As the current shopping trend has become virtual, merchants inevitably need to update and expand their businesses to suit the new requirements. It is essential to understand the services of online payment providers in Vietnam to keep abreast with industry developments. Read on to find out the basic concepts in e-banking and how it can benefit your business.
The term e-banking or electronic banking refers to online payment solutions that enable a bank or a customer to make financial transactions electronically. It involves non-financial services as well. Once the customer has registered for online banking facilities, the services can be availed without visiting a physical bank. It is a convenient and safe banking method as a unique ID and password secure the bank portals. The system of e-bank payment for SEA countries has evolved significantly in the last two decades. It includes various forms of banking services and transactions performed through electronic means such as internet banking, mobile banking, tele-banking, debit cards, credit cards, and ATMs.
The e-banking payment solution provides access to both financial and non-financial banking services. Customers can make bill payments and fund transfers to other accounts. You can check your balance or withdraw money from ATMs anytime. It enables you to keep a check on loans, savings, mortgages, and savings accounts linked to the bank account. However, customers can ask for a check book. All these features have led to online purchases becoming an easy and time-saving experience. Further, money transfer has become instant and real-time. Banks allow automated bill payments, and it facilitates payments done on-time. Business transactions can be tracked easily, and the history of payments for any period is at your fingertips. The banking portals function as a single window and it is a secured process. The chances of risks such as fraud, human errors, and theft are minimised.
Services in E-Banking: Mobile Banking
Smartphones have become a norm these days, and it has changed its status from a luxury to a need. With well-developed mobile banking technology, customers can initiate and perform banking tasks on their mobile phones. Online payment providers in Vietnam offer mobile banking services and these can be accessed via SMS, USSD, and mobile applications. Mobile banking over SMS is a useful service and can be initiated by registering your mobile number with the bank. USSD, or Unstructured Supplementary Service Data, is communication where you can perform basic banking exercises, including balance inquiry and transfer of funds.
A merchant account allows the business to accept payments by e-bank payments. It is an agreement between a merchant bank, retailer, and a payment processor to settle financial transactions. As the customer makes an e-transaction, the funds first get deposited into the merchant account and then transferred to the business account. The transfers are done periodically, daily, or weekly. As a business owner in e-commerce, you will need at least one internet merchant account to make the transactions happen. An internet merchant account holds proceedings from the online payment processing of credit cards.
How to Choose an Online Payment Solution?
It is essential to understand how the services of online payment providers in Vietnam work and help your company achieve its business goals. You may not need to know all the minute details of how systems of e-bank payment for SEA countries work, but you should see how these solutions can work for your business. The first step is to understand your customers and their preferred payment methods. The success is in tailoring the payment options to attract the most number of customers.< Next post - The Mobile App Payment – Taking the World by Storm Prev post - E-Banking: Payment Solutions for E-Commerce >