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May 26, 2022

OlkyPay or Revolut: which one is better for your needs?

Many online institutions offer their services to professionals today. The simplicity of procedures, the swiftness of real-time operations, and the competitive cost compared to traditional banks are arguments that appeal to professionals. But it may seem difficult to cope with all these many opportunities. The way to find the solution that best suits your needs is to compare providers and scopes of proposals. The following comparison is based on a study of two BtoB PSPs: Olkypay and Revolut.

I - Presentation

A) Olkypay

Incorporated 2011 in Luxembourg, Olky Payment Service Provider (Olkypay) is a payment institution specialised in payment transactions by Sepa Direct Debit. It offers the widest possible range of services (SEPA transfers and direct debits, instant payments, collection optimisation, issuing and acquiring CB, Visa and Mastercard electronic payment systems). Professionals can choose one or more services according to their needs.

B) Revolut

Created in 2015, Revolut is a British neobank that offers money transfer and exchange services in Europe and abroad, including currency management. Its offerings are aimed at individuals and professionals. In the context of this analysis, we will focus solely on Revolut Business offers, which are intended for professionals.

II- Similarities and differences

A) Similarities

Olkypay and Revolut do converge on several points. First they offer services to a fairly wide range of professionals from freelancers, micro and small to large companies. Second, they both propose to their customers account management and remote payment solutions. Revolut Business allows companies to send payment requests by email, SMS or QR code in a secure environment. Olkypay generates a payment link by email via a Virtual ETP accessible on smartphones, tablets or computers from the customer’s personal space. What are then the differences ?

B) Olkypay specificities

Olkypay states that its range of services better meets the needs of professionals making business in any sector (self-employed entrepreneurs, craftsmen, traders, e-merchants, liberal professions, associations, limited companies, etc.).

  • They consider that their account-opening procedures (24/7/365) are quick and easy and allow to receive a French or Luxembourgish IBAN in a few minutes.
  • Their web-banking system has been designed by and for professionals to ease monitoring customers and suppliers (payment history, collections, outstanding payments, paper and electronic mandates, etc.).

Once a full KYC has been conducted, Olkypay allows instant payments up to €100,000. Olkypay can issue minimum share capital blocking certificates when setting up a French or Luxembourgish company.

Each professional can select the service(s) they need and customize them with options such as Mastercard Business or Premium, virtual, fixed or roaming terminals, distance selling, SDD direct debits, mandatheque, electronic signature, collection of outstanding payments and so forth.

These payment solutions are linked to an Olky Pro Account. The monthly service fees are €19.90. Interested ? Visit the Olkypay website !

C) The specificities of Revolut

The Revolut neobank is aimed at professionals, from freelancers to large companies involved in international business. Revolut allows them to open a multi-currency account aimed at transfering and receiving money in Europe and abroad in more than 30 currencies.

Revolut Business offers vary depending on the customer’s company size. The Freelancer offer is aimed at one-man businesses. This offer is split in 3 packages : Free (free of charge), Professional (€7 monthly) and Ultimate (€25 monthly). 5 SEPA transfers are included in the Free plan, 20 in Professional and 100 in Ultimate. No SWIFT transfers in Free, as 5 are included in Professional and 10 in Ultimate. Beyond this quota, a fee of €0.20 applies for extra local payment and €3 for extra international payment.

The Company offer targets companies and sole traders and includes 4 packages that are Free, Development (€25 monthly), Growth (€100 monthly) and Large Company (Customised). 5 SEPA transfers are included in Free, 100 in Development and 1000 in Growth. No SWIFT transfers in the Free package, as 10 are included in Development and 50 in Growth. The same costs scheme as the Freelancer package applies beyond the free quota. When using a currency other than the euro, the interbank exchange rate applies. Revolut does not charge additional fee for currency conversion up to a limit set for each price plan.

Above this limit, a conversion fee of 0.4% applies to each transaction. Revolut Business account opening will be denied if the company is involved in any of the following areas : adult entertainment, art and auctions, gambling, video game arcades, crypto-currencies, currency speculation, precious stones and metals, management of client funds, religious organisations, political parties, car sales. This policy holds back many businesses... In short, both online PSPs offer services for professionals. Your choice will then depend on your activity and needs.

If your clientele is outside the euro zone and you need to make incoming and outgoing transactions in various currencies, Revolut seems the most suitable. If your business is in euros and you want to ease and speed up your operations while gaining in flexibility thanks to instant payment up to €100,000, Olkypay will be more of your choice. It is worth noting that Olkypay also allows to deposit share capital 100% online 24/7/365 with instant acknowledgement of receipt.