Top Payment Method for Accounting Agencies Accepting Payments in EUR

As more and more aspects of our lives are moving towards virtual modes, accounting firms are also adapting to this trend. Rather than relying on traditional methods which are both time-consuming and expensive, it is crucial to adopt new payment methods that offer quick and reasonable fees. By doing so, both European clients and accounting firms stand to benefit. In this blog, we will be discussing various payment methods that one can consider.

1. Wire Transfer via SWIFT for Receiving International Payments

Wire transfer through SWIFT has been the go-to method for transferring international payments and converting EUR to INR for decades. It’s a trusted but expensive method. Transaction fees are 1-2%. And additional fixed fees can be thousands of rupees per transaction. Hidden banking fees may increase the cost, and the process takes several days.

Despite these drawbacks, many Indian agencies choose wire transfers for their security and reliability. To know more about how SWIFT works, read our blog.

2. Credit Cards for Receiving Cross-Border Payments

Credit cards are a popular choice for marketing agencies to receive their Euro currency payments. They are quick and convenient for both parties involved. However, there are some downsides to these transactions. Their fees can be high, up to 2-4%, impacting profit margins. Processing time may also take several days, affecting cash flow.

Credit card companies have strict security measures to prevent fraud. Credit card transactions, therefore, experience high failure rates (~20%), resulting in a loss of customer trust. Despite these downsides, credit cards provide a secure method to receive funds from your international clients.

3. PayPal: A Convenient Option for Receiving International Payments

Accounting agencies also rely on platforms like PayPal to receive their international payments and convert EUR to INR. PayPal is convenient because you don’t need to visit a bank or deal with paperwork. You can easily open an account online by submitting the required documents.

Remember, PayPal’s support for different currencies may vary. Also, transaction fees, usually 3-5%, can affect your earnings. So, compare the fees and supported currencies before choosing PayPal.

To learn more about PayPal, check out our blog.

4. Virtual Multi-Currency Accounts for Receiving International Payments

Several accounting agencies now opt for global collection accounts to receive international payments, including EUR to INR. These accounts help manage funds in different currencies, which is helpful for global businesses.

Compared to traditional banks, virtual accounts offer faster and cost-effective alternatives.

These accounts can also act as Online Payment Gateway Service Providers (OPGSP), collecting international payments and converting them to INR. This ensures better exchange rates and saves exporting businesses money.

With Winvesta, businesses and individuals can open multi-currency accounts with a local US, UK, Canadian and European bank account number. Receive payments from 180 countries in 30+ currencies and withdraw your funds to INR in as less as 1 day at charges starting at $3 + 0.99%

Comparison at a Glance

Conclusion

Choosing the right payment method to receive money from Europe is beneficial for your accounting agency. Once you find the perfect payment method for your firm, you can focus on growing your business and achieving awesome financial success.

• Wire transfer via SWIFT is reliable but expensive and time-consuming.
• Credit cards are convenient but have high fees.
• PayPal is popular but charges fees and has currency limitations.
• Virtual global collections accounts, such as Winvesta’s, offer cost-effective solutions with faster transactions. By considering fees, speed, and convenience, you can optimize international payments and focus on delivering excellent digital marketing services.

Open your Winvesta account today!

Disclaimer: The article references PayPal, which owns its own trademark.