Traditional banking firms are often hesitant to offer accounts to iGaming companies and other ‘high risk’ businesses. This outdated approach means that these businesses can struggle to open a merchant account that meets their banking needs. What’s more, the risk of sudden de-banking presents a significant operational risk and long-term growth challenge.
Thankfully, forward-thinking providers like FinXP deliver a complete payment solution for high-risk merchants. In this article, we outline how to open a merchant account that works for you by exploring how corporate IBAN accounts by fintechs compare to accounts offered by traditional banks.
Reasons To Open a Merchant Account Online
The demand for effortless cross-border trade has been largely driven by the need to send money to overseas partners and service providers. Here, IBAN accounts offer a simplified way to settle invoices via international bank transfers. FinXP’s IBAN accounts can be used to make fast, secure transfers across the 36 European countries within SEPA.
Firms may also need a way to create a new line of business to serve a new market and receive customer payments. A dedicated IBAN account offers a range of benefits, like allowing finance departments to segment revenues and manage tax obligations across jurisdictions more easily.
What’s more, the recent push for remote working means that businesses increasingly require a way to pay employees or subcontractors in different regions. Once again, IBAN accounts can ensure that your employees and business partners can be paid on time.
Why High-risk Merchant Accounts Are Hard To Come By
Unfortunately, some industries experience financial discrimination, whether due to reputational risk, money laundering concerns, or novel (and unfamiliar) business models. As a result, these firms are often shut out from accessing vital financial services necessary to grow their operations, as traditional banking providers fail to provide high-risk merchant accounts.
At FinXP, we are committed to offering market-leading payment and banking solutions. That’s why we offer IBAN4U accounts, these are dedicated Euro IBAN Accounts for corporates.
Whether you’re looking to open a SEPA bank account online for your EU operations or you need a gaming-friendly payment account, we can help.
In the next section, we go in-depth on how our IBAN accounts compare to others on the market so you can find a business account that works best for you.
How Do Our Corporate IBAN Accounts Compare?
Our corporate IBAN accounts gives high-risk merchants access to similar features as bank accounts from traditional banking institutions. Some of our flagship benefits include:
A Security-first Mindset
As a fully licensed and regulated electronic money institution, we ensure our customers benefit from leading security and compliance. Our core banking system is Oracle Flexcube, a best-of-breed core banking solution delivering extensive open banking capabilities.
Additionally, once your funds are stored with us, they remain completely in your account and separate from FinXP's own funds and separate from the funds of other clients. This means that your money isn’t re-invested, giving you full access to every cent, all the time. This full fund protection is not offered by banks which re-invest client deposits.
Flexible Payments To Meet Your Needs
Our management team has decades of experience in financial services, allowing us to understand your business’s needs at a glance. We can create bespoke payment systems and deliver fast, secure, and flexible merchant accounts that work for you.
We also offer batch and recurring payment systems, allowing you to simplify your account management and streamline payments to suppliers, employees, and beyond. In turn, you can focus on running your business and building new industry relationships.
Finally, our IBAN4U accounts also come with the XP White Debit Mastercard. The card greatly increases the utility of the account as it allows you to make payments in physical stores, online stores and you can even withdraw cash from ATMs.
A Seamless Customer Experience
We accept account applications from both EU and non-EU companies and we deliver fast account activation.
The application process is online, and our easy-to-use, web-based banking platform ensures you have 24/7 access to your funds. That way, you don’t have to worry about opening hours or long customer queues when trying to make payments. You also benefit from transparent account fees allowing you to manage your expenses ahead of time.
Our business-friendly customer acceptance policy as well as our specific experience, allows us to be considerate of businesses operating in high-risk industries such as online gambling, crypto and fintechs, CBD, and others. These are industries that are often fast-moving and often require specialized expertise.
Key Takeaways
FinXP is a leading payment and banking solution provider in Europe. It is a licensed financial institution based in Malta with branches in Germany and Cyprus. Our IBAN4U accounts offer a range of benefits including:
Fast account activation
Able to perform SEPA transactions easily
Recurring and batch payments possible
Account is linked with an XP White Debit Mastercard
No dependency on intermediary banks
Transparent pricing
24/7 access via our easy-to-use, web-based platform
With transparent fees and attentive customer service, we deliver top-tier payment and banking solutions to businesses in medium-to-high risk industries.
Open a Merchant Account Online with tailored support today
FinXP’s corporate IBAN account is a complete payment solution for a range of businesses, enabling easy cross-border payments.
Learn more about IBAN4U or have a look at our FAQs. If you’d like to open an IBAN4U account, please apply via our brief Enquiry form.