Can we discuss payset.io ?

vehzag · Jul 2, 2023

KDX said:
They don't check a "company constitution"

Did you mention to them via email that you were running a crypto business?

And was the "loan agreement" was documented in a pdf/etc with all the formalities and did they check/ask for it?

And why did you send money first to your personal payset account and then to the company one? Why didn't you use your actual personal bank account or something?

Just asking because I'm curious about how these guys and how their compliance works and if they even give you the chance to explain yourself or not

I sent it from Payset to Payset so it seemed more clear for them first of all
I have provided all the documents
I have everything they need and gave them everything they ask for
I am very serious regarding my business and regarding everything to be legal from my side
I work with good lawyers
So I did everything perfect

I prefer to think before doing anything
I even shared contracts with clients with them before money comes to them so they could check and accept
And the accepted

vehzag said:
I sent it from Payset to Payset so it seemed more clear for them first of all
I have provided all the documents
I have everything they need and gave them everything they ask for
I am very serious regarding my business and regarding everything to be legal from my side
I work with good lawyers
So I did everything perfect

I prefer to think before doing anything
I even shared contracts with clients with them before money comes to them so they could check and accept
And the accepted

And I withdraw my personal money from kraken to their account
And have no problems with personal account
And no they did not even ask about a loan agreement I think because they see inside Payset that ceo transfers small amount of money to his company’s account inside Payset ecosystem
So be careful if you hold money only in Payset
And be ready that they will collect onboarding and 1st month fee and then terminate your contract with them

KDX · Jul 2, 2023

vehzag said:
I sent it from Payset to Payset so it seemed more clear for them first of all

This is not "more clear for them" it's a sign of fraud

vehzag said:
And I withdraw my personal money from kraken to their account
And have no problems with personal account

Any money coming from Kraken (crypto) going to a business EMI account is a HUGE RED FLAG for their compliance teams, be it through another personal account or not (makes it seem even more sketchy for them, money laundering?)

vehzag said:
And no they did not even ask about a loan agreement I think because they see inside Payset that ceo transfers small amount of money to his company’s account inside Payset ecosystem

Most likely they saw a suspicious transaction (personal -> business) or that a crypto exchange (Kraken) was involved and automatically flagged the transactions, and when they saw that you were withdrawing from Kraken to deposit to your business account they decided they didn't want anything to do with you.

Crypto = instant account closure, anybody here knows that

You should've browsed around OCT more before opening an account there..

Sols · Jul 2, 2023

Chen said:
I think Payset is the best EMI for low to medium risk merchants.

Absolutely not. 0.45% for SEPA tells you exactly who their clientele is, and it's not low to medium risk merchants.

Chen said:
Have hundreds of clients using their account

I don't believe you.

vehzag · Jul 2, 2023

KDX said:
This is not "more clear for them" it's a sign of fraud

Any money coming from Kraken (crypto) going to a business EMI account is a HUGE RED FLAG for their compliance teams, be it through another personal account or not (makes it seem even more sketchy for them, money laundering?)

Most likely they saw a suspicious transaction (personal -> business) or that a crypto exchange (Kraken) was involved and automatically flagged the transactions, and when they saw that you were withdrawing from Kraken to deposit to your business account they decided they didn't want anything to do with you.

Crypto = instant account closure, anybody here knows that

You should've browsed around OCT more before opening an account there..

I am not sure you are right
They use same bank that kraken use and their compliance told me that they are totally okay with withdrawing funds in EUR from such reputable exchange like kraken
All of their customers do that
I talked with management and compliance about this
If you have everything legally done why not?
Not sure that you are familiar with their work. Just speak with them and ask this question like I did

AdH · Jul 2, 2023

We opened 4 business accounts, for 4 different clients (different business) and 1 personal account, and all full 5 accounts were closed after several weeks after payment of opening fee !!!

No reasons !!!

vehzag · Jul 2, 2023

AdH said:
We opened 4 business accounts, for 4 different clients (different business) and 1 personal account, and all full 5 accounts were closed after several weeks after payment of opening fee !!!

No reasons !!!

Thats what I am talking about. Better stay away maybe

KDX · Jul 3, 2023

vehzag said:
I am not sure you are right
They use same bank that kraken use and their compliance told me that they are totally okay with withdrawing funds in EUR from such reputable exchange like kraken
All of their customers do that
I talked with management and compliance about this
If you have everything legally done why not?
Not sure that you are familiar with their work. Just speak with them and ask this question like I did

Not saying it's a good service, but withdrawing from an exchange to an EMI business account almost always is trouble in terms of compliance.

If you haven't seen, when people have withdrawn from exchanges here they have demanded all sorts of documents for crypto trades/swaps in order to prove SoF etc.

Did their "management and compliance" really approve that you withdraw from Kraken to your business account as a "loan agreement"..? If I was them, I'd rather close down the account as well than get fined by the EU or whatever if s**t hits the fan.

You should learn how to play the compliance game. You should've never let Kraken touch their system at all, you should've withdrawn it to your personal bank account and then deposited from there with nice a little PDF invoice which would make the compliance team happy. Also no-no to any VPNs.

The goal is to make it so that you look as innocent as the lady running their flower delivery small business at least for a while.

Just trying to help, regulation sucks

TheCryptoAnt · Jul 3, 2023

KDX said:
Crypto = instant account closure, anybody here knows that

hey just for you and others to know, Payset is cool with crypto so far you make it easy for them to understand your flow.

I have an account with them with an 'exotic jurisdiction' company, entirely crypto related (crypto trading own and clients funds) and ive had 0 issues with them. Their compliance team is surprisingly easy to work with.

vehzag · Jul 4, 2023

KDX said:
Not saying it's a good service, but withdrawing from an exchange to an EMI business account almost always is trouble in terms of compliance.

If you haven't seen, when people have withdrawn from exchanges here they have demanded all sorts of documents for crypto trades/swaps in order to prove SoF etc.

Did their "management and compliance" really approve that you withdraw from Kraken to your business account as a "loan agreement"..? If I was them, I'd rather close down the account as well than get fined by the EU or whatever if s**t hits the fan.

You should learn how to play the compliance game. You should've never let Kraken touch their system at all, you should've withdrawn it to your personal bank account and then deposited from there with nice a little PDF invoice which would make the compliance team happy. Also no-no to any VPNs.

The goal is to make it so that you look as innocent as the lady running their flower delivery small business at least for a while.

Just trying to help, regulation sucks

As a loan I used my personal iban in payset to do the transfer in euro
Regarding crypto exchanges they have confirmed that they are okay with kraken and most of their clients work that way. They have confirmed it via email before the onboarding
Plus I have all the papers . And in company’s papers there are info about what I am doing with crypto
My business is completely legal and clear
I pay all the taxes

ayousupply · Aug 21, 2023

My Wise Business account got closed 400,000 in it. In need of a new business EMI just registered with payset. When I asked for advise on my thread, several people recommended payset, after reading this though I am afraid they will terminate or freeze my account.

I got approved for 3S Money but reviews on trustpilot are horrible as well (not overall low stars but still bad)

So I am looking for more EMI
Xace anybody tried?

vehzag · Aug 21, 2023

ayousupply said:
My Wise Business account got closed 400,000 in it. In need of a new business EMI just registered with payset. When I asked for advise on my thread, several people recommended payset, after reading this though I am afraid they will terminate or freeze my account.

I got approved for 3S Money but reviews on trustpilot are horrible as well (not overall low stars but still bad)

So I am looking for more EMI
Xace anybody tried?

What can I say regarding payset
If they will block you they won’t freeze money
You gust have to have several accounts in different EMIs so if the Payset blocks you had an account to withdraw your money
Maybe try ZEN and Blackcatcard

EUman · Nov 4, 2023

vehzag said:
What can I say regarding payset
If they will block you they won’t freeze money
You gust have to have several accounts in different EMIs so if the Payset blocks you had an account to withdraw your money
Maybe try ZEN and Blackcatcard

Does PAYSET offer USD local ACH routing/accounting number with PERSONAL Account ?
I want to open a personal account, cause I am receiving payments in USD from US.
Thanks

vehzag · Nov 4, 2023

EUman said:
Does PAYSET offer USD local ACH routing/accounting number with PERSONAL Account ?
I want to open a personal account, cause I am receiving payments in USD from US.
Thanks

I still have personal account with them
Don’t remember about USD

EUman · Nov 4, 2023

vehzag said:
I still have personal account with them
Don’t remember about USD

Can you please just login and check for USD details? Thanks

vehzag · Nov 4, 2023

EUman said:
Can you please just login and check for USD details? Thanks

When I am logged in I only can see details of the account I already have. I have EUR account
But I am sure it is possible to have GBP as well and maybe USD

Clearsky Network · Nov 5, 2023

EUman said:
Can you please just login and check for USD details? Thanks

They have USD accounts, but you need to ask for it. They have several banking partners, some can issue USD accounts and some cant. Therefore, you need to request during the onboarding which accounts you want to hold.

MichelRippon989 · Nov 5, 2023

I do not recommend using payset.io due to the account opening fee, monthly fee, and transaction fees. The service does not provide value for money.

EUman · Nov 14, 2023

MichelRippon989 said:
I do not recommend using payset.io due to the account opening fee, monthly fee, and transaction fees. The service does not provide value for money.

Who else can provide personal local USD accounts with Routing and Account numbers in US bank?

MichelRippon989 · Nov 15, 2023

EUman said:
Who else can provide personal local USD accounts with Routing and Account numbers in US bank?

airwallex, wise, Mercury, silverbird

Clank · Nov 15, 2023

MichelRippon989 said:
airwallex, wise, Mercury, silverbird

Wise no longer offers USD.

Can we discuss payset.io ?

vehzag

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