Cross border payments is a digital banking system in which international payment systems are integrated into business or individual banking accounts. With the development of the Internet, different payment systems have emerged. We see that different payments are adopted with the changes in payment methods. Cross border payment system comes first among the systems.
The rapidly developing system is seen as a very interesting form of payment. It is one of the most secure methods preferred especially for international payments between two companies.
Bank transfer is one of the methods whose popularity is constantly increasing after payments such as crypto. We will examine what is a cross border payment and how it is made for you. In this way, all your questions about the transaction will be answered.
What is the Cross Border Payment System?
Cross border payment system is one of the most important issues that people are curious about. It is the movement of currencies in a different way than the money transfer methods used in the traditional way. It is quite different from other methods because it works with a circular system.
Payments that are not physically deposited are preferred for the shopping or trade of companies in different countries. We generally see that it is widely used in the e-commerce system. It can be summarised as the process of allocating accounts within the company to the foreign counterparts of various financial companies or banks.
For this reason, you will need to do cross border gateway management through quality banks.
Otherwise, there may be problems such as the payment being troublesome and risky. In this regard, Jetonbank will provide very good and safe services.
Instead of physical payments, payments are made by debiting from other accounts. For example, let’s take financial transactions between a bank in a different country and a bank in another country. The bank in the other country issues a credit order to the bank in the other country.
The bank receiving this order debits or credits the customer and continues the process. It would not be wrong to think of it as a payment system between two banks and provided without money flow.
For this reason, cross border payment solutions are one of the payment systems preferred by companies doing business between countries.
What are the Types of Cross Border Payments?
Cross border payment types can be in many options. It has a very wide scope because it is made with different types of methods.
However, when making such transactions, you should take care that the bank is reliable. Therefore, companies with high level experience such as Jetonbank should be preferred. Some of the transaction types are as follows;
- Bank transfer methods and types
- Credit and debit cards
- Specific payment methods
- Types of platforms available as digital wallets
- Cards with prepayment
- Bank transfer between countries
- ACH between countries
- Cryptocurrencies
- Funds
There are two different categories in cross border payment transactions. Since it is generally used in commercial relations between companies, there are two categories such as wholesale and retail. While shopping takes place between two companies in the retail type, the wholesale process will work differently.
How Cross Border Payments are Done?
What is a cross border payment and how it is made is one of the questions people ask. It is one of the remote transactions of two companies located in different countries. It is also possible to do with cryptocurrencies.
For this reason, it is known as a payment system with many different types. The choice of bank to be used in payment methods is of great importance.
Jetonbank will be at the top of the companies that offer you competence in terms of performance. You can easily get cross border payment services as you wish.
What Currency is Used for Cross Border Payments?
Payment methods vary in cross border solutions. It will be possible to make cross border transactions with many different payment methods available today. There are widely known transactions among the methods used.
Credit card, debit card, virtual card and prepaid cards are one of the most preferred methods. In addition, we witness that transactions such as bank transfer and international money transfer are widely used.
In recent years, there have been developments in the digital field due to the benefits of the age. For this reason, we see that payment systems are widely used on digital platforms.
Especially in B2B cross border payment solution transactions, money is transferred from company to company. Therefore, types such as cryptocurrency are preferred due to the international trade relationship.
Apart from being fast, digital coins are very popular due to low shipping fees. It remains popular in terms of use in wallets and banks that offer digital use. There is a widespread customer network as companies such as Jetonbank have millions of users.
What are Traditional Cross Border Payment Methods?
It is curious which currencies are used in cross border payment gateway transactions. The currency is completely related to the preferences of the companies. It is possible to provide usage by preferring their own currencies or foreign currencies. For this reason, all currencies in the world can be used except currencies such as Dollar, Euro, Sterling, Pound.
Cross border payment solution transactions can be made with cryptocurrencies. For this reason, it is possible to use all cryptocurrencies that come to mind.
Payments are made with Bitcoin, Dogecoin, Ethereum, Litecoin, Soluna, Nano and all digital units that come to mind. The preference will be completely proportional to the wishes of the two companies. However, it should not be forgotten that the bank to be traded must be of high quality.
The process should be managed positively by making transactions from reputable and elite companies such as Jetonbank.
Best Bank to Do Cross Border Payments
Which is the best bank for cross border payment services is one of the issues that people wonder about. The answer to the best bank question will of course be Jetonbank. Apart from the fact that the bank has many branches internationally, it offers high-level service in digital issues.
The company, which has high performance in the field of financial technology, is very interested in its customers. For this reason, you can complete your transactions using the payment options you want. The services offered by the bank are not limited to this.
Wherever you are in the world, it offers the opportunity to create an offshore account for another country. In this way, you can open an account of your own from any country without being a citizen of another country.
Secure your financial assets by managing the whole process positively with the transactions you will make on the bank’s website. In addition, the bank also provides services in B2B, which is an inter-company trade business model.
It also offers support for business-to-business commercial business models and payment transactions. For this reason, you can take advantage of the advantages offered by the bank in B2B cross border payment solution.
