eCommerce virtual IBAN providers
What is a virtual IBAN account and how can it help e-commerce?
A virtual IBAN account is an account with an International Bank Account Number connected to a standard bank account that can be accessed digitally. In many countries, bank accounts are designated with an IBAN for routing purposes.
Having a virtual IBAN account allow you to bank in multiple currencies, using multiple payment networks, including local networks to make payments in countries outside of your country of incorporation. For instance, a virtual IBAN from Payset allows you to bank like a local in the US, EU, UK, and Canada. This allows e-commerce businesses to more easily and affordably manage cross-border transactions.
Payset can help you with your ecommerce challenges by improving your customers' experience and your back office operations. Here is how:
The challenges of e-commerce:
Purchasing goods from vendors across the world in multiple currencies
Collecting payments from clients in multiple currencies and regions
Issuing international payments for operational expenses, advertising, staff, and more
Payset can help you:
Pay suppliers around the globe via international or local payments
Easily accept credit cards on your website at low rates
Set up budget accounts for your marketing and development teams that allow them to control their own expenses
Issue payments to staff quickly and hassle free with low to no fees
Prevent scams and fraud by using our advanced fraud prevention tools
Address the unique challenges of your business by providing you with your own dedicated account manager
Easily transfer funds to your traditional bank account
Send and receive free and instant payments to other Payset account holders
Make quick, low-fee currency exchanges
What are the benefits of a virtual IBAN?
Having a virtual IBAN account provides all the benefits of a regular IBAN attached to a standard bank account. Payset provides a virtual IBAN number attached to a larger account held in a financial institution in the US, UK, Canada, or EU that you can use to send and receive funds locally or internationally.
With a virtual IBAN, you avoid many of the fees and complexities associated with having an IBAN at a brick-and-mortar institution. In other words, you can take advantage of a US bank account without actually having to be in the US, for instance.
Virtual IBANs are useful because they allow companies to work with cross-border transactions more efficiently and affordably.
The holder of a virtual IBAN account should see no difference between a virtual IBAN account and a standard IBAN account, making this a convenient option for all parties.
Is an e-commerce business worth starting?
E-commerce businesses are worthwhile for many entrepreneurs. The size of the global e-commerce industry is greater than $6 trillion in 2023, and the cost of entering the industry is low. A virtual IBAN provider can help you make and arrange e-commerce payments as needed.
How do I choose the right virtual IBAN provider?
You should choose a virtual IBAN provider based on its service fees, its supported currencies, and the countries in which it offers services. At Payset, we offer competitive transaction fees starting at 0.45%, plus support for 38 foreign currencies and over 200 countries.
How do I get a virtual IBAN?
You can get a virtual IBAN by signing up with any company that provides one. Payset offers virtual IBANs as a core feature in its suite of services.