The Main Benefits of Virtual IBANs
Thanks to services such as PayDo, merchants on the Internet can receive their funds from acquirers, and suppliers can receive money from them. Partners around the world using a virtual bank account with IBAN can be flexible in terms of payments. You can get the most out of using alternative banking services.
For more than 20 years, humanity has had the opportunity to register virtual IBAN accounts to send money around the world. This code consists of symbols and letters and is 34 characters long. It allows each user to send payments to a specific country or to the beneficiary’s bank. To make payments faster and with minimal risk of falling into the wrong hands, this code also contains other necessary information. But since e-commerce is developing at a tremendous speed, not all sellers find it suitable to use the traditional IBAN today.
Virtual IBAN – what is it?
Many businesses have already switched or are still switching to digital format. Therefore, the classic IBAN also had to adapt and switch to a digital version. Virtual IBAN provider PayDo gives its customers the opportunity to use this alternative method and thus redirect payments to a virtual account in a physical bank with the corresponding IBAN. Such accounts have all the characteristics of the traditional option, but there are certain advantages.
What are the benefits of an IBAN virtual account?
IBAN virtual is primarily useful for those who sell their products online. They can manage their business more efficiently thanks to the speed of setup as well as functionality:
- This is proved by the fact that due to the lack of an account in a physical bank, some of the traditional operations that are usually needed in order to open an account do not take part in the process. To open an EU online bank account, you just need to have access to the Internet and a smartphone;
- Simplified account setup and a wider range of options are just the beginning of the benefits. Online merchants get more flexibility in terms of managing their accounts while doing business;
- What does IBAN stand for? The classic IBAN, which you know is short for International Bank Account Number. The whole world knows it as a single bank account where all funds go. Sellers on the Internet open up more directions from where you can receive funds and send them. That is more countries of interaction, including areas of production and types of business. If you have a virtual card with IBAN, then you can send invoices in the B2B payment frame to completely different accounts. Thus, it will be easier for you to monitor your business and income.
Get full online control over your business with a virtual account with PayDo, with which setting up sub-accounts and statements will no longer be a problem. In addition to the above benefits, you can easily identify incoming payments, and finance management will no longer be a hassle.