- Original Poster
- #1
Hi all.
A couple of years ago, I wanted to start up a "Daily Pay" service where we would pay freelancers and uber drivers daily for a commission however, UK banks refused to open us up a bank account for this. The reason was that they cannot grant us a business account that involves handling clients money. We tried numerous banks, we said that we would deposit hundreds of thousands, etc. The banks just wouldn't have it!
We were never given a reason for this and to this day, still don't understand how some companies bypass it.
My question here is how on earth are companies opening business accounts for certain types of business
1). Pay day loan companies
2). Payment Gateway companies
3). Daily Pay services
The list goes on...
These are all "high risk" companies that involve managing/handling clients money yet there are thousands of them out there and the banks are giving them accounts.
Surely, there must be a way of having a legitimate business account that allows you to make hundreds-thousands of transactions per day and process money on the behalf of clients? In a sense, it's no different to paying staff from your business account.
Any knowledge on this matter would be greatly appreciated as I just don't know what to put into google to find any answers to it.
A couple of years ago, I wanted to start up a "Daily Pay" service where we would pay freelancers and uber drivers daily for a commission however, UK banks refused to open us up a bank account for this. The reason was that they cannot grant us a business account that involves handling clients money. We tried numerous banks, we said that we would deposit hundreds of thousands, etc. The banks just wouldn't have it!
We were never given a reason for this and to this day, still don't understand how some companies bypass it.
My question here is how on earth are companies opening business accounts for certain types of business
1). Pay day loan companies
2). Payment Gateway companies
3). Daily Pay services
The list goes on...
These are all "high risk" companies that involve managing/handling clients money yet there are thousands of them out there and the banks are giving them accounts.
Surely, there must be a way of having a legitimate business account that allows you to make hundreds-thousands of transactions per day and process money on the behalf of clients? In a sense, it's no different to paying staff from your business account.
Any knowledge on this matter would be greatly appreciated as I just don't know what to put into google to find any answers to it.
