Electronic money (e-money) has become a payment alternative used by more and more companies and businesses. Thanks to the advancement of technology and industry regulations, several financial institutions now provide e-money services, although this can make it hard to choose the right provider. The following are guidelines for selecting an e-money service provider.
Evaluate the company’s needs
It is crucial to assess the company’s needs and how this service can satisfy each one. For this, it is essential to know the benefits the company can obtain by using this service, besides evaluating other relevant aspects: in which country the company has (or will have) operations, volume of transactions, and type of operations, among others. It is best to select a service that is specifically tailored to the company’s needs at this point.
Evaluate experience and reliability
When choosing an e-money service provider, evaluating its experience and reliability is advisable. For example, you can review the testimonials of users/customers found on the platform or application of that provider (it is recommended to verify the integrity of such testimonials).
Regarding experience, you can see how long the company has been in the sector, besides knowing who the founders or people behind the project are. Another point to handle is that the supplier must have experience offering solutions for companies of the same level or size. For example, a vendor who focuses on medium-sized companies will provide better solutions for a medium-sized company than another vendor who has only worked with small companies.
Evaluate the level of security
Security is one of the most important factors when providing e-money services. Because of this reason, it is advisable to evaluate the security level of the platform or financial ecosystem. One of the most practical ways to assess this information is to verify the financial industry standards that the provider complies with, in addition to reviewing the mechanisms used to encrypt, authenticate, and back up the client’s data in case of loss, theft, or unauthorized access to the platform. It is also recommended to check if the company complies with local regulations, in addition to verifying the different security measures it implements, such as custody of multiple assets, integration of security controls, identity verification platform, transaction approval, two-factor authentication (2FA), internal audits, level of regulatory compliance, among others.
Evaluate transaction costs and commissions
It is advisable to evaluate the costs and commissions associated with each operation. It is important to note that financial providers usually handle different feeds for each operation or service. Therefore, it is advisable to evaluate and compare the costs managed by each provider to find the alternative that best suits the company’s requirements. Feeds are usually applied to currency conversions, transactions, withdrawals, monthly fees, maintenance, and deposits.
Evaluate the degree of integration and functionality
When contracting an e-money service for companies, it is essential to evaluate the level or grade of integration and functionality of the service. To do it, we can verify whether the offered service can be easily integrated with existing financial systems or if they are compatible with the company’s operational systems.
It is also advisable to evaluate whether the provider has an intuitive and easily accessible web platform or application, besides its different functions and responsiveness in customer service, especially when dealing with any issues.
Native language support
The provider must offer support in our native language because this will improve communication effectiveness and increase confidence and the level of satisfaction. Using the same language, we can reduce language barriers and improve communication, which allows the company to solve problems more efficiently, thus resulting in shorter resolution times and greater operational efficiency.
What do you think about this topic? Do you know any other tips for choosing an e-money service provider?
If you are interested in Pilsenga’s products or services (including the e-money service), you can visit our website and register on our platform by visiting the following link.
