E-commerce and payment systems have become practically the main way of doing business in 2020. Even those who were far from the Internet and technology were forced to master remote payment technologies. There are many methods of money transfer that are available on the Internet, but the safest and most reliable are payment systems. They offer a service similar to banking. The payment process is often faster, more convenient, and cheaper. Therefore, more and more companies prefer to work with payment systems. In this article, we will analyze the main payment systems and their benefits for business in Georgia, as well as explain how to use them without the risk of closing an account.
How to choose an electronic payment system
Payment systems provide a personalized service system that is better suited for modern business, and is maximally focused on online projects. In addition, thanks to the use of new technologies, opening an account, accepting and processing payments is possible in a shorter time frame. The advantages of payment systems also include:
- Simple procedure for confirming the identity of clients;
- Availability of various currencies;
- Fast international payments;
- Remote account management via Internet banking from anywhere in the world.
How to choose an electronic payment system
When deciding which electronic payment system to choose for your business, first of all, you should pay attention to its functionality, methods of receiving and withdrawing funds, and, most importantly, the size of commissions. There is a huge number of payment systems on the market, and there is an ideal one for any type of business.
When choosing a payment system, you should pay attention to the following parameters:
- Countries in which the payment system is legal and the service is fully functional.
- The types of activities with which the system works.
- Payment Methods.
- Commission.
- Terms and conditions for withdrawing money.
- The ability to open an account for legal entities and document requirements.
- Technical features (if you need to connect the site).
Below are some of the popular payment systems offering the opening of corporate accounts to Georgian legal entities, regardless of the residence of the beneficiaries.
Paypal payment system
Connection period: 1-2 days
Payment methods: bank cards, instant messengers, payment using a QR code, invoice by email, and others.
Who can access: clients of the Bank of Georgia and TBS with an active current account.
Commission: from 2.9% to 5% of the cost of goods (services). The exact amount of the commission depends on your sales volume, as well as on whether you sell goods (services) domestically or abroad.
Countries where you can make payments: bank cards from all over the world (except Belarus).
Technical implementation: modules for CMS, SDK, solutions in different programming languages.
Withdrawal of funds: to a bank card account.
Transferwise payment system
Connection period: 1-2 days
Payment methods: bank cards, instant messengers, payment using a QR code, invoice by email, and others.
Who can access: clients of the Bank of Georgia and TBS with an active current account.
Countries where you can make payments: bank cards from all over the world.
Commission: from 0.35% to 5%
Technical implementation: modules for CMS, SDK, solutions in different programming languages.
Withdrawal of funds: to a bank account in a currency convenient for the owner.
Payoneer payment system
Connection period: 1-2 days
Payment methods: bank cards, instant messengers, payment using a QR code, invoice by email, and others.
Who can access: clients of the Bank of Georgia and TBS with an active current account.
Countries where you can make payments: bank cards from all over the world (except Russia).
Commission: from 0 to 3%
Technical implementation: modules for CMS, SDK, solutions in different programming languages.
Withdrawal of funds: to a bank account in a currency convenient for the owner.
How to work with the payment system so that the account is not closed?
Unlike banks, where everything is clearly spelled out, sometimes difficulties arise with payment systems. How and what should be done so that the account is saved and your work continues, and the money is not frozen in the account? The process can be divided into two conditional stages: selection of a suitable payment system (see above) and daily work with it.
Daily work with the payment system
When the payment system is selected and the account is open, the workflow can be started. But some of your actions can lead to the closure of the account and it is better to play it safe. Here are some guidelines to help you get started:
- You need to keep documents for each transaction. Even if the security system works, you will be able to provide the necessary documents and continue working further;
- Notify in advance about all planned changes. Whether it's a new partner, too large a transfer, changes in the structure of the company or a new director;
- Respond promptly to requests. If you have chosen a good payment system, the support service will communicate with you and ask questions. Answer quickly and thoroughly. Better - no more than a day.
Tip: The more accounts and payment systems, the better. So you and your business will not be left without the necessary funds at the right time. If you depend on one account, then any change for you is a risk or even a business failure. Having 2 and 3 reserve accounts is a diversification of risks.
The more ways you can accept payment payments, the better. So there is a guarantee that your client will find a suitable option for himself and will not go to a competitor. Choose the right payment system and get more profit. Use the services of professionals and we will select a payment system that meets the needs of your Georgian business. You will answer a list of questions: about the type of business, about the main partners, the country of registration of the company and the country of residence of clients, the planned turnover, and so on. Based on this information, we will offer a list of payment systems that are most suitable for you. To get a free consultation on payment systems and their benefits for business in Georgia leave a request bellow.