Opening accounts for your business
For the existence and operation of any business it is mandatory to have a bank account. With the help of a bank account there are financial transactions between counterparties, the issuance of salaries to employees, payment of taxes, payment of winnings (for casinos and betting shops), contributions to insurance funds, and much more. It can be difficult for a beginner-businessman to choose the format and type of current account. In this article, we will help him to understand and find the best options.
Offshore banking
The process of selecting and opening an account for your business can be a lengthy, costly and difficult task. This is especially true for high-risk businesses. OpenCasino service will help you with this issue, fully accompanying the process of opening an account in offshore banks.
Many companies related to betting, gambling, forex, and crypto-industry prefer to open accounts in Curacao, Anjouan, St. Vincent and the Grenadines and some other complex jurisdictions. This is due to low tax charges, possibility to work with many countries, possibility of accounting from abroad, low requirements to counterparties and other advantages. To open an account in these countries you need to know the legal peculiarities of each country, the list of necessary documents, requirements to the company, possible restrictions and other peculiarities. OpenCasino specialists will take into account all your wishes, help you choose a suitable bank and provide assistance in account registration.
Opening of high risk accounts
High-risk businesses are those activities that involve increased regulatory and financing risks. Such companies often face problems opening an account due to the possibility of fraud, stricter regulatory requirements, reputational risks, market instability, etc.
Examples of high-risk businesses:
- Online casinos, bookmakers and poker rooms.
- Financial and microfinance services.
- Cryptocurrency exchanges.
- Multi-level marketing.
- Medical and pharmaceutical online services.
- Online Dating.
Many banks and payment systems refuse to open accounts for companies operating in these areas. Some financial organizations also do not cooperate with sanctioned countries, new businesses and other activities. Each bank has its own criteria for admitting businesses.
The OpenCasino service staff will determine whether your type of activity is categorized as high-risk, select the most optimal bank for you. We will also help you with account registration.
Opening an OCT bank account
Original Credit Transaction (OCT) – a type of payment where money is sent directly to the recipient. In such a transaction, unlike SWIFT, the funds go directly to the recipient’s account (e.g. card), rather than to his bank details. The absence of intermediaries and internal transfers makes the OCT system as fast and convenient as possible.
The OCT system will be needed first of all by those businesses for which speed and convenience of mutual settlements are important. For example, it could be an online casino where payments are received by thousands of people, each of whom has their own bank and card. The list of contacts of such sites is constantly expanding and replenished with new payment systems. In addition, it is important for the player to get the winnings to his card quickly, while providing a minimum of information — the card number, the name of the holder and the expiration date of the card.
Brokerage companies often use OCT as well, as the speed of transactions is the most important criterion for them. Many traders can easily make mutual settlements between themselves through different banks. OpenCasino service will help you to open OCT accounts.
Opening a BaaS account
BaaS – banking as a service, i.e., bank as a service. This is one of the types of financial instruments based on the work of open program interfaces. This format allows a business to open a back office in a bank and use all of its capabilities. The client interacts with the bank through the blockchain structure. Services and products are controlled through the ERP business process management system. In essence, the business becomes a part of the bank – its branch.
Why BaaS is beneficial for businesses:
- Ability to expand quickly — BaaS system allows to accelerate connection of new objects by 2-3 times.
- License — just like the bank itself, the BaaS user gets a license to ensure the legality of the transactions.
- Round-the-clock technical support — professional employees of the bank are responsible for working with the client. This will allow you to save money on maintaining your own technical staff.
- Security — BaaS services are securely protected by cryptographic algorithm, which ensures complete security of data transfer.
- Stable servers — transactions are conducted around the clock, promptly and without failures.
BaaS is ideal for businesses that are planning to expand, are interested in simplifying settlements with customers, and want to optimize internal processes. If you are also interested in implementing such a settlement system, please contact OpenCasino – we will help you get connected.
Conclusion
OpenCasino has extensive experience in opening accounts for both classic businesses and high-risk projects. By providing us with information about your business, you will receive recommendations on choosing the most suitable financial instrument for you. We will assist you in collecting the necessary documents and accompany the whole process of account connection.
