Get those finances in order!
Issues with payments do not only affect the business owner’s quality of sleep, but also the company’s conversion rate.
Stripe or Paypal, a bank account in a Swiss bank or a US one, a direct merchant account or a PSP payment card, an electronic wallet or a cryptocurrency exchange? There are dozens of criteria for choosing the right financial partner, such as the amount of the minimum bank account deposit, the size of the commission, hold, rolling fee, convenient API, ease of integration.
Intellectual Property in the Digital Age
is all intellectual property that people constantly try to steal, copy, or simply use without proper authorization from the IP holder. The modern approach to business “be faster than competitors”, does not justify the failure to use basic protection tools, such as:
Boring and fun documents
The bureaucracy paved the way for all sorts of W-8 BEN-E or KYC forms intended to simplify life for businesses, but at the same time, the bureaucrats somehow forgot to simplify the instructions for how to correctly fill out these documents.
Licences and certificates
There is a variety of different types of authorization documents out there, but the process of obtaining them falls under the pretty much same pattern:
Determine what document you need (i.e. license, certificate, permit, etc.) to lawfully conduct your business. Inquire the state authorities, research the legal base, ask your partners (or even competitors) about the procedure for obtaining it.
Understand the costs, terms, requirements and risks, associated with the procedure.
Bring your company into compliance with current requirements. Apply for the required document, or look for other alternatives (if the client’s budget or business does not meet the requirements).
These guidelines are the same for EMI, PSP, Escrow, Money Transmitter, Seller of Payment Instruments, Sale of Checks licenses, as well as ISO, tax residency, VAT number, PCI DSS, etc.
AML & KYC
Businesses can (and often must) automatically or manually check customer data, i.e., full name, phone number or email, and in certain cases, ask for a copy of the passport or a utility bill. This is due to the global trend aimed at promotion and development of fiscal transparency.
International directives and local legislation will tell you what data to collect, and modern IT solutions will simplify the process of collecting and validating thereof.