Genome is Waiving Service Fees for All Low-Risk Businesses as a Support Act During the COVID-19 Pandemic

  • Covid-19 , e-Payments , Money Transfers , Banking
  • 05.05.2020 01:47 pm

Genome is an Electronic Money Institution, licensed by the National Bank of Lithuania, founded in 2018. Specializes in online financial services for personal and business needs: the opening of business, settlement and merchant accounts with dedicated IBAN’s, providing SEPA and SWIFT transfers with a possibility to do currency exchange and also payment processing via credit cards and all other alternative payment methods.  The fintech company has announced a support act during the pandemic and canceled service fees for low-risk businesses.

For all low-risk businesses that are already in Genome and new low-risk clients, the company will open a business account for free and will cancel any monthly account fees for the next 3 months. So business owners can kickstart and put their business on a full roll even faster than before the pandemic circumstances.

«We couldn’t stay aside from the current crisis and decided to provide entrepreneurs with tools that could help overcome current difficulties. We understand that pandemic frustrates business owners who ran their business offline before. Now they need to switch quickly. For example, restaurants that didn't offer online orders and delivery before have to rebuild their processes in order to survive.

One of the key steps to online operating is being prepared legally and technically for accepting payments. And since visiting a physical bank is a problem, here in Genome, we are operating completely online: from opening IBANs to merchant onboarding and verification. You can submit all documents online and be able to accept payments on your website in a matter of days.» - Daumantas Barauskas COO, commenting on the initiative.

Offer will greatly benefit businesses like food services, toys, electronic goods, home appliances, and entertainment systems, educational platforms, etc. Business owners can open a business bank account, open merchant account, integrate API, receive payments, and benefit from direct payouts — all from the safety of their home.

Who can apply?

Well, Genome announced that all existing low-risk business clients will skip all monthly account fees, so if you’re one of them — no actions required from your side. If you’re planning to join Genome and apply for a business account, please make sure that the business industry you operate in and country of incorporation are classified as low risk, you can check that on Genome’s website. Please note that special conditions do not apply for businesses that operate in a high-risk vertical. To know more, please visit their rate page.

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