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Paying money to your overseas clients can be a tough task if it has to be done through the bank outlets. You would need to make out time and go down to your banks. There you might need to stand in long queues and go through a lot of paperwork before being finally able to send your money wherever you wish to. However, as internet technology took over human communication, the world has got even closer than it was a few decades back. International money transferring has also benefitted from this technology. One, would not even have to visit his bank to get his money transferred to somewhere at the other end of the world. Sending money online involves a number of processes. Some of them are billing and transaction, payment exchanges, billing and transaction of information the customer, the merchant and the payment gateway. What kind of payment process you would need depends upon the kind of business you do. The six most important international money payment options are, • Pay pal • International cards • E-wallets • Cash methods • Pre-paid methods • Checks Benefits of Online International Payment The online international payment procedures have several benefits. The merchants can reap a number of benefits of this procedure. Let us have a quick look at some of them. • They became known globally • Concurrent payment confirmations • Immediate processing • Excellent security guaranteed for the customers • User friendly and hence helps in becoming more popular • Leads customers not to hesitate to shop without a credit card or a bank account • Best payment options for small amount payments • Free of any fraudulent activity The process of international money payment is a tad bit complicated. However, before one undertakes this mode of payment, it would be useful to understand the procedure properly. The Payment Procedure At first, the customer would have to zero upon a particular product. Next, he would be required to fill up a form, mentioning both his credit and personal details. Once the form has been submitted, a number of backend processes would commence. They are, • The payment gateway • Transferring the payment to the merchant’s account • The payment receipts and other data • Transferring the data to merchant database • Finally the receipt of the payment Defining the Payment Gateway and the Processing Whether the credit card used is valid or not is being determined by a verification done by the payment gateway. It is its task to oversee the entire transaction process. the banks would be contacted, the results would be reported and later the money would be transferred to the merchant account. The credit card payments are kept by a merchant account, however the merchant would not be allowed to lay his hands upon the amount deposited, unless the money get transferred to the bank. At the successful completion of the transaction, the customer would be receiving a receipt and a report stating the details of the transaction. At the next level all, the data is stored in the database of the merchant. Mason Wright has a vast experience in writing articles on Online International Payments and related topics. In this article, he has provided a general view on the topic. He further suggests his readers to visit Eigerfxdirect.com/personal/international-payments to get further information on the same.
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