might be a valuable addition to the business account or even become a primary reason for signing up with Paysera.
Key features of the Paysera Tickets ticketing system:
- Payment collection service
- Ticket checking by scanning the Event QR code
- Paysera Tickets plugin
- Discount code generation
- VAT invoicing
- Proforma invoices
- Ticket sales at physical locations
- Event seating plan tool
- Numerous ticket types – multiuse tickets, seasonal tickets and event groups
There are two ways to start using the Paysera Tickets ticketing system. If your event is free, you simply need to open a Paysera account and create an event. If your event is paid, you need to open a Paysera account and go through the identification process, then order the online payment collection service, and create a payment collection project before you can create and publish an event via the Paysera Tickets self-service system.
Requirements for Businesses
A business account can be opened either by the company’s director or a legal representative of the company. The latter way requires a power of attorney.
When applying for a Paysera account, you should prepare the following details in order to adhere to KYC regulations:
- Contact details – telephone number and email address
- Personal details of the company director
- Company code if available
- The type, scope and territory of the economic activities
- Information about business partners
- The nature of risks related to the business
- Sources of funds, disposable amounts and their purpose
- Information about beneficiaries
- Information about specific financial transactions
Paysera is obligated to cooperate with law enforcement authorities who can request any KYC-related information or reports at any time in order to prevent financial crime. Other than that, KYC-related client information is carefully protected and not used for any other purpose.
Paysera may request the following essential documents:
- Company registration documents (e.g. Memorandum of Association and Articles of Association)
- Identification document of the company’s director (passport or ID card)
- A power of attorney if a new account is to be opened by a legal representative (either with the e-signature of the company director or approved by a notary public)
The Process of Opening a Business Account With Paysera
The process of opening a Paysera business account slightly varies, depending on who’s opening it – a company director (CEO) or a legal representative.
The process of opening a business account with Paysera consists of the following key steps:
- Register via paysera.com by filling in all the required fields in the registration form to first open a personal account as the company director or representitive
- A confirmation email containing an activation link (valid for five hours) will be sent to the registered email address – you should click on the link to start using Paysera services
- You’ll also have to verify your number via your new Paysera account in order to start using the services by entering a verification code sent to the number
- As a director of the applying company, you have to verify your identity by submitting a photo of your personal identification document (passport or ID) which will be verified within three working days
- When your identity is verified, open a business account by clicking on your name
- If your company is registered in Lithuania, Latvia, Estonia, Bulgaria, Romania or the UK, you have to provide a company code
- If your company is registered in a different country, you have to submit the required documents – company registration document and proof of the name of the director of the company – and the Paysera team will open a business account
- If you can’t verify yourself as a company director, you’ll be asked to upload a power of attorney via your personal Paysera account authorising you to open a business account on behalf of the company
You can choose one of the following ways to verify your identity:
- Via a laptop or computer with a camera where you have to log into your personal Paysera account and start by clicking on Carry out Identification in order to eventually submit a copy of your passport (ID card) and a photo of your face and your passport (ID card); you’ll also be asked to complete a detailed KYC questionnaire
- Via the Paysera mobile application where you have to log into your account and start by tapping on Incomplete Verification to complete all the identification steps identical to the browser version
If your submitted files are of good quality and filled out correctly, your identity will be confirmed within four working hours.
If you wish to open a business bank account with Paysera, our team here at IB-IA GROUP UAB will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.