New features: Use your Payset ID to easily transact with other Payset clients and more!
At Payset, we’re adding numerous new features to our platform. You can now use a Payset ID to perform free and instant transactions with other Payset users. You can also manage multiple accounts from a single dashboard and take advantage of the many other improvements of the new Payset.
Key takeaways
- Payset has launched a new platform with a variety of new features and improvements
- Using unique Payset IDs, users can now quickly send and receive funds between Payset account holders instantly and for free
- With multiple account management features, you can swap between business and personal accounts or assign unique permissions to members of your team
- Other improvements include beneficiary management, improved transaction monitoring, greater exchange rate transparency, and more
Quickly Pay and Get Paid Using a Payset ID
Payset has introduced a new feature, the Payset ID, allowing our users to send and receive payments more easily than ever before.
When you share your Payset ID with another user, they can quickly send funds to your account for free and vice versa. You only need to share ID numbers; no other information is required.
Here’s what you should know about the new feature.
Payments Between Payset Accounts Are Free and Instant
You can pay any other Payset user by using the Payset ID. When you transact with other users with the Payset ID, transfers are free and processed instantly.
If you own or operate a business, you can make the most of Payset ID benefits by arranging for employees, suppliers, sub-contractors, and others to sign up for a Payset account. This strategy can save your company time and money on cross-border transfers, as you won’t need to pay transaction fees that would otherwise be attached to your transaction.
Keep in mind that the Payset ID and its benefits only apply when you’re sending and receiving funds to other parties who have a Payset account. Payset charges fees and rates on most other outgoing transactions; see our full list of fees for more details.
How to Use the Payset ID
Sharing your Payset ID is easy. All you need to do is:
- Open the account tab in your dashboard
- Find your Payset ID under your name
- Share the ID with the sender
- Wait for your transaction partner to send a payment
Sending funds is just as easy. Simply:
- Request the recipient’s Payset ID
- Add a new beneficiary by choosing the “Payset Client” option
- Enter the recipient’s Payset ID
- Continue and finalize the transaction
- Use the saved ID for faster future transactions to the same recipient
Manage Multiple Accounts from a Single Dashboard
We’ve also updated our platform to include another new feature: the ability to manage multiple accounts from a single online dashboard.
This feature is useful if you have a company account and a personal account and need to use each at different times, or if you work with accounts that are tied to multiple companies.
You can quickly switch between profiles or manage separate accounts from within your user dashboard.
Creating More User Profiles
If you’re a business owner or operator, you can also use Payset’s member settings feature to create profiles for individual company members and employees.
You can set permissions for each user. For instance, you can allow individuals to view account information, execute payouts, exchange funds, or manage other members — or you can set any combination of those permissions to define a precise role for that user.
The New Payset Is Dramatically Improved
Payset's new platform includes numerous other features and improvements, including:
Improved beneficiary management
You can now add and save account IDs that you regularly send money to for future reference.
Improved transaction tracking
You can monitor the status of your transaction at every step to find out how close it is to completion.
Live exchange rate updates & transparent margins
During a currency exchange, you’ll see the rate updated every ten seconds. Additionally, foreign asset conversions display Payset’s margin or markup alongside the live exchange rate.
Easily retrieve account and transaction details
You can now view, download, and share your account and transaction details through new tools.
Improved security
Our security model includes enhanced network security, data protection, and multi-factor-authentication.
Instant support within the platform
We now offer instant support and a new live chat feature within the platform.
Mobile access
The new Payset platform is optimized for mobile device browsers for use on the go.
Sign up for Payset
If you’re not already a Payset client, sign up now to take advantage of our features. We offer support for more than 180 countries, allow users to exchange 38 currency pairs, and send/receive up to 34 currencies in their multi-currency IBAN account.
We support transfers via top global payment networks all at competitive rates and with full regulatory compliance and advanced security features.
If you’d like to know what Payset can do for your business, contact us today.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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