Opening accounts in international payment systems

A payment system refers to any technological and financial infrastructure that enables the transfer of funds between a payer and a recipient. Payment systems include fintech platforms (EMIs) such as Wise, Revolut, and Payoneer, as well as online payment services Stripe, PayPal, LiqPay. FinTech -platforms like Payoneer,Wise, and Revolut enable users to open accounts with personal IBANs, allowing them to send and receive payments. There are also Merchant of Record providers like Paddle or PayPro Global — systems that process card payments on your website, assuming associated risks on your behalf.

Payment systems such as Payoneer and Mercury are licensed in the U.S. and are generally considered more stable than many banks.

When choosing a payment system, start by identifying the specific tasks it needs to fulfill. Each system offers different features — from sending and receiving payments via bank details to providing a merchant account for card payments. Additionally, each platform follows its own policies and may refuse service to companies whose owners are residents of certain countries. Consider factors such as supported currencies, availability of corporate cards, quality of customer support, and flexibility of pricing. For instance, having ACH details (used within the U.S.) in a Payoneer account makes it cheaper to receive payments from U.S. clients. If your business operates in a high-risk sector (e.g., gambling, dating, crypto), opt for systems that specialize in your specific niche.

Yes, accounts in different systems can serve not only as alternatives to one another but also complement each other's functionality. For example, many companies that want a safe and convenient way to accept payments via Stripe use Payoneer accounts to receive refunds. This setup is highly functional and convenient.