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A Must-have Payment Method for Global Trade and Ecommerce—Overseas Bank Account

2022-08-31 07:14:18

You may be a cross-border e-commerce business owner, a cross-border freelancer, or a cross-border individual entrepreneur. No matter what cross-border business you engage in, a suitable payment method is necessary. 

Cross-border payment plays a multiplier effect on your cross-border business. 

There are various payment methods for cross-border sellers. and the most commonly used ones are Paypal, credit card, Western Union, MoneyGram, and overseas local payment. In addition, there are also financial service platforms such as Payoneer/Worldfirst/PingPong/Lianlian Pay.

What I want to introduce to you today is overseas bank account payment, a must-have payment method for cross-border trade and global online stores.

Bank account collection seems to be a very traditional payment way, but for cross-border businesses, it is very necessary to have an overseas bank account.

Epay provides you with the service of opening multi-currency virtual bank accounts online. Merchants can have different online bank accounts to facilitate the management of different businesses.

How does Virtual Account (Virtual Account/Virtual IBAN) promote business growth?

Pain points of traditional bank accounts

  1. High cost to open and manage
  2. The account opening process is cumbersome 
  3. High compliance frequency 
  4. Reconciliation is complicated

 Advantages of virtual account system

  1. The simple account registration process
  2. The account opening, operation, and management costs are extremely low
  3. Information processing is more efficient and compliance frequency is reduced
  4. The account transfer information is clear at a glance

Application Scenario 1— Collection and Payment for International Trade

▶ Accounts names are the same as the payment name, more convenient to trade.

▶ Local collection capability reduces costs, with competitive foreign exchange rates

▶ Open multiple local accounts in multiple countries

▶ Local or cross-border payment via UI, API, or SWIFT commands

Application Scenario 2— Collection and Payment for E-commerce

▶ The seller uses a local account to receive payment at the online store in the country

▶ Local collection capability reduces costs, competitive foreign exchange rates

▶ Unlimited number of virtual accounts for multiple stores

▶ Local or cross-border payment via UI, API, or SWIFT commands

The virtual bank accounts that Epay currently supports opening:

  1. Hong Kong bank account. One account, multiple currencies.

Supporting HKD, offshore RMB, EUR, GBP, and USD collection. 

  1. Singapore bank account supports SGD collection.
  2. Australian bank account supports Australian dollar collection.
  3. Korean bank account supports KRW collection.

Virtual bank accounts have the same function as physical bank accounts. but compared with traditional bank accounts, virtual bank accounts are easier to operate and manage.  Know more details about account opening please visit Epay's official website

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