According to The eMarketer online payment market share report, it is estimated that there will be 1 billion online payment application users worldwide by 2020. This number is forecasted to increase to 1.31 billion people by 2023.
The emergence of Fintech startups have helped to spur the growth of international online payment. What should businesses do to catch up with the development trend of online payment worldwide?
1. Top reasons businesses need an online bank account
1.1 It is easier to open an online bank accounts than physical bank accounts
The process of opening an online bank account is much easier and faster than the conventional way of opening a physical bank account. Most of the time, you wouldn’t even need to meet bankers in person to complete the process. However, the process can be confusing if business does not know what to do or what information to provide.
Global Link Incorporation is here to help businesses navigate the journey. We work directly with the support teams of many online banking providers. With our insights, we can also help you to choose the banking solutions that best fit your needs.
1.2 You can receive money from payment gateways to online bank accounts
Receiving money or being paid should be a quick, safe, and easy process. You can add many online bank accounts to your PayPal, Stripe, Shopify Payment, or similar payment gateway accounts to receive payments. However, not all online bank accounts work for payment gateways. Contact Global Link Incorporation if you want to know which bank account is compatible with which payment gateway.
1.3 Good international transaction fees and exchange rates
Overall, online banking providers provide much better transaction fees and exchange rates compared to traditional banks. Some even offer loans to businesses at preferrential rates. Different providers have different competitive advantages. As such, depending on the nature of your business and the payment volumes, Global Incorporation will advise you on which bank account to open.
2. Key features of an online bank account
2.1 Receive money from international clients and customers
Banks always create maximum conditions for account holders to make online transaction payments conveniently and quickly. Just need internet banking account and bank token, transactions are executed by main account.
An online bank account provider will typically provide you a different account for each currency. When you receive payments from clients and customers in the US, for example, the payments will go to the USD account. This way, you will not be subjected to the prevailing market exchange rate when clients and customers make payments. When the exchange rates are good for you, you can convert.
2.2 Send money to suppliers and contractors
Using online banking helps businesses send money to suppliers and contractors safely, quickly and efficiently. Similar to receiving payments, you can also send money to suppliers and contractors in multiple currencies. A lot of online banking providers allow you to upload an Excel file to make batch payments to multiple recipients at the same time.
However, take note that there might be restriction to send money to some countries. For example, you can’t send money to that country, or you must prove that it’s for business purposes only. Contact Global Link Incorporation for more details.
2.3 Remit money to another country
Most online banking proviers allow you to remit money to multiple countries. Most online service providers will apply prevailing mid-market rates, with slight differences among them. The rates are typically better than the rates set by traditional banks.
3. The process to open an online bank account
Opening an online bank account is a simple process that can be completed in less than an hour.
The first step is to find an online bank account provider. There are many providers to choose from, so it is important to do your research and find the best one for your needs. Once you have found a provider, you will need to create an account with them. This typically includes providing personal information such as name, address, email address and phone number. If you are creating an account for a business, you will also need to provide business information.
After this, you will have to wait for your documents to be reviewed. You may then need to book an appointment for an online interview to verify the information you have provided.
If all goes well, you account will get approved. Tips: Global Link Incorporation will help you to speed up this process because we work directly with the customer support service of many payment solution providers.
4. Global Link Incorporation will support business open an online bank account one top -sevices
Global Link Incorporation is here to help your business get an online bank account seamlessly. We offer the following services:
Help you choose the right service
With close to 10 years of experience, we will help businesses choose the right payment solution provider who offer good transaction fees, good exchange rates, simple KYC process, and strong customer support for you.
2. Help speed up the verification process
Our experienced staff work directly with the support team of many payment solutions providers. As such, we can help you to speed up the verification process.
3. Help to negotiate better transaction fees
We have worked with payment solutions providers for such a long time that we know the ins-and-outs of their business. Share with us more information about your business, we’ll let you know if you are eligible for lower transaction fees!