MoneyNet International - Blog

How MoneyNet saves you money

Posted by MoneyNet Staff on April 2, 2017

 Introduction  - MoneyNet saves you money

The process of online sale demands a comprehensive financial system for the merchant in order to streamline its business and reduce costs at every stage of the process. When you have a specialist money solution company like MoneyNet as your partner, there is a number of ways you can save money. Our service excels in all the vital points of e-commerce:

  • Savings
  • Speed
  • Flexibility
  • Security

Simply put, we offer a cost-effective, flexible solution for e-sellers who are growing their business, as well as those who have already established their presence. But how exactly do we save you money? This post will help you find out.

Bank service

Moneynet is a third-party or a non-bank provider that can take care of your bank needs. Let’s say you want to do business in the United States or the European Union. What we mean by help is that we can help you open up a US/EU bank account under your name. That way, you don’t need to open a business and be a registered US/EU company as you go through us. You can receive and send payments with your Moneynet account.  And the best part? There are no fees associated with setting up the account. Yes, it normally takes a certain opening fee or a minimal deposit to do so, even paying a financial expert or an accountant to do it for you or perhaps travel to the spot. However, we said we can take care of you and we mean it. We don’t charge you anything, it’s all free and online.

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Money transfer

Our online payment system allows you to send and receive money to different platforms with haste and ease. When receiving money to your MoneyNet account that is tied to the US bank account, there are no restrictions - you can transfer it anywhere. Most other services impose certain limitations so you can transfer your funds only to a handful of accounts, but not us. More importantly, it’s cheaper to use MoneyNet than traditional options like banks and other similar services like ours. We’ll back that up with data.

If you are an e-seller whose business includes dealing internationally, a solid chunk of your payments come from international transfers. When you receive such funds into your MoneyNet account, there are no charges, as opposed to banks who impose a certain flat fee and other non-bank providers, most notably PayPal, who employs a percentage fee that goes somewhere between 2.5 percent and 3.5 percent. Our wire transfer system saves you money on processing costs by offering no commissions on highly competitive exchange rates (more on that in a minute). The incoming transfers are denominated in the local currency with the funds then converted to Euro with zero forex spread.

You also have an option of using our e-wallet service that has a couple of perks on its own. For instance, you pay a notably lower fee for receiving money from different locations worldwide than if a customer sent the money through international transfer. Once the money is in your MoneyNet e-wallet account, naturally, you want to withdraw it. Here is where things get interesting - you can convert your money into the currency of your choosing at very favorable exchange rates (you’ll see for yourself in just a few lines below) and withdraw it without paying any further fees for receiving foreign currency into your bank account whatsoever. You can also use the balance in your e-wallet to pay for services in various currencies, thus avoiding high conversion and withdrawal fees found in banks and popular payment processors.

We are also much faster than banks, which in today’s fast-paced e-commerce environment is essential. Because we are a dedicated service, we process these transfers quicker compared to banks, who can take up to three business days to complete a transaction. Our online payment system provides instant online payments and payouts with a high level of flexibility through multiple options like local wire payments, Single Euro Payments Area (SEPA), direct debit, credit cards and more.

Exchange rates

This is where banking institutions primarily draw high fees and rates, which makes them a poor solution. They also have so-called “hidden fees” that manifest in the form of FX rates with a large spread. In contrast, MoneyNet’s service is envisioned to provide highly competitive exchange rates and low transaction fees. Because of our extensive global partnership with banks and credit companies around the globe, our exchange rates are significantly lower and more competitive compared to those offered by the competition.

The thing that separates us from the others is our transparent and customer-friendly practice as we charge a smaller margin and profit. We are entirely open about how we make money - on the exchange rate spread and the difference between the buy and sell rate. That is why MoneyNet doesn’t charge any extra fees and commissions.

As far as our competition goes, banks normally charge up to 3 percent for international currency transfers. Add in the significant “hidden” fees built into their exchange rates that we’ve mentioned before and this can put a serious dent into your account. Unfortunately for merchants that try to keep their business profitable, other services like Payoneer or PayPal are only marginally better. They have unusually high and unfavorable exchange rates, quite similar to banks, while they charge 2 to 3 percent or more on conversions, depending on their additional fees. They are mostly solutions for smaller international purchases and transactions as they are quick to setup and process, but expensive for anything more than that.

In the case of MoneyNet, we are more focused on the commercial aspect because we cater to specific needs of merchants. Our exchange rates are based on mid-market rates and we charge fees of only 1 percent on common currencies, which we strongly believe represents one of the best values currently available to international e-sellers. You won’t find any hidden fees with us and as you already know, there are no setup fees.

Conclusion

MoneyNet caters to all sizes of e-commerce businesses as we are a dedicated service tailored for the harsh e-commerce ecosystem. We present an all-in-one payment solution that can be scaled up or down, depending on your needs. With MoneyNet, you get everything from the sales platform to the international transfer system with a distinct accent on minimizing your costs.

Through our account, an e-seller can control numerous currency receivables, all the while enjoying a full package of low transaction costs and competitive market rates. We have no fees for opening and setting up a US/EU account, no fees incoming transfers, our exchange rates with no hidden fees are at the very top in the industry and we have the lowest currency fee in the field. Our advantage and strength are our transparency and commitment to value, which we believe form a firm base for long-lasting relationships. With MoneyNet, you can create new opportunities for your business and increase profit margins. Give us a chance.

Lastly, we'd like to invite you to schedule a FREE 15 min consult with MoneyNet's expert consultants to evaluate your current business and learn how to cut down costs. Intersted? just click here ==>

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Topics: ecommerce