Starting OutA payment service provider (PSP) facilitates the collection of revenue by accepting electronic payments. Often also called a ‘payment gateway’, the payment service provider lets smaller businesses process credit card payments without a merchant account from a bank.
Using a payment gateway or PSP may eliminate the upfront costs of a merchant account, so many new businesses may prefer to start this way. As payment gateways usually take a percentage of each transaction, it may become increasingly expensive as your business grows.
If you’re looking for a payment service provider to facilitate your online selling, security is a top concern, so many new business owners seek out a provider who offers fraud protection, PCI compliance and the ability to process different currencies.
Preferred payment methods may differ substantially in foreign markets and may include bank transfer or debit and credit card payments, so look for a provider who knows the difference between Alipay and BPAY.
With an OFX online seller account, you can establish local receiving accounts in USD, CAD, EUR, AUD, GBP and HKD, so you don’t have to pay 4% to marketplaces like Amazon when you bring your money home.
Plus, you can pay your overseas suppliers at a fraction of the cost of using your bank to transfer the funds. Most banks will charge up to 5% in foreign exchange margins in addition to international transaction fees. We don’t. Our margins are under 1.5% when you register for an online seller account with OFX.
It works like this: if you earn $200,000 in overseas sales, using OFX transfer your money will help you keep an extra $5,000 in your pocket. Not too shabby.
Sign up with OFX today and keep your profits in tact while using our simple 24/7 online platform. If your bank has been treating you like a number, make the switch to OFX.
© 2021 OFX Singapore Pte. Limited
OFX Singapore Pte. Limited (UEN: 201317103N) is regulated in Singapore by the Monetary Authority of Singapore under the Payment Services Act (Licence no. PS20200277). OFX is licensed by the Monetary Authority of Singapore to carry out cross-border money transfer services and is an exempt payment service provider in relation to e-money and account issuance services. Please note that this does not mean you will be able to recover all the money you paid to OFX if OFX’s business fails.
The information on this website does not take into account the investment objectives, financial situation and needs of any particular person. We make no recommendation as to the merits of any financial product referred to on this website.
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