The European Union is an important market for any business since it consists of more than 19 countries with thousands of potential customers. While any business may need to access these customers to improve revenue, in case your business is based outside of the Single Euro Payments Area (SEPA), you may not be able to accept cross-border payments in Euros. This means simply losing a wide number of potential customers that may be interested in your product or services.
In order to receive payments from customers in the EU, without a local Euro business bank account, you will have to pay high currency conversion fees. In addition to fees It can take a long time for funds to clear from a foreign currency transfer. For sure you will be required to do extra paperwork for each transaction and in case something goes wrong it is not always easy to trace.
Most countries in the EU enable non-residents to open a business bank account. However the business would be asked for a lot of documents and the whole process is not simple at all.
But documents are not all you need. You'll need to make a sizable deposit before opening the account which may be a problem for many since You won’t be able to draw on it until your account has been approved.
However you have the option to open an account with an online-only bank. These banks offer a digital business bank account and usually have simpler requirements. But there are still better alternatives.
Instead of entering through the difficult process of opening a business account in a local EU bank, you have the option to use PayPax services. PayPax enables you to to receive payments from customers and clients anywhere in the EU or other countries all around the world.
By creating a PayPax business account you can manage currencies and receive payments in the EU fast and easy.
It’s easy to set up your business account with PayPax. Just register with PayPax and choose which receiving accounts you need. You can set up your personal crypto payment gateway and accept cryptocurrencies in addition to different types of electronic money including WebMoney, Perfect Money and Payeer.
You can withdraw funds for a low, transparent fee, or you can hold them in your PayPax account as long as you want.
Using a PayPax business account offers you the advantages of having a local EUR business bank account. While you do not need to deal with the expense and difficulties of opening one with a local or online bank.
By PayPax you are able to send and receive payments in EUR or any other country all around the globe, make low-cost currency conversions, and complete quick international payments.
All you need to do is to enter PayPax.io and sign up for an account for free. The documents you need to verify your account and upgrade it to a business account is a valid id and your company logo. Sign up now and enjoy the advantages and services on PayPax.