How to Open a Business Account With Paysera

After all, having a business account with a well-regulated and reliable provider may make a real difference for any business that seeks efficiency and cost-saving without compromising on quality. If you want to open such an account, do not look at traditional banks only; explore the possibilities provided by such FinTechs as Paysera, able to offer edge-cutting products and services at favourable prices.

What You Should Know About Paysera

Paysera is an electronic money institution that has its origin in Lithuania. It provides an international payment system. It got its license from, regulated, and was periodically audited by the Bank of Lithuania – the supervisory authority of the Lithuanian financial market. This license enables Paysera to conduct business activity connected with the issue of electronic money and payment services provided within the European Union.

These include the AML-related regulations on the collection of personal data on KYC and other purposes. It is binding upon Paysera to collect certain sets of personal and business data and process them according to Lithuanian legal acts and the Privacy Policy.

Paysera is a secure way to manage business finances because the system operates in accordance with the international standard of security technologies and PCI DSS – Payment Card Industry Data Security Standard, which regulates companies accepting card payments and processing client data.

Founded in 2004 in Vilnius under the name Elektroniniai Verslo Projektai with the goal of managing one particular project, Paysera obtained its license as an electronic money institution in 2012 and began to expand into its neighboring country Latvia in 2013. Today, it is a leading payment processing partner in the Baltics for over 60,000 business clients.

Among them, there are about 13,000 online shops that have been using all the Paysera tools and services to accelerate their growth.

The Paysera network has grown internationally through a franchise-like joint-venture model. The network interconnects international companies, established and managed by seasoned local entrepreneurs.

The Paysera system unites numerous financial service providers – local and international banks, international payment systems, and payment partners. Its clients can pay to more than 180 countries in more than 30 currencies. To get the whole list of countries where Paysera payments are available follow here.

Why Choose Paysera

It is possible to open an account with Paysera in a fully electronic way without filling out any papers. Safe and secure payment services, available both in Europe and overseas, will be provided by the company, since it is fully licensed and regulated by the authorities of the EU country.

Main features of the Paysera business account

• A free of charge online IBAN account for business 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
• Real-time currency exchange to 30 different currencies at real-time exchange rates, often better than those from traditional commercial banks
• A contactless payment card for secure payments with 3-D Secure technology
• Complete mobile application with all of the features like getting real-time notifications about incoming transfers and much more
• Ability to make QR code and SMS message payments
• Payment gateway integrated with checkout using the most popular ways of paying for goods and services
• Event ticketing system Paysera Tickets for selling tickets and promoting events
• 24/7 support services
• Several permissions for managing a business account

The head of the system, or a Paysera Business account manager, can easily grant permissions to those company employees who have identified personal Paysera accounts. Permission can be provided by authorization through logging into the Paysera system and creating new permission in Settings. Then it will be activated within 12 hours.

Paysera Super App

A super app replaces several applications and satisfies as many needs in one place as possible. Such applications come up, basically, with perfect experiences created through the integration of a wide range of services: from paying bills to ordering food, even the transport of anything. Paysera seeks to be something more than a payment service, incorporating different additional services into its mobile application and enabling its clients to perform as many business tasks as possible.

Up until recently, Paysera has been a system for everyday financial management – or a mobile wallet – encompassing a payment gateway service and checkout. Today, the goal of Paysera is to shift towards the whole ecosystem, housing tens of different mobile applications, and to become a super app.

For that reason, with Paysera you are allowed to open a business account, but what’s more important, there is an opportunity to integrate your company’s services into the Paysera mobile application.

You should get involved for the reasons mentioned below:

Paysera Tickets

This could also be a new benefit for the corporate account because this service may even motivate some companies to register with Paysera.

Main features of the Paysera Tickets ticketing system:

• Payment collection service
• Check a ticket by Event QR code scanning
• Paysera Tickets plugin
• Discount code generation
• VAT invoicing
• Proforma invoices
• Ticket selling in physical locations
• Event seating plan tool
• Several types of tickets: multi-use tickets, seasonal tickets, and event groups

To get started using the Paysera Tickets ticketing system, there are two ways: if an event is free of charge, it would be enough to open an account in Paysera and create an event. In the case of a paid event, one must open an account in Paysera, go through the identification process, then order the online payment collection service and a payment collection project in order to further 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 follow the KYC regulations:

• Contact details – telephone number and email address
• Personal details of the company director
• Company code if available
• Type, scope, and territory of the economic activities
• Information on business partners
• The nature of the risks associated with the business
• Sources of funds, disposable amounts, and their purpose
• Beneficiary information
• Particular financial transaction information

Paysera is bound to cooperate with such law enforcement authorities that might request information or reports with regard to KYC at any moment in time to fight against financial crime. In all other respects, however, this kind of client’s KYC-related information is kept well and is never used for any other purpose.

Paysera may need the following documents to be provided:

• Company documents of incorporation (e.g., Memorandum of Association and Articles of Association)
• Identification document of the company’s director (passport or ID card)
• A power of attorney, in case a new account is to be opened by a legal representative, which has to be signed by the company director with e-signature or notarized

How to Open a Business Account with Paysera

Opening a business account in Paysera slightly differs depending on who opens it – the company director (CEO) or the legal representative.

Main steps to open a business account with Paysera:

Through a computer/laptop with a webcam, where access to your personal account via Paysera needs to be performed, press the button “Carry out Identification” to have the opportunity to provide a copy of your passport (ID card) and a photo of your face and your passport (ID card), also to answer questions in the advanced KYC questionnaire.

Via the Paysera mobile application, where you have to log in and start with tapping on “Incomplete Verification” with the aim of completing all the steps of identification, as it is done in the browser variant. If your filed documents are of good quality and correctly filled in, the confirmation of your identity will be within four working hours.

In this case, if you want to open a business bank account with Paysera, we are right here at Regulated United Europe to assist you. We boast eight years of experience in helping clients open bank accounts in Europe. We enjoy the help of a vast network of trusted partners in European financial services with appropriate and cost-efficient solutions, improving the functioning of the businesses we serve.