The Internet has changed the way businesses sell their products and services. Online, you can buy everything from car parts, gadgets, electronic equipment, groceries, music, and newspapers. There is an ever-increasing number of businesses that use the Internet to receive payment fast, process orders, and get to reach their customers. Having an online business cost less and has more potential income than doing business using traditional methods.
Sending and receiving payments
If you find the need to send and receive money to anyone at any point in time, then having to go to the bank or your nearest money transfer service aren’t the only options that you have any longer. You can always just go online and sign up to a trusted online payment provider to do so. These are online companies that you can use to transfer funds anywhere around the globe. Online payment providers also have lower fees and faster transactions making them a much more attractive method to send and receive money.
But how do you accomplish this? Here are a few ways you can send and receive funds using online payment services:
Wire transfer
Wire transfers, or bank transfers, are easily accomplished through the use of your online payment provider. The major benefit of going through this route instead of through your bank is not only the convenience but also the costs of it all. The rates through online payments are usually more affordable than what they charge you to send funds through traditional banking channels when it comes to international transfers.
Peer-to-peer
Peer-to-peer transfers are when you send or receive money through the online payment provider that you have to another account holder. This method of sending funds is actually more convenient since you don’t have to go through any other channels but through the service that you are using. Sending or receiving through this way is also much faster than any other transfer process there is online.
Local bank transfers
There are some online payment providers that enable you to make local bank transfers. This is a great way to send someone funds that are already in their local currency. Using this option makes transactions get completed more quickly than traditional bank-to-bank transfers.
Virtual bank accounts
Virtual bank accounts are another way to make online transactions much more convenient for people. There are two major currencies for these virtual accounts which are for EUR or USD. Having these types of accounts to send or receive money is especially beneficial to those who have online businesses. It enables them to have an account other than the one in their local currency that is more convenient to transact with if they deal with customers or merchants who mostly deal in EUR or USD.
Card funding
Another great way for you to be able to send or receive transactions through your online payment provider is through card funding. This is a way that you can send funds directly to a credit card that is either UnionPay, Visa, or MasterCard.