Managing international payments can be challenging due to high costs, long transaction times, and multiple intermediaries. Opening a business account in a high-risk industry is not an easy feat as well. PayDo, a leading fintech company, offers a comprehensive solution.
In the scope of this review — the platform’s history, features, services, fee structure, and safety levels. To wrap up, we’ll give you a short list of PayDo’s pros and cons to highlight its strengths and weaknesses.
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PayDo is a payment platform designed to make payment operations more convenient by allowing users to create multicurrency accounts with just one digital obligation-free contract. In addition, it offers comprehensive merchant and mass payment solutions, all conveniently managed within a single dashboard.
As a direct SWIFT participant with numerous Tier 1 correspondent banks, PayDo provides each client with a dedicated European IBAN upon account registration, containing essential details such as their name or business name.
PayDo offers users the flexibility to use nine different payment schemes*:
* A payment scheme is a system that allows individuals and businesses to transfer money to one another. The more payment schemes you can access, the more destinations you can choose and currencies select.
Additionally, the platform supports transactions in 24 different currencies, including Euro, USD, GBP, CAD, AUD, CHF, DKK, PLN, NOK, SEK, CZK, HUF, RON, BGN, BHD, AED, CNY, HKD, ILS, JPY, MXN, SGD, TRY, and ZAR. This multicurrency capability is one of PayDo’s unique advantages, complemented by PayDo’s SWIFT transactions’ T+1 settlement period (next-day delivery) and instant payment delivery for Euro (SEPA Instant)/GBP (FPS), which ensures fast and efficient service.
PayDo will soon offer both physical and virtual VISA Euro cards for online and offline transactions. The cards will enable customers to make purchases online and through contactless methods such as Apple Pay, Google Pay and Samsung Pay. These will be directly linked to their accounts. PayDo users have access to their funds whenever they need it.
In total, PayDo serves a wide range of industries. Most notable examples include the following:
In reality, PayDo can serve more than 95% of EMIs and banks out there.
There are three account types available with PayDo:
For individuals, PayDo offers a comprehensive solution tailored for managing multicurrency payments globally. Here’s what the PayDo Personal Account brings:
* Users from Brasil, Egypt, and other emerging markets can top up their account not only via bank transfer or card, but also local payment methods.
For additional information, please watch this video.
PayDo offers an advanced suite of financial services tailored to meet the needs of corporate clients, providing extensive global capabilities and robust security measures.
* This is the highest level of compliance and is required for organizations that process over 6 million card transactions per year. Being Level 1 compliant means an organization has met the most stringent security requirements, ensuring the highest level of protection for credit card data.
** These audits involve reviewing and testing web applications to identify and fix security vulnerabilities. OWASP audits check web applications for security weaknesses to protect against hacking and data breaches.
With a PayDo Business Account, owners have the opportunity to establish a merchant account, offering a powerful and comprehensive checkout solution. Here’s an updated overview of what the PayDo Merchant Account brings:
Covers 170+ countries, providing extensive reach for merchants.
* It can be prepaid cards, cash-based payments, e-wallets, mobile wallets, BNPL, and many more.
While PayDo accommodates most business models, certain conditions may apply to specific types of businesses. Integration is simplified through API (Hosted Page or Server to Server) or via popular eCommerce platform plugins (such as Woocommerce WordPress, PrestaShop, Opencart 3.0+/v2.3). For additional information, please contact the PayDo Sales Team.
PayDo offers several services to personal and business account owners:
In traditional banking, multicurrency payments can be complex and often come with additional fees and documentation requirements. PayDo simplifies this with a multicurrency business account, offering quick verification and support for nine payment schemes across 140+ countries. With a dedicated IBAN, it enables transfers (up to 3 million Euro) and global payments in 24 currencies. No additional fees included.
Payment schemes are different systems or networks used to transfer money between banks and financial institutions. These schemes ensure that payments are processed quickly and securely. Here are the main ones supported by PayDo:
These payment schemes allow businesses to send and receive money efficiently, both domestically and internationally, enhancing their global reach and operational flexibility.
PayDo’s merchant solutions boost sales and ensure rapid payments. By accepting over 350 payment methods, merchants can cater to customers worldwide, leading to larger purchases and instant transaction processing. The platform supports multiple currencies and offers a convenient checkout experience with local payment methods and languages.
Compliant with PCI DSS Level 1 and using 3D Secure, PayDo adds an extra layer of security. Features like one-click payments, instant KYC, and the ability to save card details enhance convenience. Besides, PayDo offers an elaborate chargeback prevention feature to make sure acceptance rate is high.
PayDo’s mass payment service facilitates multiple payouts. By integrating via API, businesses can manage payouts directly from their websites, making it ideal for distributing salaries, paying freelancers, and handling payouts for players. Users can send funds to hundreds of PayDo accounts with a single click, whether from the PayDo Business dashboard or their CRM systems.
*AML compliance means following rules and procedures to prevent money laundering. By being AML-compliant, PayDo ensures that all payments are checked and monitored to prevent illegal activities, keeping the payment process safe and secure.
This process supports multicurrency transactions, which allows businesses to manage their global cash flow efficiently and reduce administrative overheads. The service is tailored to meet the diverse needs of industries, ensuring quick, reliable, and cost-effective payouts.
PayDo offers a secure and convenient online payment experience. Here are some notable features coming with the service:
PayDo clients will soon have the option to order VISA Euro cards (both physical and virtual) under their company’s name. These debit cards will assist the holder in managing regular payments for online tools used by software engineers, facilitate payments for advertising campaigns to promote products, and enable companies to pay employee salaries and engage in smart budgeting strategies.
PayDo’s foreign exchange (FX) services simplify managing multiple currencies with support for over 24 currencies and integration with major payment schemes like SWIFT and SEPA. Users enjoy real-time exchange rates with no hidden fees, instant currency conversions, and comprehensive features such as detailed transaction histories and real-time reporting.
Ideal for businesses, freelancers, and e-commerce platforms, PayDo facilitates cross-border payments in over 140 countries, ensuring security and compliance with international standards. Funds are safeguarded in segregated accounts at leading European banks, providing a reliable and efficient solution for global financial management.
Getting started with PayDo is free and rather straightforward. To open an account, simply head over to the PayDo homepage and click on the Open account button (as shown below):
Next, you will be redirected to a new page where you’ll have to provide your email and come up with a password. If you wish to create a business account, click on the Create a business accountbutton at the bottom (as shown below):
Once you’ve provided your email and chosen a password, click on the Create an account button. Next, go to your email inbox and open the account confirmation email sent by PayDo. There, you will find a link you can click on to confirm your email (as shown below):
Once you’ve clicked on the link in the email, your email will be verified. Then, you can go back to the PayDo website, log in with your email and chosen password, and proceed to fill out a short questionnaire before exploring the platform:
Once you’ve completed the questionnaire, you’ll be redirected to the main PayDo dashboard. First, you should verify your account. To do so, go to the main PayDo interface and click on the Verification option on the left-hand side (as shown below):
A new menu will pop up, so just click on the Instructions button (as shown below) and follow the platform’s verification instructions.
Here, you can find all the relevant information on how to pass complete verification successfully.
Once you have verified your account, you’ll be able to explore PayDo’s features freely.
As a regulated Electronic Money Institution (EMI), PayDo operates under the UK’s Financial Conduct Authority (FCA), ensuring your money is handled with care and accountability.
PayDo also has mandatory user verification to meet the stringent PCI DSS Level 1 compliance standards for merchant services, meaning every aspect of the platform is designed with your safety in mind.
When it comes to safeguarding your funds, PayDo keeps customer funds separate from the company’s own accounts and securely held in banks.
The platform also incorporates real-time fraud detection, biometric authentication like Face ID/Touch ID, and 3D Secure (3DS) for card payments to ensure that your money stays safe.
Note also that while PayDo accounts are not covered by the Financial Services Compensation Scheme (FSCS) like traditional banks, mandatory safeguarding measures still mean that if PayDo goes out of business, the user will still get 100% of their money back.
The Payment Card Industry Data Security Standard (PCI DSS), developed by the Payment Card Industry Security Standards Council (PCI SSC), ensures the security of payment data for cardholders across major international payment systems like Visa and MasterCard.
It applies to various entities involved in payment processing. Compliance is crucial for businesses to protect sensitive data and maintain customer trust. Non-compliance can result in significant financial losses and damage to reputation.
3D Secure technology, created by Visa and MasterCard, adds a layer of security to online payments by sending a unique one-time password via SMS to confirm transactions. It involves the acquirer, issuer, and compatibility domain.
PayDo uses 3D Secure to safeguard transactions. While 3D-Secure reduces fraud risk, some find it cumbersome, and its availability varies among merchants and banks.
PayDo, as an Electronic Money Institution (EMI), ensures the safety of electronic money, including digital currencies and e-wallets. Unlike banks, EMIs like PayDo keep customer funds separate from operational funds, in compliance with The Electronic Money Regulations 2011 (EMR 2011) and The Payment Services Regulations 2017 (PSR 2017), which guarantees customer funds are always available for withdrawal.
In contrast to traditional financial safeguards like the Financial Services Compensation Scheme (FSCS), PayDo employs specialized techniques to safeguard funds. These methods include keeping all necessary funds in accounts at UK, EEA, and Swiss credit institutions, ensuring real-time protection and monitoring of funds, and meticulously managing financial matters in-house.
Unlike banks, EMIs like PayDo do not participate in the FSCS since they do not invest or lend client funds. Instead, they adhere to stringent safeguarding requirements set by regulatory authorities. In the event of PayDo facing insolvency, customer funds remain unaffected.
Using PayDo, both private entities and businesses can potentially have numerous benefits not always available with traditional banking methods. For instance, you can collaborate with clients across over 140 countries worldwide, facilitating easy fund transfers, with quick online payments for goods and services becoming readily accessible through well-known systems like SWIFT, SEPA, and Target2.
Moreover, PayD is integrated with over 2500 online merchants, and for business owners, opening a digital PayDo account proves advantageous in providing modern, efficient services to customers. These accounts allow for centralized transaction management accessible from any location, at any time through a single account, as well as quick checkout from PayDo.
PayDo fees are personalized, both for personal and business accounts.
For private users, details such as Monthly IBAN fees and SEPA and SWIFT transfers will vary based on the country of your residence, as will transfers between different PayDo accounts and exchanges between available currencies in the account. Some actions, such as account registration, are free for all users. To check exact fees, personal users are encouraged to head over to PayDo’s official Personalized Pricing calculator.
Business account fees will likewise vary based on a number of factors. The most important things to take into account are the country of incorporation of your business, the industry you’re working in, the age of your enterprise, and the projected monthly turnover volume. To calculate exact fees, business account holders can visit the PayDo IBAN pricing page.
You can discover all the crucial details about PayDo and its development on the official website, blog, and social media channels:
PayDo social media platforms:
In this review of PayDo, a multicurrency transfer platform and debit/virtual card provider, we explored its history, features, services, fee structure, and safety measures. In conclusion, we can say that PayDo offers streamlined payment operations, allowing users to create multicurrency accounts with one digital contract.
As an authorized partner of major card processors like Mastercard, PayDo provides dedicated and pooled Euroopean IBANs for seamless fund transfers and offers flexible payment solutions. It also caters to both personal and business needs, offering features like personal accounts, business accounts with merchant capabilities, and soon, VISA Euro corporate debit cards.
While PayDo boasts many advantages, such as being regulated by the FCA and offering free registration and account maintenance, there are considerations to be aware of, including personalized fees and restrictions on certain types of transactions. Overall, however, PayDo provides a modern, efficient solution for international financial transactions, making it a potentially compelling choice for users worldwide.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
PayDo is a financial services company that facilitates international online financial transactions, catering to businesses, private entrepreneurs, merchants, freelancers, and other kinds of professionals looking for a straightforward and convenient method for accepting and sending payments. Its chief goal is to streamline the process by minimizing bureaucracy and the required documentation for launching transactions.
Yes, PayDo is a legit payment service. As a regulated Electronic Money Institution operating under the Financial Conduct Authority (FCA), it maintains mandatory user verification to meet the stringent PCI DSS Level 1 compliance standards for merchant services. Additionally, customer funds are kept separate from the company’s accounts and securely held in banks, providing an extra layer of protection.
Note also that although PayDo accounts aren’t covered by the Financial Services Compensation Scheme (FSCS) like those you open with traditional banks, mandatory safeguarding measures ensure that if the platform goes out of business, you will still receive 100% of your money back.
PayDo has undergone PCI-DSS Lvl1 and OWASP audits.
At PayDo, fees are personalized for both personal and business accounts. For personal users, fees for Monthly IBAN, SEPA, and SWIFT transfers — as well as transfers between PayDo accounts and currency exchanges — depend on their country of residence. Business account fees also vary based on several factors, including the country of incorporation, industry, age of the business, and projected monthly turnover volume.
In general, the product can boast with decent reviews. While there is still room for improvement, the bigger chunk of PayDo reviews are really great.
Yes, you can open a PayDo account for free.
No, PayDo does not have a dedicated mobile app.
PayDo is available in a number of countries, including the United Kingdom, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
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