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Which bank / merchant account is the best?
If I had a dollar for every time someone is asking me this ..
When it comes to selecting the right bank for your business, there isn't a single solution that fits all. Each business has unique needs, and no one bank account will be perfect for every company. You need to choose a bank that offers services, fees, terms, and technological features that best match your specific requirements.
Think of it like choosing a car: if you ask anyone what is the "best car" you get different replies. If your goal is to deliver furniture, you wouldn't pick a Ferrari, even though it has an excellent engine. Similarly, if you need a car for your family, you would choose a model prioritising comfort and safety over the cool design.
Banking and financial products work the same way. You need to know your objectives—whether it's foreign currency exchange, costs, technological connectivity, data security, support for expansion, local relevance, or available payment methods needed in specific markets.
What works well for one company might be entirely wrong for another. Every company must understand its own needs and find the right merchant account, payment provider, and bank accordingly.
With constant changes in the financial industry and the rise of fintech companies, it's not enough to just understand compliance, rules, regulations, finances, budgeting, and terms. The main question is how well these choices integrate with your technological needs and whether they work effectively for you.
This is why having a payment and banking expert, either internally or externally, is so important. They can advise you on setting up a payment strategy that ensures you are spending appropriately and only taking necessary risks.
If I had a dollar for every time someone is asking me this ..
When it comes to selecting the right bank for your business, there isn't a single solution that fits all. Each business has unique needs, and no one bank account will be perfect for every company. You need to choose a bank that offers services, fees, terms, and technological features that best match your specific requirements.
Think of it like choosing a car: if you ask anyone what is the "best car" you get different replies. If your goal is to deliver furniture, you wouldn't pick a Ferrari, even though it has an excellent engine. Similarly, if you need a car for your family, you would choose a model prioritising comfort and safety over the cool design.
Banking and financial products work the same way. You need to know your objectives—whether it's foreign currency exchange, costs, technological connectivity, data security, support for expansion, local relevance, or available payment methods needed in specific markets.
What works well for one company might be entirely wrong for another. Every company must understand its own needs and find the right merchant account, payment provider, and bank accordingly.
With constant changes in the financial industry and the rise of fintech companies, it's not enough to just understand compliance, rules, regulations, finances, budgeting, and terms. The main question is how well these choices integrate with your technological needs and whether they work effectively for you.
This is why having a payment and banking expert, either internally or externally, is so important. They can advise you on setting up a payment strategy that ensures you are spending appropriately and only taking necessary risks.
The price of a mistake
A client of mine bought Bitcoin through a crypto exchange back in 2018.
As the price rose, he attempted to withdraw his profits to his local high street bank. However, the bank, alarmed by the unregulated and unknown nature of the transaction, froze his account and placed him in a high-risk category.
This not only affected his personal banking, increasing his mortgage payments, but also impacted his businesses. As a director and shareholder, all his companies were classified as high-risk, leading to significantly higher banking fees.
This single oversight cost him and his businesses thousands of euros, highlighting the risks of not consulting with a professional who can identify potential issues before certain transactions are made.
You don't know what you don't know.
Of course, when you think about it it makes sense but when you are making the transfer sometimes you don't even think about asking the right questions.
To read more about Banking and payments: www.movingmoneybook.com
A client of mine bought Bitcoin through a crypto exchange back in 2018.
As the price rose, he attempted to withdraw his profits to his local high street bank. However, the bank, alarmed by the unregulated and unknown nature of the transaction, froze his account and placed him in a high-risk category.
This not only affected his personal banking, increasing his mortgage payments, but also impacted his businesses. As a director and shareholder, all his companies were classified as high-risk, leading to significantly higher banking fees.
This single oversight cost him and his businesses thousands of euros, highlighting the risks of not consulting with a professional who can identify potential issues before certain transactions are made.
You don't know what you don't know.
Of course, when you think about it it makes sense but when you are making the transfer sometimes you don't even think about asking the right questions.
To read more about Banking and payments: www.movingmoneybook.com
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Reach out for a detailed discussion on how to get involved and see our real-time generated returns today!!
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Master C.
Jan 8, 2023
We are looking for the best of the best from our members to join our Premier Master Enabler Program. Focusing right now on International Expansion and New Market Entry professionals for Europe, Latin America, and the USA. Interested in learning more message Master Connector here or email - masterenabler@fintechconnector.com
Upvoted by Johannes and 11 others
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Master C.
Aug 9, 2022
Meet our FinTech Connector Switzerland Cruise sponsors on September 9th in Zurich.
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
Upvoted by Greg and 8 others
Upvoted by 9
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Master C.
Jun 17, 2022
As the global economic environment is shifting, now more than ever partnering with the right organizations to increase business opportunities, focus on revenue growth, and drive innovation is critically important.
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
Upvoted by Brian and 4 others
Upvoted by 5
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Stephen W.
Mar 18, 2022
See our recent WealthTech 2022 report for a range of viewpoints and thinking on the main trends for WealthTech in 2021/2022.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
Upvoted by Diego and 7 others
Upvoted by 8
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Angel L.
Jan 11, 2023
I wrote an article that highlights the opportunities and challenges of digital transformation in banking and covers points on having a well-thought-out plan, organizational culture, and how to get started with partners that have done it already.
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
Upvoted by Ridham and 14 others
Upvoted by 15
3 comments
Luisa F.
Mar 7, 2024
Hello Fintech Connector Community! I have a bank client looking for fintechs that are interested in bank sponsorship. If you're in the market for a bank sponsor, please message me.
Upvoted by Stuart and 2 others
Upvoted by 3
6 comments
Angel L.
Apr 17, 2022
Another powerful report from FIS on global payments. This is a 156-report that gives you global payments trends, key insights, and other important ecosystem information.
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
Upvoted by Michelle A. and 7 others
Upvoted by 8
5 comments
Master C.
Oct 5, 2022
Great seeing our Mexico Community Partner Sofia Gamboa on El Financiero Factor Fintec speaking with Sergio Loredo about fintech in Mexico.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
Upvoted by Alfonso and 8 others
Upvoted by 9
5 comments
Master C.
May 13, 2022
SWITZERLAND IS CALLING ALL FINTECH CONNECTOR MEMBERS...
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
Upvoted by Victor and 7 others
Upvoted by 8
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Angel L.
Nov 11, 2022
Great to see how we have come a long way since our Meet Ups at Hurley's in NYC to now travelling the world to connect people, opportunities, and capital. Looking forward to our 2023 FinTech Connector events being announced shortly.
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
Upvoted by Vikas and 12 others
Upvoted by 13
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