Blog post by Deniss Bogdanovs, Business Development at PayPugs.
PayPugs is an international company with a multi- lingual team. We understand the frustrations of doing business outside your own country and dealing with retail banks.
Retail banks classify certain businesses as high-risk and may be unwilling to open an account for them. And even if they do, they may subsequently dislike later activities on the account and block or freeze it, leaving the business no way of accessing their cash and harming their financial liquidity.
We have noticed that businesses whose target market includes Russia, CIS, African and LATAM countries seem to have the most challenges with retail banks.
Such challenges are frequent in logistics and construction because of sanctions, war, or an unsafe political environment.
Businesses who have been operating from 20- 30 years with no problems can suddenly become high risk.
With the appropriate licences and proof that your business is legal, we can offer you a bank account and e-wallet with IBAN and make sure that you are able to take full advantage of all our services which are relevant to your industry.
Personalised customer service.
We like to get to know you and your business personally and we understand 21st century business needs.
As a result, we can get you up and running quickly. We’ve helped hundreds of businesses to open accounts, whilst staying compliant.
Currently, with Covid 19, many retail bank customers are experiencing difficulties as they are still required to come into the bank, by appointment, to personally sign papers, make changes to their account etc..
They may not be able to get to the bank, if they are vulnerable for example or live in a different country with travel restrictions.
The retail banks are not able to provide the flexibility their customers currently need. In contrast, we conduct all our business via telephone and post eliminating these problems.
How our services can help the logistics sector.
We can save you time by making secure digital payments. You’ll no longer have to search for invoices in your office to make sure that they are paid on time and you’ll have all your invoices and CMR transport documents in one place.
We provide online tracking of your cargo and digitalisation of your loads. Our automated system will send your partners and carriers, confirmation of receipt of all documents together with the payment dates.
You can set up regular payments too, so that your drivers, captains, and 3PL partners providing logistics will automatically be paid. If you wish you can provide them with virtual or debit cards for their business trips.
We are much more than just an Internet bank.
We can help you with a wide range of services from opening accounts on many continents, obtaining a certain type of licence for your business to implementing a payment system.
And, because we’ll provide you with personal communication and customer care it means you won’t have to explain your situation to a new person each time.
To find out more about setting up a PayPugs account, arrange a call with one of our Business Development Officers.