When running a business, is beneficial to expand internationally as one can gain more clients. However, this presents a slight quandary as it is not easy to accept payments from an overseas customer. Luckily, an entrepreneur has options and can accept money from people all over the world.
Merchant accounts: With a credit card processing account, one can accept credit and debit card payments from customers all over the globe. The great thing about merchant accounts is that the processing company does all the work for the business owner. When looking for the most comprehensive solution to accept international payments, one must open a credit card processing account.
Wire transfer: When working with a B2B customer, one can accept a large payment via a bank wire transfer. This is an excellent choice for a company that already has an established relationship with their customer as it is a time-consuming process. To get started with a bank wire, one must find their bank information and customer’s information. Then, they can start the process and transfer the funds with ease. Again, this is an excellent option for a B2B customer as it is cheaper for large transactions.
Check: Some people prefer to send money orders and checks as they want to avoid technology. This is a viable option and will protect both the buyer and seller as the check will take a few days to clear. Furthermore, the bank will convert the money on behalf of the customer and only add a small fee. While this is not the best choice as it is time-consuming, it is a safe and secure way to send and receive funds.
A small business owner has plenty of options when he or she wants to receive money from foreign customers. With that being said, the most cost-effective and secure solution is to accept payments using a credit card processing company. Furthermore, when using a merchant services account, one will receive the funds quickly and without issue.