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What are the safest ways to send money?

Bank transfers

Online money transfer companies]

International money orders 

Cash   https://transfy.io/

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The Complete Beginner’s Guide to Sending Money to South Africa

Money transfers are a crucial source of financial funding for households in South Africa.According to a study conducted by the World Bank in the last years, South Africa remains to be one of the leading recipients of cross border remittances in Africa.However, despite the high remittance inflows into South Africa, the cost of sending money to the country has been extremely high compared to other regions globally. For instance, on average, sending 200 USD to a friend or family in South Africa will see you pay up to 12% of the amount, which is against the global threshold of 7%.Also, the exchange control regulations issued by the South African Reserve Bank (SARB) regulate the remittance process and how much money should be transferred.This has made a money transfer abroad to South Africa a daunting experience, keeping in mind that the transfer can take as long as 7 days or more.This article highlights everything that you should know about sending money to South Africa with a recommendation for the ideal transfer methods.Sending or receiving money from overseas in South Africa is tougher now than ever before.This is due to the outdated money transfer system that is dependent on high street banks, coupled with strict exchange regulations and unfavourable exchange rates.Here are some facets that describe the remittance system of South Africa. 1. The Exchange Control RegulationsBefore you consider sending money to South Africa, you must understand the strict regulations that govern how your money will get home. The following points are a brief outline of what the regulations entail:2. Need for a Bank AccountTo receive or send money in South Africa, one must have a bank account with any of the South African banks.The bank opening process can be tedious sometimes. However, it is the only option one has to get access to money remittance services. Banking apps are not independent options, as they require onboarding to be functional. Onboarding refers to having an initial bank account with a high street bank.It is also vital to note that most banks come with withdrawal restrictions, annual fees, and other transaction costs.With the entrance of more players in the remittance industry, money transfer to South Africa could only get better.There are several ways through which South Africans living overseas can send money back home with ease.The Reserve Bank, through its authorised dealers, approves several remittance service providers to operate in the foreign exchange landscape using the SARB’s licensing framework. 1. Online Money TransfersOnline money transfer service providers such as WorldRemit, Xoom, CurrencyFair, Wise, Azimo, and Western Union are now bridging the gaps that have existed in the remittance corridors of South Africa.By choosing any of these service providers, you subscribe to faster transfer durations, low fees, and favourable exchange rates.All you need is to open an account with your service provider, load your account with money, and eventually make your transfer. Loading an account can be done via cash deposit, bank transfer, or via a credit/debit card.The transfer is done through a physical store, mobile application, or website provided by the service provider. Here are some important highlights to note about online money transfers.Once you set up your personal account with a service provider, you get access to a mobile wallet. A mobile wallet is a savings facility within your account that allows you to keep money awaiting withdrawal. You can have your recipient set up an account with your service provider as well. This way, you can transfer money to their mobile wallet directly.This platform is convenient, especially for individuals living in the rural areas of South Africa.Urban residents can also use mobile wallets. An example of banks with this service is Standard Bank under MoneyGram.Service providers such as Western Union, MoneyGram, CurrencyFair and Wise have partnered with bank agents and other financial networks in providing cash pickups. A cash pickup service allows a South African expat to send money to an agent of their service provider, from whom the recipient collects the money. The recipient is issued with documents indicating the collection details. 2. Bank Wire TransfersBank wire transfer is the movement of money from one country to another through the available banking systems.Fortunately, South Africa’s banking system is safe and secure.You can, therefore, wire money to your recipient’s account using the wire transfer service.South Africa hosts over 22 banks that are registered locally and internationally.The only challenge with this method is long waiting times, unfavourable exchange rates, and strict screening operations.The fact that you are dealing with banks directly means that your transfer will be affected by holidays, operating hours, and time zone differences. 3. Money OrdersThis is probably the easiest method you can adopt to send money to South Africa.This is because neither you nor your recipient requires an account to use a money order service.This method is favourable for you if the country you reside in mutually participates with South Africa in money order services.International and domestic money order services in South Africa are regulated by the South African Postal Service.Postal services and the old-fashioned money transfer system have been the only avenues of money movement in South Africa.These methods, however, were slow and less convenient to both the sender and the recipient.With mobile money transfer services taking over the remittance space, South Africans living abroad have something that they can boast about today. Here are the benefits of using money transfer services.• Quick TransfersWhen it comes to money transfer, speed is always a fundamental factor to consider.With the traditional money transfer method taking up to over 7 days for the money to reach the recipient, money transfer services are here to give you relief.With online transfers, for example, money can get to your recipient as soon as 10 minutes. • Reasonable Transaction CostsThe transaction costs linked to money transfer services only come in two formats, including the bank charges and the provider’s fees.Remittance service providers are interested in large transactions to earn an income as opposed to the traditional system that charges highly per transaction. • FlexibilityWith online money transfer services, you can wire funds to your recipient at the comfort of your office or house.You do not have to walk down the street to process your transfer in a bank.This gives you the convenience of sending money back home at any time, from wherever you are. • Better exchange ratesHow favourable exchange rates are influences how much your recipient receives in the South African Rand.This is where money transfer service providers get a win against the traditional transfer methods.They offer better exchange rates than the conventional transfer methods that were previously used. • Easy Set-upSetting up a money transfer account with your service provider is fast and straightforward.All you need is signup to their website or application and load it with the required amount to activate it.Once activated, your account is ready for transfers.Setting up an account takes minutes.You can use your account as soon as you finish the setup process.Details and documents needed to send money to South Africa from the USA or any other country vary from one service provider to the other.However, most of the providers will require details that prove your identity and that of your recipient. Here are some of the required details:• Photo Identity Card• Card number (if you are using a credit/debit card to transfer money)• The recipient’s full name. The name must be as it appears on their official documents. Any error identified may invalidate the transfer.• Account details of the recipient.• The recipient’s phone number and addresses.• Routing number, bank name, and SWIFT code. These are necessary if you are using the bank wire transfer method.My personal favorite money transfer app is WorldRemit.The advantages of WorldRemit are:You can send money to South Africa as a bank transfer within the same day, as cash pickup within minutes or as airtime top up within minutes.E.g. if you send 200 USD to South Africa, your recipient gets 3,024 ZAR, including a 3.99 USD fee. 

A Look at South Africa’s Money Transfer System

The regulations affect the transfer of any transaction regardless of its size.

Money is held in the recipient’s account until they personally clear the funds with the Reserve Bank. Unfortunately, if the recipient is not in a capacity to clear the funds, the receiving bank is authorised to reverse the transaction to the sender.

Local banks must report all remittance inflows from a foreign country before releasing the funds. This prolongs the duration within which recipients get access to the sent money.

A currency transfer can only be effected by authorised dealers.

Money transfer can only be done for permissible reasons, as stipulated by the Reserve Bank through the authorised dealers.

Permissible reasons for remittance include monetary gifts, loans, donations, maintenance transfers, travel allowances, study allowances, foreign capital allowance, and the individual capital allowance.

3 Ways to Transfer Money to South Africa

Mobile Wallets

Cash Pickups

5 Reasons Why You Should Use Money Transfer Services

What You Need to Send Money to South Africa

Why I would use WorldRemit to send money to South Africa

It's easy to set up

It's instant

It's secure

It's transparent and low-fee

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Is Bitcoin Safe?

Investors are more interested than ever in cryptocurrency. Criminals are too. Reports of cryptocurrency crimes have increased 312% per year on average since 2016, according to a report from Crypto Head, a cryptocurrency news outlet that used Federal Trade Commission data to analyse cryptocurrency crime trends in recent years. These crimes can include everything from hackers stealing investors’ coins to people falling for scams related to crypto investing. Bitcoin has the most crime reports of any cryptocurrency, which makes sense since it’s also the oldest and most widely held crypto. Beyond digital crimes, Bitcoin’s safety as an investment is often questioned thanks to the frequency and scale of its value fluctuations. Despite an increase in fraud and theft, many experts tout the safety of Bitcoin investments — at least in terms of cybersecurity if not investment stability — thanks to secure blockchain technology. So, is investing in Bitcoin safe? Here’s what you need to know about Bitcoin’s safety as an asset and keeping your cryptocurrency secure if you invest. First things first: The money you put into Bitcoin is not safe from value fluctuations. Bitcoin is a volatile investment. If you’re looking for a “safe” investment with guaranteed returns, then don’t invest in Bitcoin — or any cryptocurrencies for that matter. Just over the past few months, the price of one Bitcoin has fluctuated between $30,000 and $60,000. Bitcoin isn’t the only volatile cryptocurrency, and other, smaller coins may be even riskier. “Understand that these are very volatile investments, so if big fluctuations cause you to lose sleep, this isn’t the space for you,” says Dan Herron, a CFP with Elemental Wealth Advisors in San Luis Obispo, California. Experts recommend keeping any cryptocurrency investments to less than 5% of your portfolio for exactly that reason — and to make sure you’ve got a solid conventional retirement investment plan in the first place. It’s also recommended you have an emergency fund and pay down any high-interest debts before you put any money into Bitcoin or any other cryptocurrency. The biggest security concern for many people when it comes to Bitcoin investing — like any other digital activity — is the risk of hacking and fraud. Cryptocurrency crimes are on the rise, according to data from the Federal Trade Commission, and resulted in a median loss of $1,900 per report between October 2020 and March 2021.Often, reported crypto crimes involve scammers requesting payment in cryptocurrency, or sending unsolicited offers to help you make money or increase your holdings, according to the FTC. “One sure sign of a scam is anyone who says you have to pay by cryptocurrency,” the agency says. You should also avoid any unsolicited offers related to crypto; do your own research and buy your coins yourself using a reputable crypto exchange. Other types of scams to look out for Initial coin offerings (ICOs) for fake cryptocurrencies When a cryptocurrency is offered to investors before it’s launched to the market, it’s called an ICO (similar to a new stock’s IPO). But sometimes these new coin offerings can be fabricated, leading investors to put their money in a cryptocurrency that doesn’t actually exist. Always research any cryptocurrency before you invest. If it looks too good to be true, it probably is. Read the project’s white paper and check out the founders as part of your research. For most investors — and especially beginners — it’s smart to stick to established, popular coins like Bitcoin or Ethereum. Crypto pump and dump schemes A small group of investors may pump a lot of money into a specific crypto, falsely inflating the price while convincing private investors to also invest. Then the original investors sell their shares for a profit before the price falls again. This type of scheme exists for more traditional investments, too. Again, if an investment seems too good to be true, it probably is. Watch out for coins that have risen a lot in value without any clear reason why, the Crypto Head report recommends. This may be a sign of a pump and dump scheme. Hackers can gain access to individuals’ crypto wallets or breach entire cryptocurrency exchanges to steal their holdings. That’s why it’s essential to store your crypto in a safe place, and practice good digital security habits. Cryptocurrency exchanges and third parties offer storage for your coins through hot wallets, which are secure, but still online (and therefore still susceptible to hacking). Crypto held on an exchange or in a wallet is not FDIC-insured like money in the bank. Make sure you trade and hold your crypto on a platform that offers robust security measures — including keeping a significant amount of holdings in its own cold storage and two-factor authentication for users. Some exchanges may even have private insurance policies in case of theft or hacking. For the best protection against online fraud, many experts recommend cold storage through an offline device not connected to the internet, similar to a USB drive. But even cold storage comes with risks, like the possibility of losing access to your investment completely if you forget your password.  While you can take measures to secure your crypto holdings from hacking and theft, Bitcoin may not be any more effective at keeping your personal information private than any other traditional investment. “Security and privacy are two separate topics,” says Kiana Danial, author of “Cryptocurrency Investing for Dummies” and the personality behind @Investdiva on Instagram. While trades you make in Bitcoin may be harder to trace than credit card purchases or direct bank withdrawals, Bitcoin transactions are not private. Bitcoin trades are tied to a hash code — a string of letters and numbers — that are unique to you, says Ollie Leech, learning editor at CoinDesk, a leading cryptocurrency news outlet.  “You’re really not anonymous, more like pseudonymous,” says Galen Moore, director of data and indexes at CoinDesk. While your activity isn’t directly tied to personal details like your social security number, the blockchain is public and there are ways that people can identify you.  But even though Bitcoin transactions aren’t private, that doesn’t mean every user can see exactly how much everyone else has bought or sold. “In order to download the Bitcoin blockchain you would need massive, massive computing capacity, like a supercomputer,” says Danial. “The day-to-day average Joe can’t go in and see what transactions are happening on the Bitcoin blockchain.” If you want total privacy when you transact, then neither Bitcoin nor Ethereum — the second largest cryptocurrency by market capitalization — are for you. Other smaller cryptocurrencies are designed for this total privacy, though experts recommend avoiding these lesser known cryptos as an investment. “With Bitcoin and Ethereum, all those transaction details being open is part of how the network is maintained as people watch,” says Moore. The open system helps the blockchain retain accountability. 

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All about the Benefits of Digital Payments

Ease of carrying out transactions Provision of Discounts Better way to Observe Spending Helps in Better Investments Option to deactivate in case of theft or any accident Small benefits

All about the Benefits of Digital Payments

India has always been extremely comfortable with the traditional method of making payments, which is “via cash”.

Nevertheless, it is imperative to understand how digitization with regard to making payments has helped the country in numerous ways.

It is a known fact that India has taken a sharp turn towards “becoming a cashless economy” after demonetization and it has nudged the country even more towards settling as a developed economy.

Digital India movement/initiative by the government has led to a humongous shift in the way Indians deal with making payments for purchases. 

Based on data from RBI – here is growth in Digital Payments in India over the last 6 years:

Benefits of digital payments

Digital payments allow buyers to pay directly from their banks.

Digital payments allow merchants to sell to other countries and customers to pay in foreign countries.

Tracks and maintains the digital record of every transaction

No fear of losing cash or getting fake currency

Merchants can collect payments remotely

Digital payments offer cashbacks or reward points

As online businesses, as well as purchases, have become a current trend in India, going digital offers the following benefits to the users:

This is one of the major benefits of digital payments.

For those who carry out transactions on a daily basis for buying some, or the other product or service, going digital is quite beneficial.

It aids the user by giving an option that is safer, quick, and convenient during the travelling time.

It helps the user be free of carrying wads of cash, plastic cards (debit, credit, etc.) and even helps in letting go of queues for ATM withdrawals.

Moreover, online payments can be carried out without any hassle during the times of emergency as it does not require one to be physically present anywhere for the money to be paid.

E. g. Digital wallets: Digital wallets provide a quick, seamless and convenient way for merchants as well as customers

This also helps save the immense time of the user so that the user is able to utilise time for other important tasks/aspects.

Going digital can benefit the users in terms of discounts provided to them for various occasions as well as purchases.

For example, to encourage people to use the digital method of making transactions, the government announced a waiver of service tax on debit and credit card transactions up to Rs 2,000.

Such incentives and measures by the government help people be more digital-friendly, and thus, helps the government keep tabs on tax evasion.

Moreover, the customer avails the benefits of discounts online every now & then and gets a fair price for the product/service needed.

With digital payments being convenient not only in other aspects but also in terms of keeping a record of the payments done so far, it is but easy to be accountable.

When the payments are made via digital channel, it is easier to file income tax returns and also easier to explain the spends in case of scrutiny.

As making transactions digitally helps individuals observe their spending, psychologically speaking, it becomes obligatory to ward off some of the expenditures.

This, in turn, helps increase savings, which can lead to an increase in investments. Hence, with online payments, there are better chances of people being able to save more for investments.

More investments lead to more earnings and thus, it proves to be quite beneficial for the users.

Payments have evolved from the barter system to cash to card payments to digital payments. According to Statista, in India, the total transaction value of digital payments in 2019 amounts to US$64,787 million.

Digital payments have the upper hand over making cash transactions since a digital payment platform can be blocked immediately in case of theft.

But it is not the same with cash payments, since the cash once gone, has minimal to zero possibility of coming back to you.

Moreover, carrying bundles of cash with oneself while travelling is never recommended and neither is it easy.

Many benefits of digital payments come in small packets. Whether you carry a bunch of coins with you or not, you have to never worry about keeping change-ready while making payments via the digital method.

Making transactions digitally helps you pay exactly the amount that is required to be paid, and hence, makes your life much simpler this way.

While travelling, loss of cash can cause an inconvenience, using digital payment solutions seems a safer and convenient solution.

There is no need to wait in the long lines to make payments, with digital payments, payments can be done much faster and from anywhere you want.

Future of Digital Payments

Payments have evolved from the barter system to cash to card payments to digital payments.

According to Statista, in India, the total transaction value of digital payments in 2019 amounts to US$64,787 million.

Many companies are developing applications and methods more seamless for both customers as well as merchants.

Now there is no need for customers to give their card information for digital payment (epos link), as for merchants, they can accept bulk payments, split payments with just a click(WhatsApp link).

And everything is possible because of using digital payments.

Many Payment services as well as financial institutions are opting for secure ways to make online payments secure for both merchants and customers.

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Money transfer app https://transfy.io/

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5 Facts You Probably Didn’t Know about the Nigerian Naira

Nigeria, dubbed the "Giant of Africa," is a major economic and cultural power on the African continent. Nigeria not only boasts the greatest economy in Africa, but it also gave home to Nollywood and well-known authors such as Chimamanda Ngozi Adichie. With Nigeria's rising financial strength and worldwide standing, there is no better moment to introduce you to the country's currency, the naira. To Send Naira digitally use a money transfer application.

 What Is the Nigerian Naira?

The Nigerian naira (NGN, symbol) is divided into 100 kobo (k), which are smaller coin denominations. Today's coins include 50k, 1 naira, and 2 naira, while banknotes range from 5 to 1000 naira. The banknotes and coins are issued by the Central Bank of Nigeria (CBN), which is headquartered in Abuja.

 The naira banknotes, like the US dollar, depict several notable individuals from Nigeria's history. Among these notable individuals are:

 On the 5-naira banknote appears the first Prime Minister of Nigeria.

On the 500-naira note is Nigeria's first president.

 Brief History of Nigerian Currency

Nigeria's first significant currency was shillings and pence, which were established into British West Africa in the colonial ordinance of 1880. The first banknotes were issued in 1912.

 It wasn't until 1973 that the Nigerian government changed the currency metric to decimals (from pounds), renamed the new Nigerian currency "naira," and replaced the inherited British currency. Since then, the naira has been the primary monetary unit, while the kobo has been the minor unit.

 Due to economic development and inflation, additional naira banknotes were created in the years that followed, and several smaller kobo coins were withdrawn from circulation.

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The Benefits of a Multi-Currency Bank Account

Transferring money to loved ones and businesses overseas can be time-consuming when you have to convert currencies every time you make a Money transaction. It might also be aggravating for the recipient to have to convert the funds to their chosen currency.

This is where a multi-currency bank account may help both people and corporations. Convenience and adaptability are only two reasons why these accounts have grown in popularity over the last year.

Since March, there have been more international internet money transfers than ever before. Many families have offered financial help to one another, and businesses have begun outsourcing to independent employees who work outside of the company's country.

Clients with multi-currency bank accounts can maintain money in many foreign currency accounts through a single service provider. These accounts enable businesses to handle their currency exchanges when paying freelancers, suppliers, or technology firms by allowing them to access all of their currency assets in one place

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All the benefits of Transfy app https://transfy.io/

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What Is the Kenyan Shilling (KES)?

The Kenyan shilling (KES) is the country's official currency. It's popular in Kenya, Sudan, and Somalia. The shilling is divided further into 100 cents. Prices are frequently preceded by the acronym KSh, as in "100 KSh" to denote 100 shillings. The trading symbol for foreign exchange (FX) is KES. Send kes by using online money transfer app

Understanding the Kenyan Shilling (KES)

•       The KES/USD exchange rate peaked above 75 shillings per US dollar in 2009, but fell to more than 105 shillings per dollar in 2015 and again in 2017. Since 2016, the Kenyan shilling has been hovering around the 100 level versus the US dollar, as worries rise over the amount of public debt Kenya has accumulated over the years. In January 2021, one US dollar equals around 110 Kenyan shillings.

•       The Kenyan shilling is one of East Africa's most stable currencies. Indeed, it is frequently used in neighbouring nations with less stable currencies, such as Sudan and Somalia. Although less volatile than other regional currencies, the Kenyan shilling's exchange rate has typically fallen compared to the US dollar during the last decade

[jackjaysblog]

What Is the Kenyan Shilling (KES)?

The Kenyan shilling (KES) is the country's official currency. It's popular in Kenya, Sudan, and Somalia. The shilling is divided further into 100 cents. Prices are frequently preceded by the acronym KSh, as in "100 KSh" to denote 100 shillings. The trading symbol for foreign exchange (FX) is KES. Send Kes by Transfy 

Understanding the Kenyan Shilling (KES)

•       The KES/USD exchange rate peaked above 75 shillings per US dollar in 2009, but fell to more than 105 shillings per dollar in 2015 and again in 2017. Since 2016, the Kenyan shilling has been hovering around the 100 level versus the US dollar, as worries rise over the amount of public debt Kenya has accumulated over the years. In January 2021, one US dollar equals around 110 Kenyan shillings.

•       The Kenyan shilling is one of East Africa's most stable currencies. Indeed, it is frequently used in neighbouring nations with less stable currencies, such as Sudan and Somalia. Although less volatile than other regional currencies, the Kenyan shilling's exchange rate has typically fallen compared to the US dollar during the last decade

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Sending money used to need a lot of formalities, such as obtaining signatures from both parties before the transfer could begin. As a result of using online money transfer services, there is no need to fill out all of the documentation that banks often request. Transfy Money Transfer claims that you don't have to wait in large queues at the bank to complete your transaction.  

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names of African currencies . send african money by https://transfy.io/

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How Online Money Transfer Benefits Your Business

When currencies can be transferred across continents via internet money transfer, globalisation has been made a reality. It's now easier than ever for businesses to move large sums of money amongst one other. One cannot ignore the importance of internet money transfers. Investing in internet banking has yielded billions of dollars in profits for businesses. Convenience and security are the cornerstones of internet banking as a useful tool for businesses. A growing number of firms are relying solely on internet banking to conduct their front-facing transactions with clients. Online money transfer services can have a number of advantages for your organisation or corporation. In this article, we'll go through the benefits of using online money transfer.

 No Paperwork

Sending money used to need a lot of formalities, such as obtaining signatures from both parties before the transfer could begin. As a result of using online money transfer services, there is no need to fill out all of the documentation that banks often request. Transfy Money Transfer claims that you don't have to wait in large queues at the bank to complete your transaction. Using online money transfer services, you don't have to deal with the hassle of filling out papers to send or receive money.

Transaction Validation

Any time you conduct business with a financial institution in person, you must wait for them to verify your payment or execute a new transaction in order for it to be reflected across all of their platforms. As soon as you link your company account to an online payment platform, the payment or transaction will be reflected in your account in a timely manner.

Fewer Service Charges

Bank service charges might build up to the point where you feel like they're putting a hole in your company's financial well-being. In comparison to bank fees, online money transfer companies charge a fixed proportion of the amount of money being moved, rather than a fixed percentage of the amount of money being transferred.

 Availability

Foreign currency transactions require a strict timetable that includes weekends, off days, and holidays to be scheduled around. For those who use online money transfer services, there should be no problem at all sending or receiving money.

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Simple ways to send  money digitally  through  https://transfy.io/

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send money in 3 simple steps https://transfy.io/

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How Online Money Transfer Benefits Your Business

When currencies can be transferred across continents via internet money transfer, globalisation has been made a reality. It's now easier than ever for businesses to move large sums of money amongst one other. One cannot ignore the importance of internet money transfers. Investing in internet banking has yielded billions of dollars in profits for businesses. Convenience and security are the cornerstones of internet banking as a useful tool for businesses. A growing number of firms are relying solely on internet banking to conduct their front-facing transactions with clients. Online money transfer services can have a number of advantages for your organisation or corporation. In this article, we'll go through the benefits of using online money transfer.

 No Paperwork

Sending money used to need a lot of formalities, such as obtaining signatures from both parties before the transfer could begin. As a result of using online money transfer services, there is no need to fill out all of the documentation that banks often request. Transfy Money Transfer claims that you don't have to wait in large queues at the bank to complete your transaction. Using online money transfer services, you don't have to deal with the hassle of filling out papers to send or receive money.

Transaction Validation

Any time you conduct business with a financial institution in person, you must wait for them to verify your payment or execute a new transaction in order for it to be reflected across all of their platforms. As soon as you link your company account to an online payment platform, the payment or transaction will be reflected in your account in a timely manner.

Fewer Service Charges

Bank service charges might build up to the point where you feel like they're putting a hole in your company's financial well-being. In comparison to bank fees, online money transfer companies charge a fixed proportion of the amount of money being moved, rather than a fixed percentage of the amount of money being transferred.

 Availability

Foreign currency transactions require a strict timetable that includes weekends, off days, and holidays to be scheduled around. For those who use online money transfer services, there should be no problem at all sending or receiving money.

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What are B2B Payments? Definition and  Methods

B2B Payments Definition

The definition of business-to-business payments or B2B payments is the transfer of value denominated in currency from buyer to supplier for good or services supplied. B2B payments can be a one time or recurring transaction depending on the contractual agreement made between the buyer and supplier. B2B payments are more complex than business-to-consumer or B2C payments, since B2B payment processing requires more time to approve and settle the transaction which can take days or weeks. Whereas in B2C payment processing, the transaction is typically settled on the spot.

Types of B2B Payment Methods

The most common types of B2B payment methods are paper checks, ACH payments, wire transfers, credit cards, and cash. Each B2B payment method has its own set of benefits compared to the next and here is how the different types of B2B payment methods differ.

B2B Payment Method Issues

Needless to say, there are all sorts of problems with different B2B payment methods, particularly ones that aren’t made electronically. As any business person who’s filed a tax return could attest, it can be difficult to show proof of cash payment to a vendor. And that’s far from the only problem associated with accepting cash, even if some vendors insist on it. As it is with checks, processing and document reconciliation will take longer than it should with electronic solutions.