The future of commerce is online but what engine powers that growth?
After all, big players like Amazon and Alibaba might suck up all the air time in the press, but they are far from the only eCommerce players out there.
In fact, if anything, the Internet has leveled the playing field for small-time businesses in a way that few could have imagined.
And the driving engine of that growth for online merchants is nothing other than virtual IBANs or online, virtual accounts for payments settlements.
How are virtual IBANs helping online merchants do business every single day?
Virtual International Bank Account Numbers are bringing commerce online and into the next age, and here are eight major benefits they can deliver to your firm:
- Easy Account Management
No longer will merchants have to juggle multiple accounts across different markets in order to accept payments online. Virtual IBANs centralize and systematize the process in a way that makes it universally robust and self-explanatory.
Managing multiple accounts and payment systems result in needless expenses on admin, not to mention time wasted on reconciliation and compliance. Also, there’s the matter of account fees which are all centralized into one place with a virtual IBAN.
- Ease of Payment Settlements
Making payments online and conducting transactions overseas is easier and faster than ever before with one centralized virtual IBAN to manage your online merchant’s account.
- No “Lost Payments”
Because of the way the system is constructed, there are no “lost payments” in virtual IBANs nor do administrators need to spend hours searching through records for information. Administration, research, and executive action are all encapsulated in one easy-to-find place.
- Speedy Money Transfer
One of the biggest advantages virtual IBANs have over traditional accounts is the speed at which they are able to process transactions such as money transfers. When you are dealing with multiple points of sale and customers from around the globe, you need a one-stop-system to help you efficiently manage customer interactions. Virtual IBANs provide this administrative advantage.
- Time Efficient
Because of the centralized nature of virtual IBANs they also take less time to manage. This translates into real money to your bottom line as it frees up employees to do things other than monitor the accounts. This becomes a particularly huge advantage when you are operating across multiple markets.
- Simple Reconciliation
Because they carry a zero balance, virtual IBANs have what is called “simple reconciliation.” Debits equal out to the credits at the end of each business day just eliminating the need for verification and micromanagement via a spreadsheet.
- Centralized Account Information Management and Administration Functions
Whether you are attempting to forecast into the future or you are looking for a transaction that occurred last week, the centralized account information, management, and administration functions that virtual IBANs have over their disparate and varied traditional counterparts not only makes them better suited for business but also a necessity.
- Digital banking solutions
When it comes to digital banking or virtual IBANs, Monneo has proven over the years as a reliable and secure provider of such digital banking solutions to B2B merchants from various industries.
It is now that we would like to again reveal that Monneo’s software platform allows a single merchant to access and control multiple Virtual IBAN accounts, executing payments in 130+ different currencies.
Such technical functionalities in a business concept are extremely useful in the context of global e-commerce.
Our application procedure takes just a few minutes. No physical presence of the client is required. All you need to do is complete our online application form.
The team of Monneo holds an excellent level of expertise and years of experience. If you are interested to learn more please use the contact form below to request any additional information you may need.