In the definition of online banking, we have two words that compose it namely the words bank and the words online.
The bank is a financial institution who aims to keep the income of a person or business safe in order to make available the amount requested by that person or business when the need arises.
The word online refers to any operation that is done over the internet as follows:
Online banking is the act of carrying out banking operations via the web.
Many will wonder how is it possible to do internet banking especially safely? Well yes it is a good question when we know that in the normal banking system, the beneficiary goes through a physical counter to deposit or withdraw money or, through a magnetic card, makes withdrawals on all the HUB terminals available on all the available branches of the said bank. However, bank transfers are also made but at a certainly expensive cost and is executed by a professional of the bank.
How does the online banking system work?
1-ADVANTAGE OF ONLINE BANKING
The main advantage of online banking is to facilitate payments (bank transfers) that can now be made from account to account by the owner of the sending account from a website and this at a very reduced cost. That said, if your bank account is provided, you make bank transfers to your suppliers’ account yourself from your account created on the online banking website.
It is also the main feature of an online bank to allow you to send or receive money directly into your savings account or business account in your national territory or outside your national territory using an account on the website closely linked to your bank account.
Payoneer is an internationally renowned online bank. With a network of partners linked to global marketplaces, freelance platforms and digital marketing, payoneer makes it possible to send and receive money directly to your savings account or business account in just one click from its highly secure website. It offers services such as:
- Local payment reception
- The request for a Payment with the payoneer option
- Payment of your VAT
- Payment from your suppliers
- Connecting to all Payoneer partner network to receive payments
- Access to working capital
Good! Once registered to payoneer which is completely free, the most important step in the process is to insert a bank account that will allow you to receive payments locally at a very low transfer cost regardless of the currency in which you will be paid because indeed, one of the peculiarities to payoneer is to pay yourself on your bank account in the currency of your country. So, it takes care of converting your amount whether it is in Euro, Dollar, GBP or other currencies at the exact exchange rate in progress.
The principle is to connect to your payoneer account, to check your balance according to the payments you expect either from one of your customers who wants to pay you from his payoneer account, or from one of the self-employed, affiliate or e-commerce marketplace platforms that are part of payoneer’s vast partner network in order to make it easier for you to receive payments on these platforms.
Payoneer is a solution to facilitating online payments directly to your savings account or business. Thus, you can insert the option to pay with Payoneer on your website, request a payment from one of your customers through payoneer’s billing service which consists of entering the amount and due date, your customer will be notified by email and can pay you directly to your Payoneer account.
You can also connect to Payoneer’s partner network like Fiverr, Upwork, Adobe, Shutterstock, Amazon, E-bay, Cdiscount, Google, Airbnb and more to receive payments from these platforms directly to your payoneer account.
It’s very interesting this lighter way to grow your bank account or make transfers without moving from your office or home just using an account on the Payoneer website. All you have to do is have an account on payoneer’s partner platforms, connect your payoneer account to these platforms and now receive payments once the work or sale has been made on these platforms.
Once the expected amount in your payoneer account, you can:
- Request a transfer to your bank account
- Use your payoneer account balance to pay for recipients who have a payoneer account in more than 200 territories at no additional cost
- Pay providers who do not have a payoneer account simply by adding bank accounts payable, and choosing the option to pay a provider who does not use Payoneer
- Send up to 200 payments at a time directly to your recipients’ bank accounts
- Pay Amazon Transparency and Amazon Advertising invoices with just a few clicks.
You can also pay free EU and UK VAT from your Payoneer account and save on the cost of currency conversion and expensive withdrawal of funds to your bank account. Payoneer will allow you to pay your VAT directly online for more flexibility and simplicity and this without any costs whether it is the exchange rate or bank surplus.
If you are a seller on the Amazon and Cdiscount marketplaces, also benefit from an Express (1 month), Grow (3 months) and Plus (6 months) working capital that goes up to 750 Dollar to solve your cash flow problems in e-commerce and repay gradually.
Payoneer works exactly like a traditional bank but rather online. It offers banking services such as the payment of your services on your website which is your online business directly in your bank account with the option to pay with Payoneer, the payment of your suppliers by bank transfer.
In addition, it offers additional services such as the payment of your products / services on the platforms of its ecommerce partners, self-employed by bank transfer, payment of VAT and even credits for e-merchants.
If you are looking for a reliable, secure online payment method that covers a wide network of partner platforms and partner countries, Payoneer will serve you in Europe, the United States, Africa, England, Asia. Create a free account at Payoneer and start your operations safely.
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