As we move forward every day, we see the world becoming a global village with all the advancements in technology. One can’t deny the fact that technology makes our life easier, and faster.
Especially when it comes to buying and selling, technology has paved new ways for markets to flourish. Traditional processes that took weeks and cost a fortune are now obsolete because of newer and improved technologies.
Ever since the advent of digital banking, excessive paperwork for invoices and payments is no longer a requirement. The concept of online shopping and online payments began in the late 90s. The first-ever online payment was done to buy a pizza from pizza hut in 1994!
There are various ways that allow you to pay for your international purchases with just a click. In this article, we will briefly discuss the technologies that make international invoicing easier.
1. Bank Transfers
Bank transfers are one of the most widely used payment methods that people use for trading internationally. You just need an IBAN number/swift code or routing number to receive or send payments internationally in response to your invoices.
However, it is important to know that some banks deduct hidden charges on every transfer you make. One of the main disadvantages of bank transfers is the verification process that is necessary to link a payment to an invoice.
Sometimes, in worst-case scenarios, your payments can get stuck midway, leaving you totally clueless about whether your money reached the vendor or not.
2. Direct Debit
Another way to make sure your international invoices are paid timely is to opt for direct debit – you can simply set up recurring billing with Ezypay. What is direct debit? As the name suggests, it is the contract signed with a bank that authorizes a third party to withdraw funds from a person’s account on preset dates, usually to pay bills.
Direct debit is mostly used for recurring utility bills, which means if you’re a regular customer of any international brand, this option is for you! One of the main benefits of using direct debit is that you never have to worry about paying late fees for your bills.
3. Financial Services Company
Lastly, comes the role of third-party financial services like crezco. Crezco and many other firms have started operating recently in the past. They aim to provide a complete solution for all your banking problems. Whether it’s international payments or invoices, they have got you covered with more than 70 currencies currently available on board.
Not just that, they allow you to import from EU to UK at reasonable prices as well, without having to pay hefty prices. The whole process of importing goods is carried out in conformance with the laws and regulations.
The best thing about these third-party services is that they’re fast and secure. They provide their services at low rates compared to the market.
Another cherry on top is that you only have to sign up with your relevant information to access their services, which means setting up a virtual bank is not required.