Account in the payment system – an alternative to the bank account
Account in the payment system – an alternative to a bank account
Progress in the field of financial technologies in conjunction with the introduction of adjustments to the current legislation of several states has led to the emergence of companies related to financial activities and offering customers products from the banking sector. And the development of technical solutions in the field of security of electronic payment systems makes the offered services and products more profitable than offers of standard banking institutions.
There is a stereotype among entrepreneurs and ordinary people stating that using an account in the electronic payment system for doing business (as well as for accepting money transfers by private individuals) is disadvantageous in comparison with standard bank accounts. It’s a delusion. The account owner receives:
• Better service quality.
• Effective technical solutions.
• Prompt execution of financial transactions (transfers and account replenishment). When transferring funds from an account opened with any bank or other electronic payment system, this procedure takes the same amount of time as using a standard bank account. Transfers made within the electronic payment system are carried out almost instantly, with the complete absence of a commission (or a small percentage).
Many banks today use outdated software written in the early 2000s. Electronic payment systems offer their clients a security system that is not inferior to the tread mechanisms of the best banking institutions in the world (and in some cases even surpasses them).
Unlike banks, money placed on accounts in electronic payment systems is not invested by these resources, is not given on credit, is not invested in deposits, and is always available to the owner in full.
The activities of electronic payment systems are controlled by the same supervisory authorities that supervise banks. All resources are issued a license that serves as a guarantee of their legality.
Invoices registration in the electronic payment system
This procedure is similar to the operation of registering an account in a regular bank. The client performs the following:
• Fill out questionnaires.
• Provides papers describing the activity.
Account is assigned immediately after the submission of papers. But to fully activate an account, a certain period of time is required (which is significantly shorter than opening a standard bank account).
Future prospects of doing business using payment systems
There is a high probability that in the future many businessmen will be able to conduct business using only accounts in payment systems. Banking institutions will become a reliable depository that will maintain electronic payment systems and keep their customers’ money.
For advice or assistance in opening an account in the electronic payment system, contact us at the contacts indicated on the website.