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Welcome to Pay2Direct.com
Secure Money Transfer Via Online Payment Gateway
By : Vaibhav Aggarwal
Money transfer services have revolutionized our lives by simplifying the complexities and provided a new comfort level. This promising method has given us a new hope and freedom. Earlier, money transfer services refer to making cheques and sending them to their respective destination and later needed to be encashed to get money. This traditional method was very time taking and insecure. However, with the passage of time, this system has become more convenient and easier. In order to get rid of the wastage of time and insecurity issues, money transfer providers have started their online money transfer services.
Online money transfer is very user-friendly and convenient to approach. These providers have a list of their contact location stationed in different countries from where transaction can be taken place. An interested user has to put his money into the system with correct recipient name and address location. With a few seconds of transactions, money can be transmitted from one place to another. Nowadays, a person can transmit his or her money through cheques and credit or debits cards too. Money transfer providers provide an online payment gateway to its users. The purpose of online payment gateway is to fulfill the instant money needs of people throughout the world. This system is entirely based on the customer needs and proved its real worth.
With its instant benefit, the concept of online money transfer has becoming really popular. It has given a global access to people from all over the world. Whether you live in a city or a village, the world of internet connects you and gives you accessing powers. Mainly, the system is helpful in building business relations among companies. Clients or business associates can easily transfer their money and can avail the services.
Disadvantages of Online Payment Gateway
Online money transfer has gaining the popularly as it had never. This increasing popularly has also resulted in many security threats. Many cases of cheats and frauds have been registered too. Therefore, it becomes necessary to authenticate the location where money has been transferred. It is always advised to meet a person in personal before sending the money to him. Many websites offer security tools that keep protection against unnecessary scammers. They also maintain a record of transactions taken place every day and other information related to their pay out destinations as well.
International business to business payments
With the huge amounts of business transacted online, there is a growing concern amongst businesses about managing payments. Business to business (B2B) payments at the international level are a major concern since the amounts tend to be larger and the charges are appreciable. This results in some loss in profits, which makes global commerce less attractive. From the smallest business operating on the web to huge conglomerates that transfer large amounts of funds internationally, everyone wants cost efficiency in their payment system. The issue is, of course, larger in the international payment segment because there is the currency rate to consider as well. So both types of losses, in currency and in transfer charges, need to be kept to a minimum.
Third party ePayment systems:–
These are popular but require the user to open an account, similar to a bank account. Finding the most efficient one for your size of company is also a little tricky. They come in many sizes from consumer-oriented PayPal and 2checkout.com to Orbian for large businesses. These e-Payment systems work fairly well and charge up to 5% of funds transferred.
Wire transfer:–
This is the good, old fashioned method of transferring money directly from bank account to bank account. It is completed by the bank and requires the swift code of the recipient’s bank and their account number. This is considered to be a safe and fairly efficient way to make international B2B payments. However, banks can charge quite a hefty amount in fees and charges. You must find out the currency rate as well, if that is a concern. Additionally one thing that is required to be kept in mind is to make absolutely certain that the company to whom the payment is being made is a legitimate and an authentic company as once the funds have left your account, they are not recoverable.
Credit cards/ corporate credit cards:–
Many companies are less than willing to hand out corporate credit cards and employees will not use their personal ones for company business. So, unless you are a small business, the use of credit cards is rare in international business to business payments. It can also be fairly expensive.
Check:–
Unless you have an already existing relationship with the businesses you are selling to, a check may not be the best way to receive payments from B2B sales on the internet. There are hardly any successful online businesses that are known to conduct business with this method of payment. However, this form of payment can be viable where a low transaction fee is important and the product does not have to be delivered immediately. Remember, you can never be certain of receiving the payment until the check is cleared and payment is credited to your account.
If you have an online business, be sure to check which form of payment integrates best with your business. For example, if you are selling online software, the consumer may want to make payment and download the product right away. A wire transfer may not be the best option. For subscription based or recurring payments, a platform like PayPal offers incomparable functionality. It allows you to automatically charge customers on a monthly basis and also sends you intimations of payment failures.
There are many options for receiving international payments. Your best bet would be to keep a couple of options open and decide on a case by case basis which suits you best for a particular B2B transaction.
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