Contents
About borderless™
The Problem
Every day, businesses collect payments from customers who are not located in their home country. This is a costly, slow and manual process because the funds cannot be sent directly from sender to receiver; instead, they’re passed through multiple intermediary banks and middlemen who each take a fee and delay the process. These middlemen established this system in the 1970’s, and use it to this day to profit.
This is also frustrating for individuals as they are paying hidden fees, marked up r ates and left in the dark on their payment status.
Our Solution
Meet borderless™: Global bank payments in seconds, no wire fees and credit card fees. We are an international direct debit solution that will enable your company to collect payments faster and cheaper than what you are currently using. Our product makes paying with your bank is as easy as paying with a credit card. It’s simple, fast and uses bank level security… plus we provide impeccable customer service.
How It Works
Our infrastructure avoids costly, inefficient intermediary banks and middlemen by leveraging cutting-edge payment technologies around the world. By eliminating these middlemen, we are able to eliminate all those extra fees, delays and unnecessary hassle, providing a seamless payment experience for the sender and the receiver.
When a payment is made using borderless™, our smart technology delivers it directly to the receiver’s bank account. We are shaking up the outdated system and changing how money moves around the world.
Our Mission
At borderless™, we empower those who redefine the status quo to follow opportunity anywhere it takes them. Our mission is to standardize payments by leveraging cutting-edge technology to deliver a simple payment experience. We aspire to facilitate international mobility by enabling anyone to pay anywhere the same way they would at home.
Who Should Use borderless™?
Everyone. The odds of you overpaying in fees when you make or request international payments are extremely high. If you are a business that collects payments locally and internationally using credit cards, invoicing or bank wires, it’s time to switch. If you are a business or an individual that makes payments locally and internationally using bank wires or traditional financial institutions such as Western Union, it’s time to switch.
Benefits of using borderless™
Why is borderless™ right for my business?
By using borderless, you can:
- Reduce costs – Reduce payment processing fees by at least 67%!*
- Improve liquidity – Get direct-to-bank payments.
- Reduce friction – Deliver a frictionless checkout with a slick user experience and one click payments.
- Increase revenue – Lower churn by providing a no hidden fee and transparent FX payment solution to your customers.
- Increase transparency – End to end payment tracking shows where the funds are at all times.
- Lower risk – Lower your risk of fraud and failed payments by avoiding credit cards.
- Increase security – Eliminate the need for sharing sensitive banking information.
* As compared to payment processors that charge 2.9% + 30c on every transaction.
As an individual, why should I use borderless™?
By using borderless, you can:
Save on wire fees – borderless is FREE to make a payment!
Save more money! – borderless provides a better exchange rate than your bank or PayPal, giving you more for your buck.
Experience transparent pricing – We charge low, transparent fees for each transfer, and we always tell you about them upfront. That means no hidden fees and no surprises.
Make your life easier – Our frictionless dashboard and checkout page with a slick user experience makes it easy for you to make payments.
Have peace of mind – Our end-to-end payment tracking solutions help you track your funds like you would track a package. Your payments are highly secure and you know where they are at all times.
Know that private means private – Eliminate the need for sharing banking information with others.
Take control – Our dashboard gives you the latest payment activity, providing you insight on how you spend.
Getting Started
How do I get started?
It takes less than five minutes to start sending or requesting payments. Just follow these five simple steps:
Step 1: Sign up with us as a business or personal account by clicking here. (20 seconds)
Step 2: Check your inbox and confirm your email. If you haven’t received our email, check your junk/spam folders and mark as not spam. (5 seconds)
Step 3: Login and add your bank account. (30 seconds)
Step 4: Tell us about you or your business to get verified. (2mins)
Step 5: Get started! Request or make a payment. All you need is an email address. (20 seconds)
Getting your account setup and approved may take up to 1 business day.
How do I create an account?
You may sign up for a personal or business account by clicking here. After registering for an account, all borderless™ users go through our standard onboarding process. You will be asked to: 1) provide some basic information about yourself and/or your business; and 2) add your bank account to send or request payments. Once you have done this, you will be given access to our dashboard where you can test and use borderless™ for your personal or business needs.
Do I need to create an account to use borderless™?
At the moment, as a business and user, you will need to create a borderless account and get verified to start making and requesting payments using borderless. To get started, click here.
Do I need to switch to borderless™, or can I add it to my existing payment systems?
borderless™ is a supplemental payment solution that does not require you to switch or change your current payment system. borderless™ is a great addition to your existing current credit card payment processor as we don’t process cards and have a better rate that can save you money especially for high value or international transactions.
Do I need multiple bank accounts or a multi-currency bank account?
No, you only need one normal account. During our sign-up process, you will specify a single bank account as your home currency account, and all of your collected payments will be paid into that account in your home currency. You may add multiple bank accounts in the same country to switch where your payments get debited and deposited.
Can I accept a foreign currency in my bank account?
No, you can only accept funds in your home currency. For example, you can only accept USD if you are located in the US and have a U.S. bank account. This is one of the ways we save you money and prevent your bank from charging you incoming wire fees or convert the funds with an unfavorable exchange rate.
Can I use borderless™ right away?
Yes. A business can start using borderless™ immediately after they sign up by requesting/accepting payments. When you sign up for a borderless™ account, we use the information you enter to verify you or your business and the individuals associated with it. This verification process may take up to 1 business day before you can make a payment after signing up. To complete a smooth and fast verification process, we recommend that you fully complete your profile by uploading an image of a government- issued photo ID or passport, and/or Social Security Number. In order to make this as easy and secure as possible, we have enabled these functionalities in your Account Profile page. The whole process can be performed within the dashboard and done within seconds.
When do you verify my account?
As a business, you will need to be verified during the signup process. As an individual, our unique and user friendly registration process gives the user the option to upload a government-issued photo ID or passport at a later date. We recommend for the user to get verified as soon as possible. The verification process may take up to one business day.
Why verify my account?
borderless™ is committed to complying with all applicable laws, regulations and policies. This means that in order for us to release funds into your account, we will need to verify your identity. You can still fill out your profile and send and request payments prior to verification. Your first transactions may be delayed until your account is verified. Account verification time will depend on the nature and location of the businesses involved in the transaction. In most cases verification will take a couple of hours but may take up to one business day. Please keep in mind that all of our compliance checks are performed for your security.
Why do I need to upload a scan or photo of my passport or driver's license?
borderless™ is required to collect, verify, and maintain information on the individuals and businesses associated with a borderless™ account. These requirements come from applicable laws and regulations and are intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes.
Is there a limit to how much can be sent or requested?
If you are a verified borderless™ user holding a valid borderless™ account, we don’t have any limits. However, we may ask for additional documentation for large amounts.
Why am I not receiving convermation, receipt, or notification emails from borderless™?
Here’s a quick list of things to try that might be helpful if you have not been receiving confirmation, receipt, or notification emails.
- Check your junk/spam folders. Check your junk/spam folders. This is the most common reason you haven’t received our email.
- Check your mail filters. Most email services provide some filtering options to help you sort and manage your inbox. Check to see if a filter might have redirected the email elsewhere.
- Check for third-party filtering. If you use a company/corporate/business email address, there may be other services in use that are blocking the message. Usually your IT department or mail provider can confirm this and may need to whitelist @getborderless.com.
- Still not getting email? If you’ve checked all of these things and you’re still not receiving our messages, feel free to contact us at any time.
Accounts and Payments
Can I hold funds in my borderless™ account?
With borderless™, you do NOT have a “merchant”, “wallet” or a “virtual” account where your funds are stored. We directly deposit the funds into your bank account. No middleman, no cashing out, just transparent direct payments as they should be. We know you have enough accounts laying around and the most important one is your bank account.
Would you like to hold funds in your borderless™ account to get instant settlements with other borderless users? Feel free to register your interest by clicking here and we’ll notify you when this feature is available.
How fast can you transfer a payment?
Once your account is set up and verified, we can deliver your local and international payments in as fast as a few hours. We generally deliver the payment in as little as two business days, but it may take longer than that. ACH payments may take up to 4 business days to receive acknowledgment of their success or failure. Would you like instant payments with other borderless™ users? Feel free to register your interest by clicking here and we’ll notify you when this feature is available.
How can I pay another business or person?
To make a payment, you first need to click the ‘Make Payment’ button on the upper right hand side of your dashboard. You will then select which counterparty to pay by typing their email address, name or handle. Right now you can only pay other borderless™ users. We are working on a feature where you can add new counterparties and invite them to join borderless for simpler and cheaper payments.
Once you have done this, enter the amount to send, add a payment reference and click ‘Review’. You will then be taken to a final authorization page to finalize the payment. Upon clicking ‘Pay’, we will authenticate your payment and process the transaction.
How do I request payment for another business or person?
To request a payment, you first need to click the ‘Request Payment’ button on the upper left hand side of your dashboard. You will then select which counterparty you want to request a payment from by typing in their email address. If you have already added them as a customer, you can start typing their name or business name and, with our auto-populate feature, you can select the counterparty you are seeking.
Next, enter the amount you would like to receive, add a payment reference, choose a charge date and set the frequency. Once you click ‘Request’, you will receive a confirmation screen that we will authenticate your request and process the transaction. You may also share the payment link provided on the confirmation page with your counterparty to expedite the process.
How do I send my customer a confirmation?
borderless™ automatically sends email notification to your customers whenever they make a successful payment. This is done by providing an email address when making a payment or requesting one. Each receipt contains a link to view it in their dashboard with a unique receipt number that can be useful when looking up payment information.
How do I refund a payment?
At the moment, there are no refunds through the platform. The current way to execute a refund is to make a payment back to the borderless™ user. We are working on a quick refund feature to automatically refund a customer with minimal effort.
When issuing a “refund” for a payment, you must notify your customer immediately that you are issuing the “refund” and that it may take 2-5 business days for the funds to appear in their bank account.
What happens when there is a local electronic bank transfer (e.g. ACH) dispute?
Disputes on Electronic Fund Transfer payments (for example, ACH payments) are fundamentally different than those on credit card payments. If a customer’s bank accepts the request to return the funds for a disputed charge, borderless™ immediately removes the funds from your bank account plus applicable fees. Unlike credit card disputes, you can’t contest ETF reversals. You must contact your customer to resolve the situation. In the US, the ACH network allows 60 days for consumers to contest a debit.
If you proactively issue your customer a refund while the customer’s bank also initiates the dispute process, your customer may receive two credits for the same transaction.
How much do disputed or rejected payments cost?
Disputed payments and rejected payments incur a $15.00 fee.
Do you verify bank accounts?
Yes, we do and we do it to reduce fraud and failed transactions to keep your payments secure and seamless. In order to properly and swiftly identify the bank account, we collect and verify your bank account and routing number through an instant bank verification service using an encrypted connection. We also collect the name of the person or business who owns the account, and if the account is owned by an individual or a company. For your security, we currently do not support manual bank entries.
What is a PayMe™ page?
With borderless™, you can have your own payment page where customers can pay you from your website, invoices or by providing them a link. Every new borderless™ business customer will automatically get a PayMe Page at sign up. borderless™’ branded PayMe Pages make it easier and faster for you to get paid – Soon, they will be customizable to have your own logo.
How does borderless™ save me money?
Borderless saves you money in four ways:
borderless™ does not charge any fees when making a payment.
When collecting a payment, borderless™ charges a simple and transparent fee (See pricing page) that is 67% less than what credit card payment processor charge. For example in the US, for local payments, borderless™ charges 1% + 30c while credit card processors charge 2.9% + 30c, a 67% reduction in payment fees!
Our fees have a cap so you always know what you are paying no matter the charge.
borderless™ provides you with a competitive exchange rate than your bank or PayPal getting you more for your buck.
Eligibility
Where is borderless™ available for personal and business use?
borderless™ for Business and Personal use is currently available for individuals and companies registered with a physical presence in:
- United States
- Canada
- Australia
- United Kingdom
- And 55+ other countries!
You can view our list on our Supported Countries page here. Don’t see your country? Vote for it here.
What currencies does borderless™ currently support?
borderless™ supports over 40+ currencies. Please check our Currency List here for specific details. If you do not see your currency, feel free to register your interest by clicking here and we’ll notify you when our services are available in your currency.
What kind of business entities are supported?
borderless™ for Business is available for the following legally supported business types in the US:
- Private Limited Liability Company (LLC)
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
- Corporations (Co.)
- Sole traders & freelancers
This varies by country and the platform will indicate if your business type is eligible during the account creation process. This means that at the moment, we are unable to support charities. We hope to be able to broaden the types of businesses we can work with in the near future.
What industries are not supported?
borderless™ runs a Low Risk Business Model which is currently unable to offer services to the following business types:
- Adult entertainment, including escort services, and the sale/advertising of sexual services
- Armaments, nuclear, weapons or defense manufacturers
- FX speculators
- Gambling firms
- Political organizations
- Precious metals and stones firms
- Promotion of illicit content
- Religious organizations
- Sale of used cars/other motor vehicles
- Video game arcades
What other restrictions are there on borderless™ accounts?
You cannot use your borderless™ account to handle any client funds. For example, an investment firm’s “Client funds” are its client’s money invested on their behalf. Another example would be a remittance firm, for which “Client funds” are their clients’ funds sent between countries and currencies.
Please note that there may be other businesses that will not be permitted to operate a borderless™ business account and this may be determined on a case by case basis.
Security, Legal, and Other Concerns
How can I edit my business or personal profile details?
If you would like to edit your profile and company details, you can do so under the ‘Account’ avatar in the upper right corner of your dashboard. It is your responsibility to make sure all information is accurate and up to date. If the details provided during the sign up process change, you may need to be re-verified and provide proof of the change – please do this by contacting Customer Support.
What if I forget my login credentials for my account?
You can retrieve your password by clicking on ‘Forgot password’ on the sign in page.
How do I contact support?
Log in to your borderless™ account and get in touch with us or email us at support@getborderless.com.
How do I know my payments and info are secure?
borderless™ uses bank-grade security protocols and highly sophisticated data encryption tools to keep your information and transactions secured.
Is my private information safe?
Yes, our policies and procedures are designed to protect both your confidentiality and the security of your information. We store and process your personal information using third party servers located in secure data centers, which are protected by firewalls and have restricted access in compliance with applicable regulations. All data passed between borderless products, our servers and third parties are SSL encrypted. To help keep your finances and personal details safe, please do not share your login details, portal codes and passwords.
How is my money protected?
borderless™ does not store your funds, we just transfer the funds to their intended recipient’s bank where they are securely stored and insured. borderless partners with a financial institution that is secure and regulated in over 180 countries. They have been around for more than 40 years and process about $20 billion dollars worth of payments and foreign exchange. They are a FINCEN authorized institution, so your funds are safeguarded as per FINCEN requirements, the Bank Secrecy Act, Electronic Money Regulations 2011 and the Payment Services Regulations 2017.
Accounting and Taxes
borderless™ business accounts and tax
Over the next few months, we will be integrating with some of the most popular online accounting tools – please watch this space. Feel free to register your interest by clicking here and telling us which software you use; we’ll notify you when the integration is complete.
Is borderless™ integrated with Xero, Quickbooks, or other accounting software programs?
Over the next few months, we will be integrating with some of the most popular online accounting tools – please watch this space. Feel free to register your interest by clicking here and telling us which software you use; we’ll notify you when the integration is complete.
Deactivating Accounts
Can I deactivate my borderless™ account?
We would be sorry to see you go, but you may deactivate your account at any time. Please note that we don’t advise closing your borderless account, however, as we cannot reverse the termination. If you would like to share why you are leaving or how we can improve, please click here to express your thoughts. Your feedback is extremely valuable.
How do I deactivate my account?
Under the ‘Account Settings’ page in your dashboard, there is a billing section where you will find a ‘Deactivate’ button.
