Which payment companies use these marketplaces
Banking Circle supports merchants with payment transactions during the Christmas business
US dollar transfers for online marketplaces avoid conversion fees that reduce sellers' profits
London, November 20, 2020 - Following the introduction of US dollar transfers for Amazon merchants in the US, Canada and Mexico earlier this year, financial infrastructure provider Banking Circle is now offering US dollar transfers for sellers in Europe, as well as a offer a wider range of online marketplaces.
The extended service is now available before Christmas and offers payment service providers an additional offer for their customers. By using virtual IBANs, the revenues from online shops such as Amazon, eBay, Shopify, Wish, Walmart, Newegg, Souq (Amazon UAE), Jet, Wayfair and Etsy can be bundled.
Most marketplaces pay sellers in the currency of the country in which the sellers have their bank accounts. For example, payments from a US marketplace to a German company are processed in euros - regardless of whether the merchant has a US dollar account. With this currency exchange, the international exchange fees of the marketplace are incurred, usually around 4% of the payment value.
To avoid this loss of profit for merchants, Banking Circle introduced a US dollar direct debit solution for Amazon payments to stores in North and Central America (USA, Canada, Mexico) in June 2020. The bank is now offering further support to sellers in the marketplaces by introducing US dollar transfers to a larger number of online marketplaces in time for the Christmas season. This service is also available to companies in the EU and the UK.
Anders la Cour, Co-Founder and Chief Executive Officer of Banking Circle, says: “In the current situation, small businesses selling through online marketplaces need additional support. Banking Circle improves the financial integration of SMBs by introducing US dollar transfers to more marketplaces. With the new solution, payment service providers can offer their SME customers an important added value worldwide. "
With Banking Circle Virtual IBANs, merchants are assigned US bank details in payment transactions so that the marketplaces can pay in US dollars and via their ACH payment corridor (the US version of SEPA and BACS). This allows traders to sell internationally and take control of the currency and payment method of their business revenue.
With US dollars as part of Virtual IBAN, Banking Circle expands the service that payment companies can offer their merchants:
EU marketplaces: Sellers get a DE IBAN and can receive SEPA credits
UK marketplaces: Sellers are given a routing code and account number and can receive BACS, CHAPs and Faster Payment Credits
US marketplaces: Sellers are given an ABA number and an account number and can receive ACH credits
Banking Circle Virtual IBAN is a multi-currency, multi-jurisdiction payment solution. This means that retailers no longer have to maintain various bank accounts. Forex traders and payment service providers can assign their customers their own virtual IBANs. With complete transaction transparency, payment acceptance and review time are reduced. Banking Circle Virtual IBAN also reduces the chance of errors when processing cross-border payments. In addition, coordination and settlement times are reduced, which means that forex and payment transactions improve the customer experience. The end-to-end transparency also reduces the AML and KYC risk.
Banking Circle is a provider of financial infrastructures for payment service providers and banks. As a fully licensed bank without legacy systems, the technology of Banking Circle enables payment service providers and banks of all sizes to take advantage of opportunities in the digital economy - quickly, inexpensively and with first-class compliance and security - with direct access to a clearing, the old, bureaucratic and bypasses expensive systems.
Banking Circle solutions increase financial integration. From bookkeeping to loans, international payments, settlement, risk coverage and compliance, Banking Circle's technology is helping thousands of companies conduct cross-border transactions in ways that were previously not possible.
Banking Circle is owned by EQT VIII and EQT Ventures in partnership with the founders of Banking Circle. Banking Circle is headquartered in Luxembourg and has offices in London, Munich, Amsterdam and Copenhagen.
Banking Circle S.A.
Berliner Strasse 164
Fink & Fuchs AG
Berliner Strasse 164
- Click to share on Twitter (Opens in new window)
- Click to share on Facebook (Opens in new window)
- Click to print (opens in new window)
- Click to share on LinkedIn (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to share on Pocket (Opens in new window)
- Click to share on Telegram (Opens in new window)
- Click to share on Skype (Opens in new window)
I like it:
Share the post:
- Which companies are companies replacing humans with robots
- What is a wall one brick thick
- Which French custom do you think is exceptional
- What is your best profitable trading experience
- How do people hide their self-harm
- Is wood biodegradable?
- What are most of the Boston things anyway
- What is a KCC Loan
- What are good aspects of life
- What is a classy girl 1
- Lightens pigeon soap the skin
- What is a lace bra
- How will NRC change India
- Is China a threat to Russia?
- How many Americans cannot afford health care
- Who offers adequate bulk SMS services
- Freedom can be oppressive
- What is the national game of Russia
- How good is ISCO really
- When does a myth become reality?
- Can you patent clothing or fashion designs
- What made Portugal abolish its monarchy?
- How do I get gold buyer contacts
- How did Guru Gobind Singh Ji die