Account opening PayDo

About PayDo payment system

PayDo is an Electronic Money Institution (EMI) that offers virtual banking services to companies of all risk levels. 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 authorised payment intermediary. All card payments are secured by 3DS.

The scope of PayDo’s services include:

• Multicurrency IBANs
• Merchant Solution
• Mass Payments.
• VISA EUR Physical and Virtual Cards (soon)

PayDo is authorised by FCA and FINTRAC to provide payment services in the UK and Canada. As a SEPA Direct Participant, Mastercard Principal Member, and SWIFT Direct Participant, PayDo adheres to strict financial standards.

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

1. Corporate (Business Account and Merchant Account);
2. Personal (Personal Account).

PayDo allows you to choose the type of account you need or register both and use them simultaneously, moving from one to the other in your profile.

PayDo provides payment services within multiple industries, such as E-commerce, iGaming, Import & Export, Forex, video games, and more.

What benefits does a company get by using PayDo?

• Dedicated and pooled account details for international and local transfers in 150 countries and 13 currencies
• Multiple payment schemes: SWIFT, SEPA, SEPA Instant, FPS, TARGET2, Kronos, and more.

• Straightforward, fast, and fully remote account opening
• All PayDo products are available by default, without additional fees, in one dashboard
• Chargeback protection
• No rolling reserve
• High-risk friendly and high-value transfers of up to 3 million EUR.
• Crossborder and 3rd party payments to/from 170+ countries with PayDo Checkout
• Wide network of correspondent banks
• Dedicated account manager
• Issuance of physical and virtual VISA and MasterCard corporate cards in EUR (soon).

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);
• 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.

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, and other payment systems available;
• Use of international money transfers for business needs;
• PayDo Fast 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;
• Preventing declined transactions with PayDo smart routing and cascading features;
• Chargeback protection for merchants;
• Accept and send payments worldwide with no hidden fees.

Tariffs and fees

Clients benefit from customised Personal Account pricing created to fit their specific business needs.

Prohibited activities

PayDo does not cooperate with companies offering the following services:

1. Services identified as potentially risky based on the classification of competent authorities.
2. Services delivered through international correspondent bank accounts, including transactions involving non-customers (e.g., intermediary banks) and postal transactions.
3. International private banking services.
4. Services associated with bonds, precious metals, and anonymous offerings.
5. Services enabling instant international transactions, such as online bank transfers, letters of credit, bills of exchange, and international bank transfers for both companies and individuals.

The PayDo platform cannot be used in some countries and regions due to regulatory restrictions.

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 organisational/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!