Introduction - Payment Solutions
The fintech revolution has occurred over the last few years, with financial service innovations coming from many start-ups who have come into the space formerly dominated by slow-moving big players. These more nimble innovators are able to offer services in turn for smaller commercial operations such as e-commerce merchants, with a lot more convenience and lower costs than was previously the case. Money can now change hands more easily through new payments systems, both locally and internationally.
Banks and traditional providers, even the earlier generation of internet companies such as PayPal, have found it difficult to keep up. A comparison of the old banking products that enabled commerce with recent specialised online services for e-commerce shows that the playing field has shifted towards agile and low-cost solutions which are great value for newer merchants and vendors looking to move into the worldwide marketplace.
Bank Transfers – the Old Way
Take for example, the traditional international wire transfer.Bank transfers are tried and tested, and seem convenient to use with your standard online banking service. The details needed to send funds are simply the name of the receiving account, and the SWIFT code of the destination bank. AT least with your online banking set up, security and identification is taken care of. But note that despite the convenience and security, it still takes a long time to send the funds, often around 3 business days, and your need to check the exchange rate very carefully. The rate will often be quite far from the mid-market rate – and not in your favor. This is where the banks make considerable profit, hidden from direct disclosure. There is a better way.
Sending Payments Via MoneyNet Wire Transfer
MoneyNet’s wire transfer service provides an alternative to traditional bank wire transfers, and is a streamlined process where you can save on processing costs as well as getting a highy competitive exchange rate, which is one area where bank usually impose a rate which is advantageous to them and is in effect a hidden charge. With MoneyNet’s wire service, you (or your customers) can both send and receive funds. Customers are simply directed to your own payments page on the MoneyNet server, and they will receive a reference number, which they will reference as they wire the money to the MoneyNet bank account. Your account will be credited in Euro with no FX spread.
US/EU Designated Bank Account Solutions
With MoneyNet, it’s a simple process for sellers located anywhere in the world to open a US or EU bank account. Thanks to such a facility, this part of the e-commerce puzzle has gotten a lot simpler! Instead of a virtual bank account – in fact, an aggregated account belonging to the service provider – that others provide, you can open a real bank account registered under your name. In addition, there are no fees or charges for opening the account, and no minimum deposit. MoneyNet provides a simple low-cost and secure USA/EU bank account solution which will remove one of the hurdles that many international online merchants previously faced. Once your account is opened, you are able to send and receive funds to any destinations you require, with none of the arbitrary limits that may apply to other products like virtual or aggregated bank accounts.
To open a US/EU bank account through MoneyNet, there is no need to visit the US/EU, or to open an account in person, or to use legal proxies and accountants to represent you. The entire process can be completed online in a streamlined and convenient manner. The needs of global e-commerce is transforming the old financial landscape, making it much easier to get your business infrastructure established.
Streamlining the E-Commerce Process
MoneyNet brings simplification and flexibility with its merchant payment systems, which offer secure online transfers and an easy, low-friction process for higher conversions. With our API we provide customisable solutions, which are fully compliant with fraud protection. Both the checkout process for the customer and the merchant back-end are secured and encrypted, and our merchant solutions include a simple but comprehensive reporting facility. We specialise in e-commerce, and that’s where we focus our experience.
Your process of doing business involves a number of integrated steps such as payment of suppliers, accepting payments from customers on your selling platform, and remitting your received funds to your bank account. All of these stages can be complicated and subject to various fees and charges, if you don’t have an integrated system. MoneyNet puts the pieces together and focuses on highly competitive rates and fees, and an integrated financial solution. Your solution will scale with you, whatever your growth plans, or the scope of operation in international markets you intend.
PayPal or similar services can provide merchant solutions, but generally they use their own merchant accounts and when you join, your account is aggregated with others. While these solutions have wide acceptance, particularly at entry-level for e-commerce, they tend to have higher fees and rates as well. How much will it cost you to keep on paying at or over 3% on each customer transaction, in addition to a per-transaction fee? More recent fintech products often have lower rates and are more specifically designed for e-commerce vendors and can be tailored to your needs. In terms of security and accreditation, regulation is now catching up and there are many providers, such as MoneyNet, who are fully accredited with the relevant financial regulatory bodies, such as the FCA in the United Kingdom.
Conclusion - Payment Solutions vs Traditional Services
It’s easier than ever for your store to accept funds and do business in various ways. No longer are you limited to a small range of cards as your only option. With a MoneyNet account, your customers can pay via credit card, using a trusted and secure gateway service, and there will be minimal fees applied. And because international online commerce is diverse, and not all countries and customers favor the same types of payment systems, there is also the facility to receive SEPA direct debit and wire transfer. The ability to make and receive different payment types will increase your potential conversions in different markets, and MoneyNet payment solutions will enable you to keep up with the changing payments and financial tech landscape.
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