Business services
Mass payouts for business: How they work and why use them
Mass payouts have gained popularity as a preferred payment method. This increasing popularity is because payment processing can prove to be problematic for businesses. Sending a large number of payments individually is time-consuming and introduces the risk of human error in the process. It is where the benefits of mass payments can be crucial in financial transactions. These are bulk payments that help companies save time by introducing a more efficient process that fits their needs. We’ll be looking at how to choose mass payment solutions and what you need to know about using them. What are mass payouts? In
Business services
What is a virtual IBAN, and how can it help your business grow?
A virtual IBAN is a digital account identifier for an international bank account number. It looks exactly like a traditional bank number with a country code and standardized format, but it’s not generated from a physical bank account. Having a virtual IBAN account provides a way to accept payments from different countries seamlessly. Virtual IBANs mean that accepting international payments is easier than ever before. There is no need to waste time setting up separate bank accounts for each country or region you deal with. Learn more about such accounts, as well as Genome’s virtual multi-currency IBAN accounts! Virtual IBAN
Business services
What is SME in business? Understanding small and medium enterprises
The SME definition is pretty simple: it stands for small and medium enterprises – the kind of businesses that make the world go round, literally. According to the World Bank, the SME sector represents 95% of registered businesses globally and accounts for over 50% of total employment. From micro businesses, like local coffee shops and family-run bakeries, to growing tech startups and medium-sized companies in the manufacturing industry, SMEs play the biggest role in the economy on a global scale. Medium-sized enterprises keep local communities alive and make up the vast majority of jobs there, providing opportunities where large corporations
Business services
Merchant account for travel agency: what it is and why you need one
Getting the right merchant account for travel agency use is a crucial part of the travel industry. Reliable payment solutions are needed to handle large volumes of payments, both locally and internationally. A solid travel merchant account is the foundation for accepting online debit and credit card payments. It means these companies can accept payments from around the world seamlessly. We’ll be looking at what travel merchant accounts are, why they’re important, and how you can open one. What is a merchant account for travel agency use, and how does it help your online credit card processing? Find out in
Business services
Why are ecommerce merchant accounts considered high-risk?
A merchant account is a special bank account that has a single important role: to accept payments from customers via credit card or debit card payments. No expenses or taxation, like using a business bank account, just pure payment processing from clients. So, how could it be considered high-risk? Among payment processing providers, high-risk usually refers to certain industries that are considered high risk in terms of frequent chargebacks and fraud risk. In reality, any businesses or transactions that are more likely to result in financial loss for banks or a payment processor would be considered high-risk businesses. When a
Business services
The rise of B2B fintech in Italy: how digital solutions are powering businesses
Italy’s business landscape is experiencing a fintech revolution. B2B fintech in Italy refers to business-to-business financial technology – digital solutions that help companies streamline payments, banking, compliance, and more. Historically, countries like the United States and the United Kingdom have led the fintech sector, but Italy’s fintech scene is now rapidly gaining momentum. Italian companies are embracing online platforms and software to modernize their financial operations. Let’s explore what B2B fintech is and why it’s growing in Italy, the key benefits and challenges, and how Genome stands out as a trusted partner providing EU-compliant digital banking solutions for Italian businesses.
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