As many of our clients know, one of the verticals ClearSky Network specializes in is finding the perfect banking and payment solutions for our clients. (If you are not familiar with the services we can provide related to this, you can read more about them here)
Since we get many questions about this process and how it works, we wanted to share some insights into our work with banks and payment processors.
Our process
First of all, we would like to emphasize that while costs and fees are naturally an important factor for many clients, they are never the only factor we look at. The cheapest and easiest option can sometimes be more expensive than anticipated in the long run, and cause various unexpected issues.
Therefore, we always discuss the purpose of the account, as some clients use their accounts for client funds, others for investments or to pay salaries and other expenses the company has to begin with.
We also take into account the approximate size of transactions to the accounts. Are they large or small? Are there few or many transactions? Does the amount and size of transactions vary a lot or are they generally more or less the same?
The client’s activities are another important factor that steers us in the right direction, as some banks and payment providers do not work with clients and companies active in certain niches, such as high risk niches (gaming, cryptocurrencies etc.), while clients whose activities are broader often have more options to choose from.
Another important factor is the source jurisdiction of the funds the client will be receiving, as not all banks or payment processors can receive funds from all countries. It is also helpful for us to know the full route of the funds, meaning the full picture of the client’s cycle – where funds are originating from, and where they need to end up (final destination), and all the required stops/accounts along the way, to design the full cycle for the client.
Naturally, the jurisdiction the client company is incorporated in is also of importance, as is the client’s company/group structure (including place of jurisdiction of the company’s shareholders and directors).
And last but not least, we obviously factor in the ease and process of withdrawing the funds. In some jurisdictions it may seem easy to open an account and get your money in, but when you try to get your funds out, it is a whole different story.
The bottom line
This is the reason ClearSky Network never provides our clients with a recommendation for a bank or payment processor without discussing their business and business needs with them thoroughly. In many cases the solution that works best for one company, could be very wrong for another, even though the companies may seem similar.
That is why we recommend all current and new, potential clients who are in need of a new payment or banking solution to schedule a call with us in order to tell us more about their business before proceeding. Even a solution that you think may be right for you, could turn out to be less suitable when you analyze it according to the criteria above (and a few other pointers, if needed!) with the help of a professional.
