By Gino Hitshopi
When it comes to the fluid movement of funds around the globe, there are a range of payment solutions that assist in making international commerce easier than ever. There are so many payment solutions, however, that it is difficult to decide which one is best, for which particular situation.
One of the best known payment solutions in the United Kingdom is the BACS system. This originally came about as an acronym of Banker's Automated Clearing Services. The process takes 3 days to complete; the 1st day is when the payment is entered into the system, the second day they are processed and on the third they are cleared. It is a very commonly used system, by which BACS Direct Debits and BACS Direct Credits are also implemented.
Faster Payments is a new payment solution recently introduced to the United Kingdom. As the first payments system introduced to the country for 20 years, it offers some advanced features; most notably that it can transfer funds almost instantaneously. It is set to make all manner of financial dealing considerably easier.
CHAPS is a payment solution introduced in 1984, standing for Clearing House Automated Payments System. At its inception it handled 7000 transfers a day, and by 2004 it handled a whopping 130,000 transfers - worth 300 billion pounds. 19 settlement banks in the UK use the system.
Apart from these longer established payments systems, there are a whole range of new payment solutions that make buying and selling much easier - particularly online. One of the best known is the Paypal system. Paypal came about in 2000 with the merger of Affinity and X.com. It was later acquired by eBay in October 2002.
It works by allowing payments to be made for all manner of goods and services, and is the most used method of payment on eBay (UK sellers must offer it). The person receiving funds has a small percentage based fee taken from the amount. There are thought to be 184 million accounts of which 73 million are active.
3V is another of various payment solutions that have gained prominence over recent years. It has been marketed by Alphyra and Permanent TSB - and operates in Ireland, Germany, Spain and the United Kingdom. It allows people to buy a voucher which in real terms is a VISA branded debit card. Anyone over the age of 16 can get one of these vouchers, which are essentially pre-paid credit cards.
They are only valid for cardholder-not-present purchase - such as those over the phone or the internet. They have the advantage of not requiring any credit checks, and so might be useful for those who have run up some bad debts, or who do not have a credit rating sufficient to get a standard credit card.
Gino Hitshopi is highly experienced in the realm of payment solutions, having worked in the banking industry for many years. For more information please visit: http://www.bemac.com/products/payment
Article Source: http://EzineArticles.com/?expert=Gino_Hitshopi
Tidak ada komentar:
Posting Komentar