Business services
How hard is it to get a merchant account
If you run an online business, a merchant account is a very useful tool that lets you accept payments from a single credit card, multiple debit cards, or other types of electronic payments, separating it from your main business bank account. So, if any business owner were to ask us, “How hard is it to get a merchant account?” The short answer: it sadly depends on different things. Many, if not most, providers share a no-high-risk business policy; others charge additional fees because of the risk profile and high-risk industry in which the business operates. In this step-by-step guide, we
Business services
The best digital banking solutions for Italian startups
Digital banking has experienced impressive growth in Italy over the past few years. With banking platforms making it easy to send and receive money, this approach suits many types of customers, including startups. With the rise of digital banking in Italy, these companies can get business banking services that suit their needs better than traditional banks do. Speed, cost efficiency, scalability, and the ability to make international payments are among the reasons why startups choose a digital bank account. Genome provides innovative Italian startup financial solutions that allow fintech companies to grow without worrying about their financial operations. Why Italian
Business services
Open banking transactions: a guide for merchants using Genome
The payments world is shifting rapidly, and one of the most significant changes is the shift toward open banking. How does it differ compared to traditional banking methods? Open banking refers to the practice of allowing your bank to securely share your financial information or make payments with other authorized financial service providers. If put simply, open banking occurs when third-party apps can directly interact with your bank accounts, rather than you having to log into each bank individually, which is essentially why it is called open. At Genome, we adopted open banking tools to respond to strong demand for
Business services
Everything you need to know about cross-border payroll
The rise of distributed teams spread across the planet has led to new challenges in areas like cross-border payroll payments. Rather than paying a team that works in the same building or city, we now need to consider the demands of cross-border payroll management. It introduces elements like different currencies and unique tax regulations to take into account. Payroll compliance varies by country, so a company’s payroll system must take into account the local requirements and available payment methods in each location. Payroll payments crossing borders can be carried out in various ways to meet each type of situation. We’ll be
Business services
What is a payment gateway: definition, how it works, and how to choose one
What is a payment gateway and how does it work? A payment gateway is a technology solution that works as an intermediary in online transactions between customers and merchants. It safely collects the customer’s payment data and passes it to a payment processor, allowing the payment to go through smoothly. The secure payment gateway process has become a vital part of the e-commerce industry. It allows customers to make credit card payments or pay in other ways safely and without any fuss. As e-commerce becomes even more important, this online payment method is going to be a major part of
Business services
Starting a business in Italy as a foreigner: a complete guide
Italy holds a great deal of appeal for foreign investors and entrepreneurs. With a strategic EU location, enviable lifestyle, and robust economic sectors, its appeal is easy to see. When it comes to starting a business in Italy as a foreigner, we’ll be looking at the key points to bear in mind that ensure a smooth start, covering all the requirements and processes. Can a foreigner start a business in Italy? Foreign investors can start a business in Italy, although the rules vary according to the person’s legal status. Non-EU citizens may require a business visa to get started before
Business services
SME banking in Italy: options, trends, and best practices
Practical banking solutions are vital to ensure good SME banking in Italy. Small and medium enterprises in the country are increasingly using digital banking and fintech solutions alongside the traditional Italian banking system to meet their needs..We’ll be looking at all the key aspects of banking designed to support Italian small and medium-sized businesses. It includes accounts, loans, digital tools, and EU support for clients. Find out the practical advice needed for Italian companies to carry out a digital transformation of their banking. What is SME banking? SME banking is designed to give small or medium-sized enterprises access to the
Business services
What is a local IBAN and why does it matter for your business?
An IBAN, also known as an International Bank Account Number, is a tool that people and companies widely use to receive or send money to different countries. An IBAN format is an internationally agreed-upon format that consists of up to 34 letters and numbers, helping banks ensure that international payments are processed correctly. Each set of characters represents a different detail of your account number, including country-specific specifics. So, what are the pros and cons of a local International Bank Account Number, and does it really matter? Spoiler – it does, for some banks and clients at least, but for
Business services
KYC in gambling: a compliance guide for secure payments and account approval
The subject of Know Your Customer or KYC in gambling is important for ensuring that online gambling regulations are being met at all times. It is a process to ensure that the operators of sportsbooks and online casinos find out enough information about their users to carry out identity verification. It ensures that areas like anti-money laundering AML and a block on underage gambling are covered as part of the standard KYC process for all new customers. It’s particularly important in those cases where the operators manage payments and banking relationships. What is KYC in gambling? The KYC process sees