Online international payment gateways have paved the way for both exporters and importers alike to build business across the continents in the global market that is a gold mine over the past decade as global trade has been the major contributor for worldwide economic growth. While international payment methods had been time consuming factors due to the amount of time taken to complete overseas transactions, technological advancement has not only made payments easier and feasible but also instant. Without getting full payments, the shipment or delivery of services would affect all parties involved in the transaction.
However, to ease such issue and to build a factor of trust between these organizations for future businesses, all forms of finance agencies have worked up simple online payment service solutions that could keep the businesses running internationally without any glitches.
The two most common forms of online international payment transactions are:
Credit/virtual credit/ debit cards
Online purchases or payments can be done instantaneously using credit cards/ debits cards that have international usage authorization. Just by entering in the card details, a purchaser can complete the payment transaction instantly, and the seller can have the respective amount credited to their bank accounts to process the purchaser’s order. In order to make the transactions secure, the credit card issuing banks have fraud protection to protect their customers’ account information.
Two other alternatives to credit cards are the virtual credit cards and debit cards. The virtual credit card are available for people who own a credit card already, and using the special number provided, the individual can make the payments in the same way as a credit card but without exposing the purchaser’s bank details/ account information. This mode of payment would only be feasible for small business, online market trading, online shopping portals, etc, and not for making large purchases as these cards have a set transaction limit for international payments.
Peer-to-peer payments (P2P)
This payment mode is another user friendly gateway that aids in online international payments for all types of businesses and purchasers. The purchaser can just sign up for this form of payment by opening an account with P2P providers using their name and bank account details. In order to do a transfer, the individual can sign in using their details and provide details as required about the end-receiver, and then transfer the required amount instantly. Once the transaction is done, the end-receiver can log into their P2P account and transfer the received money into their bank account. One of the most common and internationally connected P2P service provider is PayPal.