Edited by Finscanner
Updated on: 03 May, 2022
Electronic Money Institution
Verifo is an electronic money institution from Lithuania. Verifo is authorised by the Central Bank of Lithuania's Supervision Service Department and given the electronic money institution license No. 27. Verifo brand belongs to Verified Payments UAB company which is a payment service provider in Eurosystem.
Monthly Maintenance Fee
1.99 per account
As a business client, this is a very good high-risk friendly EMI with account managers and a compliance team who actually know what they are doing and understand the current state of the market and regulations and will help you in every way they can, unlike most EMIs who are very fond of automated generic messages. The account opening process was smooth and the payments go smoothly as well. Compliance requests are handled in a very reasonable amount of time and unlike other EMIs accounts are not frozen during investigation, only the payments under review are put on hold (unless you do something very dodgy of course). Just one thing: Please do instant SEPA ASAP. It is 2021 and the majority of customers are now expecting this service as standard. Many customers drop out of the checkout flow when they notice the IBAN does not support Instant SEPA especially for digital purchases. It should be the top-priority I heard you were onto SWIFT but that is a dinosaur nowadays. International transactions go through Wise and similar. Instant SEPA however would boost our turnover twofold, which would also mean more fees for you. We would honestly be willing to pay 0.4% in/out up from 0.2% (with the same flat minimum fee, raising it would be too much) for instant payments. I am pretty sure we aren't the only client of yours who would be thrilled by such an addition. I would like still to thank you for providing payment services to high-risk businesses like mine and hope you can grow and provide all the best services modern EMIs might offer (Instant SEPA, cards, mobile app...) while supporting high-risk industries with high compliance standards.
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On this page, you can see a detailed review of Verifo Payment systems with reviews from real users and our experts. Verifo provides the following services: Card providers, Debit cards, Dedicated IBAN, Mass Payouts, P2P, SEPA Transactions, SWIFT Transactions, White label, Wire Transfer Acceptance.
At the moment, Verifo rating on Finscanner is 3.6 and on Trustpilot is 3.7.