Payment Systems in Georgia: Overview and Capabilities

The country is developing rapidly, and this has resulted in the widespread use of electronic payments in Georgia. This guarantees security and eliminates corruption and bureaucracy in the country.

In addition to the usual bank transfers, payment systems are used for settlements in Georgia. What is it, what advantages and risks of using payment systems exist in Georgia, we will talk further.

What are payment systems in Georgia

Like all over the world, payment systems are designed to pay bills for various services and goods. For successful business in Georgia, entrepreneurs, including foreign ones, resort to the opportunities that open up when using payment systems.

For owners of online projects, payment systems are better suited than other payment methods, besides, they guarantee the security of transfers and the safety of funds.

Advantages of payment systems in Georgia

In addition to the above-mentioned translation security, the advantages of these systems include:simple proof of identity;

• the ability to use different currencies;
• high speed of transfers around the world;
• online management using internet banking.

To choose a suitable payment system, you need to study the features of the organization's future activities, such as:availability of a specific payment system in other countries;

• permissions granted by the system for a particular type of activity;
• possible payment methods;
• availability of commission fees and their size;
• requirements for withdrawal of funds;
• availability of use of the account to legal entities;
• the need to connect via the site.

Payment systems for foreign entrepreneurs

Among the many available payment systems, those that do not require residency in Georgia to open an account for legal entities stand out favorably. Let's analyze the features of several such systems below.

Paypal

• Connection in a couple of days.
• You can pay in any way, including bank cards, QR codes, electronic invoices and so on.
• Owners of current accounts in the Bank of Georgia and TBS can connect.
• The maximum commission fee is 5%. Minimum 2.9%.
• Payments can be made in all countries except Belarus.
• Money is withdrawn to the bank account in the currency of the open card.

Transferwise

• Connection in a couple of days.
• You can pay in any way, including bank cards, QR codes, electronic invoices and so on.
• Owners of current accounts in the Bank of Georgia and TBS can connect.
• The maximum commission fee is 5%. Minimum 0.35%.
• Payments can be made in all countries.
• Money is withdrawn to a bank account in any currency.

Payoneer

• Connection in a couple of days.
• You can pay in any way, including bank cards, QR codes, electronic invoices and so on.
• Owners of current accounts in the Bank of Georgia and TBS can connect.
• The maximum commission fee is 3%. Minimum 0%.
• Payments can be made in all countries, with the exception of the Russian Federation.
• Money is withdrawn to a bank account in any currency.

Risks of using payment systems in Georgia

Choosing and using a payment system for doing business in Georgia, do not forget about the risks that may lead to the closure of the account. In order for the account not to be frozen, it is necessary to work through the payment system every day.

Business owners in Georgia can also avoid problems with payment systems in the following ways:

• save the documents confirming the transaction;
• inform the security service of the payment system about upcoming changes and large transfers;
• respond to messages from security or support quickly;
• use multiple accounts in different payment systems.

All these recommendations will allow the company to continue working even if one of the payment systems blocks the account. And besides, if you use a lot of payment systems, you will attract more customers. They will use the company's services more often, as they will easily find a convenient payment method for them.