As an affiliate marketing company you need to set up certain official channels for receiving funds and making payments. The minimum financial requirements for an affiliate company are:
- A business bank account at a brick-and-mortar bank.
- An digital emoney account
- A business debit card
- An ewallet such as those offered by Skrill, Paypal etc. A business ewallet can only be opened once you have officially established your new business and opened your business bank account.
Once you have set up the essential financial infrastructure of your business you can make payments and receive funds. Ideally you can find one service that offers all or most of the above mentioned financial services instead of spreading your company across several financial institutions. For example a brick-and-mortar bank that also offers digital emoney accounts and debit cards.
All-in-One EMI Affiliate Bank Account in Europe
You can get all the financial services you need for your affiliate business from an EMI (Electronic Money Institute). A full-service account offered by EMIs in Europe allows you to receive and send funds; make wire transfers, SWIFT transactions; SEPA transactions; take out an international debit card and withdraw money from ATM machines. Affiliate businesses with an account at an EMI receive their own dedicated IBAN making international wire transfers and currency exchange streamline. You can access your EMI business account via your desktop computer or mobile device for hassle-free, speedy and secure transactions.
Opening an Affiliate Business Bank Account
Where to open your affiliate company bank account – If most of your transactions; customers and affiliate programs are in Europe and if most of your transactions are in Euros – SEPA or SWIFT, then the best place to open a bank account for your affiliate business is in a European country. You can open the account remotely without even setting foot in Europe.
How to Open an Affiliate Business Bank Account – Opening a corporate bank account at a traditional bank can be challenging especially for affiliate companies where it may be difficult to explain their business model to the bank. If the bank can’t understand your business model they won’t be able to assess your level of risk for onboard process Compliance (KYC, AML) and may reject your bank account application. EMIs on the other hand tend to be more flexible, receptive to affiliate company business plans and often more technically up-to-speed than traditional banks. For this reason many new start-up businesses including affiliate companies are moving away from traditional banking and opting for EMI business accounts.