Many accounting firms are now operating virtually and are looking for other payment methods to receive US payments. Traditional banks often take a long time to deliver payments and charge high fees. A better option is to choose new payment methods that can help you receive US payments quickly and easily. Our blog post provides further details on the best payment options for accounting firms. Keep reading to learn more.
Wire transfer through SWIFT has been the go-to method for transferring international payments and converting USD 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.
Credit cards are a popular choice for marketing agencies to receive their USD 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.
Accounting agencies also rely on platforms like PayPal to receive their international payments and convert USD 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.
Several accounting agencies now opt for global collection accounts to receive USD currency payments. 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%
| Winvesta MCA | Credit Card | PayPal | SWIFT | |
| Payer Fee | 0% | 3% | 0% | $30-$50 |
| Receipt Fee | $3 + 0.99% | 1.5%-3% | 4.4% + $30 | $20-$40 |
| FX spread | 0% | 3%-5% | 3% | 3%-5% |
| Withdrawal to India | $0 | $0 | $0 | $0 |
| Total | $3 + 0.99% | 7.5%-11% | 7.4% + $30 | upto 5% + $90 |
| Speed | In as less as 1 day | 2 to 7 business days | 2 to 5 business days | 2 to 7 business days |
| Rejection Rate | Low | High | Low | Low |
Using the right payment method to receive USD currency payments is beneficial for your accounting agency. Once you find the perfect way to get paid, you can focus on growing your business and achieving awesome financial success.
Open your Winvesta account today!