Outgoing payments
Our company offers outgoing payment processing services for Internet companies through connecting websites to our European processing center, as well as to our partners’ international and offshore payment systems.
The outgoing payment service may be of interest to companies seeking to provide their customers with a wide range of payment solutions. The outgoing payment system on your website allows you to implement the following options:
- Creation of an “E-wallet” on the website
• Ability for customers of the Internet portal to withdraw funds - Implementation of specific non-standard business processes
- Payments between clients’ bank accounts
- Creation of own “Electronic money”
- Automation of salary payments to employees
- Creation of a “Virtual bank”
Outgoing Payments Processing
Implementing an outgoing payments system requires integration with a Processing Centre that provides such services. Typically, this involves bank processing. The ability to make outgoing payments is not linked to having a Merchant Account with that particular bank. It’s necessary to negotiate an agreement and carry out system integration.
Unlike Internet acquiring, the requirements imposed by the bank’s processing centre when connecting outgoing payment services to a business and its owners are extremely stringent, and the procedure itself is complex. This is due to the fact that such a tool, firstly, creates additional competition for the provider from its own client. Secondly, a large number of micropayments can be used to conceal financial flows and carry out potentially illegal activities.
The following questions should be answered before entering into negotiations with the Processing Centre:
- Legal basis of payments made
- Rationale for NOT conducting business in the recipient countries
- Accounting considerations for international taxation
- Status of the payee depending on their country of residence
- Preparing for external audit in the context of high payment volumes
- Building or buying billing servers, their audit and certification
- Decision on the jurisdiction for locating billing servers.
Our Services
We will undertake a comprehensive analysis of your business model, prepare a plan and carry out the necessary actions. As a result, you will receive answers to all the questions indicated above. In addition, we will carry out the following activities for you:
- Finding a suitable payment gateway
- Incorporating the “right” legal entity
- Drafting a high-quality business plan in English
- Opening an account with a suitable bank
- Preparing a financial model in accordance with UK standards
- Negotiating with payment processors
- Consulting and organising IT specialists
We specialise in providing a full range of services for companies operating online. Outgoing online payments typically require the interaction of specialists in various fields. Our staff are qualified international lawyers, financiers familiar with the specifics of e-commerce taxation in different countries, as well as broad-based IT specialists ready to coordinate actions with your team.
We are ready to undertake all stages of work and connect outgoing online payments for your business. Contact us.