Due to the spread of climate change theory (long-term changes in the planet’s weather patterns caused by fossil fuels burning, among others), several solar energy companies have had considerable adoption by many consumers, which has driven their growth in various territories. All this has caused solar energy companies to look to Fintechs to supply them with financial solutions, thus allowing them to continue growing and meet their operational and financial goals.

However, several alternatives in the market currently offer banking services, making it difficult for solar companies to choose the ideal provider. Next, we will learn some tips when selecting a provider for this type of service.

Assessing the company’s goals and demands

Before choosing a banking service provider, it is essential to evaluate the needs and objectives of the company so it is possible to know whether the provider offers services that can help to meet the company’s goals and objectives. To this end, it is vital to understand what the company’s financial needs are and the benefits that can be obtained by contracting such service, in addition to evaluating in which countries the company intends to operate, as well as having an estimate of the volume and type of transactions that the company aspires to manage.

Assessing experience and reliability

It is advisable to evaluate the supplier’s experience and reliability. The provider must have not only provided the service for a certain amount of time but also know or be familiar with the sector; this may include relevant points such as market trends, the environment, and laws/regulatory norms of the solar energy industry, among others.

We can evaluate reliability through user testimonials or the provider’s platform. Another crucial factor to consider is verifying that these testimonials are real. When the testimonials are from the same industry (solar energy), they will be taken as an additional positive point, as this means that the supplier can offer solutions according to the sector’s needs and challenges.

Verifying the type of license and services

It is vital to verify what type of license the Fintech company or financial institution has since it is possible to determine what services it can offer depending on the license type. This point is of the utmost importance since the chosen provider must comply with the different local regulations and standards besides meeting a company’s needs in the sector. While banking tools and services can be diverse, among the most prominent services for a solar energy company are the following: multi-currency IBAN accounts, dedicated IBAN accounts, SEPA transferences, batch payments, accounting packages, payment gateway, wallet, Exchanges service, among others.

Banking for Solar Energy companies: Tips for choosing the ideal provider

Assessing the level of security

It is advisable to evaluate the provider’s level of security in its platform or financial ecosystem. One of the most practical ways to do this is by verifying its mechanisms to encrypt, authenticate, and back up customer data in case of loss, theft, or unauthorized access.

We can also determine the provider’s security level by verifying if it possesses diverse security protocols and measures, such as integrating security controls, identity verification platforms, custody of multiple assets, and transaction approval.

It is essential to remember that if Fintech complies with financial industry standards, this will demonstrate that the company is supervised by the corresponding authorities, which benefits its clients and end users. It will also prove that the entity follows particular security and quality standards.

Assessing integration capability and functionality

Companies should evaluate the integration capability and functionality of the provider’s banking service or platform by reviewing its integration capability with existing financial systems or platforms.

At this point, evaluating whether the provider has an intuitive, user-friendly, and easy-to-access platform or application is advisable. It is also advisable to assess the responsiveness of the supplier’s customer service, as this will give you a better idea of their response capacity in case of a problem or inconvenience.

What do you think about this topic? Do you want to learn more about Pilsenga’s financial services?

If you are interested in Pilsenga’s products or services (among which is the banking service for companies in the energy sector), you can visit our website and register on our platform by clicking the following link.


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