Switching your payment service provider is not an everyday decision. Your business account handles salary payments, supplier transfers and customer receipts. A mistake in choosing a provider doesn't just cost you fees – it can block your operations at the worst possible moment.
This guide helps you choose once – and choose well. We show you which five criteria really matter when evaluating a provider for corporate accounts, why many companies overlook critical points and what you need to watch out for before transferring your funds.
Regulation and supervision: The foundation of every evaluation
Start here. Don't just ask whether a provider is regulated, but by whom and under what legal framework. An electronic money institution (EMI) licensed by a recognised financial supervisory authority is subject to capital requirements, codes of conduct and ongoing supervision. Tantum AG, for example, is licensed by FMA Liechtenstein – the Financial Market Authority Liechtenstein. Liechtenstein belongs to the European Economic Area (EEA), which means its regulatory framework corresponds to EU standards for financial services.
This is relevant when your business partners, auditors or investors ask questions. An FMA licence signals that the provider operates under the same passporting rules as EU EMIs and is permitted to serve customers in all EEA member states. Since 2025, the MiCA Regulation (Markets in Crypto-Assets) also applies across Europe – particularly important for companies in the crypto and blockchain sector, who are often rejected by traditional banks.
Warning sign: Providers that describe themselves as 'partners' of a regulated institution without being licensed themselves. Supervisory protection does not automatically transfer. Ask explicitly for their own licence, the supervisory authority and the licence number. Verify the details in the authority's public register.
Solid regulation doesn't protect you from every disruption – but it ensures the provider meets minimum standards for capitalisation, governance and compliance. This significantly reduces your operational risk.
Safeguarding: Where does your money really sit?
Regulated EMIs are required to safeguard client funds – this means: they must keep your money separate from their own operating capital, typically with third-party banks. Ask the provider directly: At which institution are client funds held? What protection mechanisms apply? What happens to your money if the provider becomes insolvent?
A clear, specific answer is a good sign. Vague statements like 'Your funds are safe' or 'We work with first-class banks' are not. Reputable providers name the custodian, explain the segregation structure and refer to the legal basis – such as Article 11 of the E-Money Directive (2009/110/EC) in the EU.
Important: Safeguarding is not deposit insurance. In the event of an EMI's insolvency, you as a client have preferential access to the safeguarded funds – these do not fall into the insolvency estate. But the unwinding process can take time. Also ask whether the provider has taken out additional insurance.
Also check whether the provider is regularly audited. The European Banking Authority (EBA) publishes guidelines on safeguarding practices; a provider that refers to these demonstrates transparency. Safeguarding is not a marketing feature – it's a regulatory obligation whose implementation you should be able to understand.
IBAN structure: Dedicated or shared?
Not all IBANs are equal. Many fintech providers work with shared IBANs: multiple companies use the same IBAN, distinguished only by a payment reference code. This creates reconciliation risks, delays and occasionally lost payments when customers or suppliers enter the reference incorrectly or omit it.
A dedicated IBAN – issued in your company's name – behaves like a traditional corporate account. Incoming payments arrive directly and unambiguously with you, without the detour of reference matching. This simplifies bookkeeping, reduces manual rework and appears more professional to business partners. Tantum Corporate Accounts offer dedicated IBANs issued to the company itself – not pooled.
Warning sign: Providers who don't proactively disclose the IBAN structure or only clarify whether they're dedicated or shared IBANs when asked. Ask explicitly: 'Will the IBAN be issued in my company name? Or do I share it with other customers?'
Also pay attention to the issuing location of the IBAN. Some providers issue IBANs from third countries (e.g. UK after Brexit). This can lead to acceptance problems with certain business partners or platforms. An IBAN from an EEA country (e.g. Liechtenstein, Germany, Luxembourg) is usually more straightforward for European B2B transactions.
Currencies and payout functions in daily operations
Ask which currencies the provider natively holds and which it converts on demand. A true multi-currency account allows you to hold EUR, USD, GBP and CHF in separate accounts – without forced conversion on every incoming payment. This saves foreign exchange costs and gives you control over the conversion timing.
Currency coverage becomes particularly important for payouts. If you regularly pay suppliers, freelancers or affiliates, you should check how the provider handles mass payments. Manually entering every transfer costs you hours every week. A structured mass-payout system – via CSV upload or REST API – automates the process.
Tantum supports mass payouts through both methods: CSV batch files for accounting teams and API integration for platforms with high transaction volumes. This is particularly relevant for industries like affiliate networks, gaming operators, content platforms or crypto service providers who trigger dozens or hundreds of payments daily.
Checkpoint: Ask about limits, processing times and fee structures for payouts in different currencies. Some providers advertise 'free' accounts but hide high costs in FX spreads or international transfers. Transparency in pricing is a quality indicator. A reputable provider will give you a clear fee schedule before you sign.
Support quality: The underestimated success factor
The most underestimated criterion on any checklist: Who actually answers when something goes wrong? When a payment is delayed, a compliance query arises or you urgently need to trace a transfer, you want to speak with a person who understands your business – not with a chatbot or a ticket number.
Test the support channel before you transfer your money. Send a detailed preliminary question – about IBAN structure, safeguarding or acceptance of your industry, for example. Pay attention to the quality and speed of the response. Generic auto-replies or standard texts show you exactly what your experience will be like when it really matters.
Warning sign: Providers without a named contact person, without direct contact and without demonstrable knowledge of your industry. Particularly companies from regulatorily complex sectors – VASPs, gaming, adult B2B – need a provider who knows the specifics and doesn't query every transaction.
A good provider offers you a dedicated account manager or at least a support team that understands your company structure and typical transaction patterns. This significantly reduces friction in daily operations. Also ask whether the provider offers onboarding support – for instance with setting up API integrations or CSV workflows for mass payments.
The right provider forces you to make no compromises on these five criteria. Use this checklist to evaluate every option – transparently, concretely and without marketing promises. If you want to see how Tantum Corporate Accounts work for your business, speak directly with the team.
Tags: #business account#payment service provider#emi#corporate account switch#iban#multi-currency