Cross-border payments and handling payments across different ports are complicated transactions. Because payee and recipient are located in two different cities or countries. Primarily, the payments include the inbound and outbound transfer of funds.
For instance, one party is making payments against goods while the other party is receiving funds for sold products. These transactions can be between companies, bankers, and individual customers. If you are wondering what can be the most suited method to make payments for your consignment/shipment, then check on the following options.
#1: Using Credit Cards
Globally, the credit card is the most widely used method of making payments. Credit cards allow you to pay for goods online while sitting at your home or office. Nowadays, it is easy for you to purchase raw materials and finished goods from international markets via credit cards. In modern times, many credit card payment processing solutions are available. For instance, Merchant One uses the best market technology to serve your merchant processing needs. You can opt for credit card processing services, depending on the requirements of your business and the nature of your transaction.
#2: Using E-Wallets
E-wallet is short for electronic wallet, which functions as a digital wallet. E-wallet is best-suited for you in case of electronic transactions. For instance, to make payments across different ports, to purchase from online stores, etc. If you prefer an efficient method of payment, then signing up for an E-wallet can be a great option.
#3: Using Bank Transfers
Presently, almost every adult individual holds a bank account. Perhaps, you already have sufficient knowledge of how things work at a bank. Currently, you may be taking advantage of internet banking facilities to handle payments for your shipments or goods. Thus, you can conveniently do a bank transfer to make payments against purchases. It assures you that your funds are safely transferred to suppliers/vendors. Most of the time, sellers and buyers prefer to conduct a financial transaction via bank transfers.
#4: Using Prepaid Cards
There is a possibility that you don’t have any bank account for some valid reasons. If that’s true, you can conveniently use an alternative method of payment. A prepaid card is an ideal option for you if you are a minor or customer with no bank accounts. Customers can choose from different stored values with prepaid cards. For instance, a prepaid card is a widely accepted payment method in the online gaming industry. Although this method of payment is not widely used to handle financial transactions across different ports, prepaid (stored-value) cards can be employed in sectors like logistics, supply-chain, healthcare, travel, consumer transit, etc.
#5: Using Mobile Payments
Mobile payment is a quick payment solution for you to make purchases on e-commerce websites. Mobile payments can significantly offer you discounts on your shipments. This payment approach is much used for matrimonial and dating sites. This way, it is easy for customers to pay via SMS.
#6: Using Direct Deposit
You can ask your bank to withdraw funds out of your account and transfer it to your supplier using this method. This way, you get to complete online payments by using your bank account. You only have to inform your bank when to pull funds out of your account. But, you can also adopt this method to pay for your consignments.
#7: Using Fiat Currency
Lastly, on my list, fiat/physical cash can also be used to handle payments for your shipments. Cash is used to make payments for physical goods. It works on the cash-on-delivery concept. This is the least adopted method to handle payments across different ports, especially when both the seller and buyer live in two different parts of the world. Paying with cash has its risks. Hence, it is advised to rely on other feasible methods.
