There is this ongoing evolution in the payment ecosystem which encompasses the blurring of the line between traditional payment methods as the entry of alternative payment solutions has leveraged. As traditional banking institutions make the changes to have more advanced payment solutions, there is the financial industry consolidation.
Advanced payment solutions
When we encounter problems with traditional payment methods, it is good to keep in mind that their system is indeed old. There is a payment provider that has the advanced payment solutions for faster and seamless financial transactions. If you are one of the millions who send and accept online payments, you might be feeling stuck with certain payment providers or with your banking institutions. There is another money services company that you can use for your funds transfers that has the advanced payment solutions so you may be able to pay and get paid with ease. Aside from being able to send remittances fast, it has consolidated with traditional banks for you to be able make transactions. It also has other payment method options such as that of being able to get to own a USD or Euro debit card.
When online payment started, there were just a few options when it came to what payment methods to use. Since those older payment methods have already established their payment method, it is not flexible though there are now changes that are being made. The problem with those older payment providers is that the funds take some time to cash out when using a bank account. The fees are also high when being cashed out to a card. The funds may be transferred to a money services but then, you are typically stuck with just one option on how to cash out,
Via the SWIFT network
Bank funds transfers may no longer serve your best interest when sending money internationally. The traditional banking transfer methods have to be sent via the SWIFT network that makes it take days for the amount to clear.
Using debit cards
Debit cards are often used nowadays especially since it can be linked to a money services app or used to make an online payment transaction. Debit cards are gaining popularity as it can be used to control spending and typically require no maintaining balance. It is easy to get approval when applying for a debit card.
USD or Euro debit card
When you own a debit card, it is typically that of your local currency. You can get a debit card that can be used internationally as it is a Mastercard. The advantage of owning a debit card from this money services company is that it can accept international payments in either Euro or USD. This debit card will be easier to use to make online payments, especially for those who buy from international shopping sites. It is also good to own a USD or Euro debit card to store the funds, as these currencies only slightly fluctuate in the exchange rate to the local currency and rate tend to increase.