Picture this: You’ve worked hard to create a global business, expanding revenue streams and earning in foreign currencies. In addition to foreign customers, you also have foreign vendors who need to be paid regularly. However, your earnings from foreign customers are settled after conversion to INR. Your business, thus, multiplies conversion costs when making payments to overseas vendors by again converting these funds to another foreign currency, thereby cutting into your profits.

The solution to all such problems is simple: Opening an EEFC Account 

What is an EEFC Account? 
Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an authorized Dealer Category – I bank i.e. a bank dealing in foreign exchange. It is a facility provided to foreign exchange earners, including exporters to credit 100 percent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into INR and vice versa, thereby minimizing the transaction costs. 

EEFC Settlement with PayU 
With PayU EEFC Settlement, say goodbye to currency conversion woes and manage foreign currency transactions with ease. Enjoy hassle-free onboarding along with additional features that ensure the best success rates and make managing multiple currency earnings easy. 

So, what are you waiting for? Say goodbye to the hassles of currency conversion and hello to a brighter, more profitable future for your online business, all thanks to PayU EEFC Settlement.

FAQs 

Q: What currencies are supported for transaction processing? 

A: Payments can be processed in USD, GBP, AED, EUR, SGD, AUD, CAD, CHF, HKD, QAR, OMR. 

Q: How will refunds be managed? 

A: Refunds can be initiated through PayU and settlement for these refunds will be directly managed by the banking partner

Q: How will chargeback be managed? 

A: Chargeback will be managed directly by the banking partner, streamlining their dispute resolution processes. 

Q: EEFC settlement is supported in which currencies? 

A: Settlement into EEFC account will happen in USD. 

The post PayU EEFC Settlement: Making Cross-Border Payments simpler, faster, and cost-effective appeared first on PayU Blog.

PayU’s innovative solutions for digital payments also enables merchants to offer their international customers the choice to pay in their own currency with Dynamic Currency Conversion (DCC). The only company in India offering the DCC option, PayU delivers real value to merchants and customers through upfront conversion of foreign purchases.

PayU’s international payments are integrated across its entire product suite including the payment gateway, payment links, subscriptions and invoices. The company offers innovative services and solutions for digital payments and online checkout processes to suit the needs of its merchants, including MSMEs, in India with features that include Advanced Fraud Protection, Flexible integrations, recurring bill, Mobile Optimization, Intuitive dashboard and APIs, Customized payment flows, Managed payment analytics and much more.

The company leverages state-of-the-art ‘API first’ design and a single integration
to address challenges in international payments, providing merchants access to more than 2.3 billion potential new customers in the major high growth markets across Asia, Central and Eastern Europe, Middle-East, India, Africa and Latin America.

A secure, merchant centric payment gateway service, the company has an in-depth understanding of the vast and intricate details of the Indian market and its payment landscape, bringing convenience and trust in digital payments through continuous innovation leveraging technology.

The post PayU India Leads The International Payments Business, Servicing Over 100K Merchants! appeared first on PayU Blog.

As the world gets connected even more, it makes sense to do business globally! Global adoption provides businesses opportunities to widen their customer reach and increase brand visibility. If you want to grow your business globally, it’s in your best interest to provide a customer-friendly payment gateway that lets you accept international payments on your website or app.

We are happy to share that PayU offers international payments acceptance to our merchants in partnership with leading banks. Post activation, it will allow you to accept payments in 100+ currencies.

However, activation of this service is subject to approval from our banking partners and internal checks. This is a paid service and charges for the same will be communicated once we receive relevant documents from you. So, if you are thinking to expand your business into international markets, get in touch with us here!

Once we know that you are interested in activating international payments, we will get started with the process. Here is a step-by-step guide of the process followed to enable international payments for you.

Three Steps To Activate International Payments:

Step 1. Merchant provides required documents

Step 2. PayU team verifies documents and charges are finalized

Step 3. PayU team submits lead to banking partner for approval

Step 1 – Documents submission by the merchant:

1. Bank statement (Last 1 year) / ITR (Last 2 years). *(Only for startups)
2. Audited balance sheet for last 2 years. (If Company is more than 2 Years Old)
3. Profit and loss statement (If Company is more than 2 years old)
4. Import/Export certificate in case of tangible products.
5. FSSAI license in case of bakeries and food items.
6. IATA certificate in case of travel business or any other authorized certificate for travel LOB.

Step 2 – Verification of documents by PayU

After verifying the documents, PayU Team will get in touch with you in order to discuss the charges, etc. for international payment gateway services.

Essential requirements to get approval:

• The website should be complete with Terms and conditions, Privacy policy, Refund, and cancellation policy and Shipping policy.
• The refund and cancellation policy should contain the mode of refund and the time frame within which refund will be processed. If it is in the form of store credit, store credit validity is to be mentioned.
• Shipping Policy should clearly state whether ME is doing International delivery also. If so then details of IE (Import/Export) code, transit insurance, and delivery partners is to be provided.
• Test login and PW to be shared to validate the transaction flow.
• If there is any redirection of URL involved, then ME compliance for the same to be provided. In merchant compliance mail, redirection URL details are to be clearly informed to the merchant compliance team.

Step 3 – Approval by Bank

The final approval will be provided by the bank and accordingly, service will be enabled in your PayU account.

FAQs on acceptance of the international payment:

How merchants can accept overseas payments simply and securely?

Merchants can accept overseas payments through a simple and secure payment gateway such as PayU as it is PCI DSS compliant and provides 128 BIT encryption. Also, the platform’s UI is quite user-friendly.

What forms of international payment can PayU merchants accept?

PayU merchants can simply and securely accept credit and debit card payments. PayU’s international payment acceptance feature allows you to accept payments in 100+ currencies.

Is there a payment gateway that accepts payments from cards with non-Indian billing addresses?

PayU supports international payment acceptance. But it’s not activated by default to all the merchants. International Cards get a lot of charge-backs. Thus, every payment gateway in India discusses the requirement in details with the merchant, and it’s activated on case to case basis.

What is the best international payment processor for high-risk merchants?

PayU is the best payment processor for high-risk merchants. PayU has the expertise and knowledge of all the ins and outs in the niche. Also, you can talk to your KAM or customer care team for any specifics. It is optimized for mobile and desktops. You can accept international payments in 100+ currencies. PayU is highly secure as it is PCI DSS compliant.

Can a global e-commerce merchant accept international payments using PayU?

Yes, a global e-commerce merchant can accept international payments using PayU. PayU is India’s leading online payment solution provider. It has already achieved a new milestone servicing over 100K merchants for its international payments business. PayU has been providing international payment services since 2016. It supports 100+ currencies including the US Dollar (USD), Euro (EUR), British Pound (GBP), Australian Dollar (AUD), Arab Emirates Dirham (AED), Singapore Dollar (SGD), Bahraini Dinar (BHD), New Zealand Dollar (NZD) and others.

Conclusion

We are happy to empower all our eligible users with these consistent enhancements and product updates by making online transactions quick, simple and secure. Integrate PayU’s International Payments Acceptance feature and experience international transactions like never before!

Read our blog on International Money Transfer to get a detailed guide on the type of international transfers, how to find the best international payment gateway and much more.

Scale your business to new heights and grow globally!

The post Accept International Payments with PayU appeared first on PayU Blog.

From Shrijay’s trunk of expertise….

The people and businesses are going global with a stark rise witnessed in international travel as well. Perhaps, this is a reason why international money transfer is the need of an hour.

International money transfer is an easy and secure way to send and receive money, globally. There are some specifics that one needs to keep in mind while transferring money internationally due to different rules and conditions set by the bank. Outward remittances are tricky as they are under the scrutiny of the government.

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Wire transfers are electronically transferred money from one entity to another across the world. There are two ways to do it:

• Inward remittances: Transfer from a foreign country to India.

• Outward remittances: Transfer to a foreign country from India.

Types Of International Transfers

Compare multiple mediums: It is obvious to think of the bank as the first medium to transfer money to a distant land. But, one should always compare all the mediums beforehand to take a wise decision.

High processing fees and special brokers come with a price. Money transfer services offer competitive exchange rates and customize service as per needs. Plenty of online money transfer services offer the convenience of time and place. Compare all those mediums based on service, risk factor, exchange rate, and fees.

Online transfer: Online payment services are available for sending and receiving funds. The transferred funds get converted into a receiver’s currency.

Money transfer: The global payment service providers simplify the fund transfer process. These companies have a worldwide reach wherein they send money to their agents from where it is available. You can receive the same through your normal bank account on a prepaid card or via a mobile wallet.

Mobile wallet: A mobile wallet allows sending and receiving funds directly from a Smartphone, making it the preferred choice for a small amount. The downside is the high conversion charge and lack of options to choose from.

Prepaid cards: Prepaid cards are quite handy since they are easily accessible funds using ATMs.

Bank Wire Transfer: Individuals wishing to transfer funds from a foreign country to India need to approach the local bank for giving an order to transfer an amount to the entity in India.

• Currency of transfer

• Bank Name

• Common bank’s BIC/SWIFT Code

• BSB Number

• Account Number

• Account Name and Address

These details help the bank to identify the account for depositing the money. Bank sends a message about the details of a settlement post in which the transfer happens. Here is where the amount is credited to the recipients’ account.

How To Find The Best International Payment Gateway

Fees: This is the most important point that helps to decide the money transfer process. The payment routes through a series of different intermediary banks before the payment get to the recipient. The processing fee charged by these banks gets deducted from the payment.

Comparing fees
is the best option to select the most cost-effective option. Also, consider the
fees that apply to both parties involved.

Reach: The limited read of a few service providers the reach becomes an issue. It is therefore recommended to opt for the most accessible method for a convenient transfer.

Exchange rates: Exchange rates matter a lot in international money transfers. Opt for a provider that gives you fast and safe transfer with a convenient exchange rate. A high charge of the exchange rate can directly affect the amount of money sent by reducing its value.

Reputed Agent: One expects a strong company to control and manage their fund transfer process. A competitive scenario needs the surety of funds and personal details in safe hands. Better to check out some customer reviews before making your decision.

Know your senders’ limit: Make sure to set your daily international transfer limit for the safety of your money. This will help you plan your transactions better and receive the money at the desired time.

Check processing times: Some service providers’ process payments only on certain days of the week. Payments may delay when received after the cut-off time. Hence it is best to plan your IMT.

Pros Of International Payment Gateway

Convenient and Simple: Most money online remittance services offer simple and easy money transfers. The recipient gets the funds in real-time once transferred by the sender.

More choices: There are various methods and online applications like PayU Money that help to send or receive money. You can request the multicurrency payment option and use it to receive international payments (add more details as required). Such alternatives help you from relying only on the banks for money transfer.

Secure: A trusted service provider is always a safe bet when it comes to wiring the money. Ideally, one should go for the ones who are verified and has a VeriSign signature assures transaction is safe and secure

Cons Of International Payment Gateway

Fees: The only drawback is that most money transfer providers have applicable fees that could make their services expensive. Hence, it is best to choose the best by looking into various options available.

The above knowledge, tips, and personal experiences belong solely to Shrijay Seth of LegalWiz. You can reach out to him for any advice related to this topic on LinkedIn (please check the author section below for information). If you would like to write a blog for PayUmoney as a guest please do get in touch with us: marketing@payu.in

It is time to take your business beyond borders with PayUmoney (T&C applied).

The post Things You Need To Know Before Making International Money Transfer Online appeared first on PayU Blog.