In the increasingly interconnected world, access to the global economy and its markets is only a point and click away.
Online merchants need payment solutions and services that meet their custom and very specific business needs, as well as those that are adaptable to this ever-changing economic and business environment.
Virtual IBANs not only make international trade (both for services or goods) online easier and more efficient but also much more efficient in financial terms for the account holder.
These accounts provide essential benefits that we think are not only core to online merchants’ operations but also their future growth trajectories and destinies.
As a next step it is important to analyze and derive conclusions on why growth-oriented, revenue-driven online merchants prefer virtual IBANs:
The rise of eCommerce and Internet-based business is fueled by one revolution that online merchants around the world have embraced: Virtual IBANs. If you are considering doing business online and with overseas customers, then this is a must-have for your firm.
We at Monneo have outlined five key strategic areas for online merchants where virtual IBANs not only enable growth and success but also evidence their necessity and integrality to conducting business in the modern age.
Virtual IBANs bring together multiple streams of financial information into one location. This allows for easy reporting, analysis, and gives businesses actionable data within seconds. Imagine the kinds of deep reporting and analytics that required hours of research condensed into minutes and you quickly realize the power of virtual IBANs as a tool in an online merchant’s arsenal for delivering up-to-the-minute data that executives can use to make pivotal decisions for both the long term and the short term.
One of the many hurdles that businesses face around the world centers around compliance or the meeting of regulatory requirements within local jurisdictions that enables a firm to conduct market activities legally and within prescribed rules. When it comes to banking and, especially, business accounts, this can be a nightmare like no other. The easiest way to streamline your compliance process and open your market up to a global audience is through the unitary processing power of the virtual IBAN mechanism. With one centralized account, your business is not only ready for the online audience around the globe but also prepared to meet and pass regulatory compliance requirements as they arise.
A huge advantage of doing business on the Internet for online merchants is that it offers the promise of “borderless trade.” In theory, this means that a business online can conduct business with anyone, anywhere in the world and at any time. The only problem with this notion is that, prior to virtual IBANs, it was largely “in theory. Virtual IBANs make this possible. You see, borderless trade isn’t exactly accurate because there are still barriers between countries that can prevent trade. As outlined above, one of them (and a major one) is compliance. Virtual IBANs help online merchants overcome regulatory hurdles and conduct business in markets that would be closed off before.
Agility in terms of doing business means that your firm can easily pivot from one area to another without suffering heavy operational losses in terms of revenue. When it comes to virtual IBANs, they offer supreme flexibility and agility in their application in a business sense. Your business can change and adapt to new conditions as they arise without worrying about your virtual IBAN account.
No matter what level of business you are conducting, your virtual IBAN is immediately scalable to meet that need. Whether you bring in hundreds, thousands, or millions a day, your virtual IBAN is equipped to handle this influx because it is a sum zero account. This means that it ends each day with its debits equaling its credits thus resulting in a 0 balance. Sometimes this is referred to as simple reconciliation and it is a huge advantage that virtual IBANs have over some more traditional accounts.
If you are interested to extend your knowledge or viewpoints on the topic you can also check out our article “Virtual IBANs The Driving Force of Online Merchants” in the Insights section of our official website.
Alternatively, if you have additional questions you are welcome to contact the team of Monneo so that we can answer them and help you and your business with cross-border digital payment solutions. You can also directly apply for your virtual IBAN on our website.