About PayDo payment system
PayDo is a payment system that offers virtual banking services to high risk companies. Headquartered in the UK, the payment system itself, being an electronic money issuer that provides payment services in addition to issuing electronic money, is regulated by EMR 2011 and PSR 2017.
PayDo is a PCI DSS level 1 compliant Visa and Mastercard authorized payment intermediary, and all card payments are secured by 3DS.
Unlike traditional European banks, PayDo does not require the company to have a substance (economic presence): an office, employees and counterparties in the country of registration of the company.
PayDo account types:
- Corporate (Business Account and Merchant Account);
- Personal (Personal Account).
PayDo allows you to choose the type of account you need or register both and use them at the same time, moving from one to the other in your profile.
PayDo is focused on working with companies whose business is related to gambling, Forex, trading or betting (the company must be officially regulated).
What benefits does a company get by using PayDo?
- High speed of funds transfer;
- "Quick Check" allows you to receive payments using various payment methods in 200+ currencies;
- Using mass payments to easily pay your employees, subcontractors, freelancers, etc.;
- Virtual banking;
- International electronic wallet, local card acquiring and other financial instruments;
- Trading services, electronic wallets. the ability to accept Visa and Mastercard payments, as well as alternative payment methods in more than 170 countries;
- PayDo is a member of SEPA, SWIFT and TARGET2;
- Key segments: Forex, iGaming, affiliate programs, video games, e-commerce, professional services.
When opening a Business Account, two additional types of balance are automatically added:
- Rolling Reserve is a security risk management strategy for the merchant, his customers and the bank, which provides compensation from potential losses: a part of the funds from the transaction amount will be protected (withheld) to cover potential business risks associated with chargebacks. The amount of the reserve is calculated based on a certain percentage of the amount of each transaction, for example, from 5 to 10%. Current reserves are held for 3-6 months (the term depends on the type of activity) and will be available and transferred to the balance sheet at the end of the relevant period.
- A deferred balance (withholding) is an amount frozen for a period of 5 to 14 days, during which funds are collected from all payment systems for transfer to an available balance. The retention period depends on the type of account, business history, turnover, industry, risk level and other factors that are taken into account during the verification.
Opening a corporate account with PayDo
To open a business account with PayDo, the following documents are required:
- Company registration certificate;
- Memorandum and Articles of Association of the company;
- A document indicating the director and his appointment;
- Register of shareholders and certificate;
- Company ownership structure according to the scheme;
- Scanned copy of the identity card - passport or driver's license (both sides);
- Selfie with ID provided;
- Proof of residential address in English or with English translation (utility bill/bank statement);
- Resume (should include experience, career, qualifications, education) and social networks (LinkedIn/Facebook/etc.) is mandatory for the beneficiary and director of the company (if he is not nominal);
- Power of Attorney (mandatory for the representative and the beneficiary), if the account is not managed by the director;
- Proof of the source of wealth of the beneficiary.
Read also about opening an account in the Genome payment system
Benefits of a virtual corporate account in the PayDo payment system
- The ability to manage all payments through a single account from anywhere - 24/7;
- Target2&SEPA, SWIFT payments;
- Use of international money transfers for business needs;
- PayDo Quick Checkout - the ability to replenish an electronic wallet and pay from the balance;
- Transfers between PayDo users, B2B bank transfers, alternative payment options, withdrawals;
- Accepting payments online;
- Accept and send payments worldwide with no hidden fees.
Tariffs and fees
Fees for low-risk companies
| Service |
Tariff |
|
| Account opening fee | 100 EUR | |
| Monthly account maintenance* | 0.00 EUR | |
| * - Free account maintenance is available to users who have completed at least one financial transaction (top-up, money transfer, PayDo wallet check or international transfer) within 90 calendar days. After 90 days of inactivity, monthly maintenance is €20.00 per month. | ||
| Bank transfers | ||
| Incoming SEPA
Inside the EEA |
1.00 EUR
|
|
| Incoming international | 1.00 EUR
|
|
| Outgoing SEPA payment
Inside the EEA |
0.1 % + 10.00 EUR
|
|
| Outgoing international | 0.2 % + 25.00 EUR
|
|
| * - European Economic Area (EEA). The EEA includes the EU countries, as well as Iceland, Liechtenstein and Norway. | ||
| Money transfers | ||
| Transfer to PayDo users | 0.5% | |
| Transfer to Visa , MasterCard in euros | 3.5%+4 EUR | |
|
* - Transfer currency is EUR by default, but it is possible to send to cards in other currencies, conversion will be done by issuer (recipient) bank rate.
|
||
| Top up your wallet | ||
| Bank transfer (SEPA/TARGET2) | 1.00 EUR | |
| Visa, MasterCard | 3.4% + 0.30 EUR | |
| For PayDo users | ||
| Purchases on websites accepting PayDo wallet | 0.0% | |
| Between PayDo accounts | 0.5% | |
| E-commerce (trade services) | ||
| PayDo e-wallet | 2. 5 % + 0.25 EUR | |
| Trustly | 3. 34 % + 0.36 EUR | |
| Ideal | 2. 0 % + 0.99 EUR | |
| Neosurf | 1 0 % + 0.1 EUR | |
| Visa/Mastercard | from 2.9 % + 0.3 EUR only for EU companies subject to approval by buyers | |
| Additional Services | ||
| Bank transfer investigation | 50.00 EUR | |
| Bank payment cancelation / refund / chargeback | 70.00 EUR | |
| Currency exchange
At current bank rates |
3.5% | |
|
Negative interest fee (yearly)
|
0.2% * annually ; | |
| * Negative Interest Rate is fee to hold in your available* EUR balance. The fee will be charged daily and only on balances in EUR. Holding amounts in other currencies will remain free. These are the only regular fees, except account maintenance, you’ll pay with PayDo. – Merchant’s pending and rolling reserve EURs balances are not affected by negative interest fees. | ||
Account closure |
||
|
Account closure by client request
|
0.00 EUR | |
|
Account closure by compliance reason *
|
300.00 EUR | |
|
* - In case of account closure due to compliance reasons (violation of PayDo terms and conditions, fraud, failing to answer PayDo compliance-related requests), may charge an additional fee of 300.00 EUR.
|
||
Fees for high-risk companies
| Service | Tariff | |
| Account opening fee | 500 EUR | |
| Monthly account maintenance* | 100 EUR | |
| Bank transfers | ||
| Incoming SEPA
Inside the EEA |
0.2% + 1.00 EUR
|
|
| Incoming international | 0.3% + 1.00 EUR
|
|
|
Outgoing SEPA payment
Inside the EEA |
0.4% + 35.00 EUR
|
|
|
Outgoing International
|
0.5% + 50.00 EUR
|
|
|
* - The European Economic Area (EEA). The EEA includes EU countries and also Iceland, Liechtenstein and Norway.
|
||
| Money transfers | ||
| Transfer to PayDo users | 0.5% | |
| Transfer to Visa , MasterCard in euros | 3.5%+4 EUR | |
|
* - Transfer currency is EUR by default, but it is possible to send to cards in other currencies, conversion will be done by issuer (recipient) bank rate.
|
||
| Top up your wallet | ||
| Bank transfer (SEPA/TARGET2) | 0.2 EUR + 1.00 EUR | |
| Visa, MasterCard | 3.4% + 0.30 EUR | |
To PayDo users |
||
|
Purchases on websites accepting PayDo wallet
|
0.0% | |
| Between PayDo accounts | 0.5% | |
| E-commerce (trade services) | ||
| PayDo e-wallet | 2.9% + 0.2 EUR | |
| Trustly | 3.84% + 0.36 EUR | |
| Ideal | 2.5% + 0.99 EUR | |
| Neosurf | 11.5% + 0.1 EUR | |
| Visa/Mastercard | from 3.4% + 0.3 EUR only for EU companies subject to buyer approval | |
| Additional Services | ||
| Bank transfer investigation | 100.00 EUR | |
|
Bank payment cancelation / refund / chargeback
|
150.00 EUR | |
| Currency exchange
At current bank rates |
3.5% | |
|
Negative interest fee (yearly)
|
0.2% * annually ; | |
|
* Negative Interest Rate is fee to hold in your available* EUR balance. The fee will be charged daily and only on balances in EUR. Holding amounts in other currencies will remain free. These are the only regular fees, except account maintenance, you’ll pay with PayDo. – Merchant’s pending and rolling reserve EURs balances are not affected by negative interest fees.
|
||
Account closure |
||
|
Account closure by client request
|
300.00 EUR | |
|
Account closure by compliance reason *
|
1 000.00 EUR | |
|
* - In case of account closure due to compliance reasons (violation of PayDo terms and conditions, fraud, failing to answer PayDo compliance-related requests), may charge an additional fee of 1 000.00 EUR.
|
||
Prohibited activities
PayDo does not cooperate with companies offering the following services:
- Services that, according to the classification of the competent authorities, are potentially risky;
- Services provided through international correspondent bank accounts, including payments to non-customers (such as intermediary banks) and postal transactions;
- International private banking services;
- Services related to bonds, precious metals, anonymous services;
- Services that allow you to instantly make international transactions, such as online bank transfers, letters of credit, bills of exchange, international bank transfers for companies and individuals.
Companies in which jurisdictions are not served by PayDo
The PayDo payment system does not cooperate with companies and individuals, the legal, actual or residential address of the executive person (beneficiary / director) is located in the following countries:
- Countries subject to sanctions, embargoes or similar measures imposed by the United Nations, the Financial Action Task Force on Money Laundering;
- According to reliable sources, countries that do not have relevant laws, regulations to prevent money laundering and terrorist financing;
- Countries known for high levels of corruption and other illegal activities;
- Countries whose residents create an increased organizational/financial burden on the company due to a complex legal or specific tax system.
Why Taxters?
Our staff will advise you on all issues: from filling in the necessary forms to the first successful payment. We will contact the PayDo payment system and individually accompany the process of opening an account. We will help you go through the KYC (know your customer) procedure, which will significantly increase the chances of successfully opening an account. Just click the "Quick Consultation" button and we will answer all your questions!
FAQ
Can I get a physical card?
How does PayDo prevent fraud in online transactions?
PCI DSS security standard is supported. All card payments are protected by 3D-secure technology.
