Using Digital Wallets for Greater Flexibility to Your Payments Process

Business is finally warming up to the idea of digital e-wallets, thanks to their many benefits. They provide a fast, secure, and convenient payment system. Since global e-commerce is beginning to pick up and gather pace, the demand for an efficient digital wallet increases. 

In other words, today’s businesses are looking for the best and most convenient digital wallet to manage their payment processes. 

While digital and mobile wallets are not a new concept, the popularity of these quick payment methods increases by the day. Why now? The answer is simple. Consumers and businesses get more done in less time, software makers and service providers gain an edge over their competitors by switching to digital wallets. 

Digital E-Wallets More Flexible Than Mobile Wallets

Contrary to popular belief, a digital or e-wallet is not the same as a mobile wallet. That’s because a mobile wallet can be the same as having a wallet full of credit cards. However, a digital wallet refers to an intelligent payment system that works more like a dashboard full of banks and a wallet full of different currencies needed to conduct businesses in other countries and markets. 

The latest digital wallets offer a revolutionary payment technology that connects accounts to global banks through open API access. These wallets work much like a bank or, more precisely, a collection of banks.  Combine this with the ability for users to select their preferred form of payment - transfer to their bank via ACH or EFT, virtual or prepaid debit, digital gift card, or rapid transfer to a prepaid card in a matter of seconds.  All of this provides far more flexibility for software and service providers to embed these capabilities in their solutions to make payment distribution far easier and more economical for their customers, relying on platforms AML (Anti-Money Laundering) and KYC (Know Your Customer) compliant through automation tools. 

One of its most important features of a digital e-wallet is that it provides users the flexibility to store funds in multiple currencies in purpose-driven and currency-specific wallets within a single account, eliminating the need to create local bank accounts globally. Meanwhile, the platform handles AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance through automation tools far more efficiently than traditional banks do.  This greatly enhances users' and companies' ability to more efficiently manage funds according to their business structure and connect to an extensive ecosystem of suppliers, partners, contractors, and customers. 

Here are a few features of digital e-wallets that make the best system of payment today: 

Features 

Pay Anyone, Anywhere

  • Digital wallets work best for instant payments because they allow easy and quick transfers, regardless of location. Wallet-to-wallet payments are easy and instant, which means you can do it from anywhere, be it day or night. 

Reduced Cost of Global Payments

  • Another benefit of digital wallets is that they reduce global payments for companies and their customers. Digital payments allow cheaper and faster payments that bypass card processing networks and traditional financial institutions such as banks.  

No Card Process Fees

  • Digital wallets help payees skip any processing fees that come with card payments. Using digital wallets eliminates this cost. 

Links Banks Directly

  • Another incredible feature of digital wallets is that they allow payees to directly link their banks, eliminating the need to store or maintain sensitive data. Payees can direct all funds to multiple bank accounts through self-serve tools. 

Fund Transferring Options

  • When you use an intelligent payment platform, you get the choice to transfer funds from your digital wallet to your bank, a physical prepaid debit card, or a bank check. 

Integrating Payment Distribution

  •  Distribution inside your AP software adds excellent value to your customers. 

Addition of New Payees 

  • Another benefit of digital wallets is that you can dynamically add new payees into your business workflows powered by APIs. All you need is an email address to start the automated provisioning of new accounts. 

Multi-Tier Revenue Sharing 

  • When you automate complex payment distribution workflows, the outcome is a simplified partner payment program.  

Compliant with All KYC and AML Regulations

  • Digital wallets comply with AML and KYC regulations with multiple layers of security and account limits.

Automated Tax Reports

  • While not every payment needs tax reports, when it does, a payment platform can allow you to transfer the obligation, eliminating the cost. 

Why Use XTRM?

After looking at these benefits, we can safely conclude that digital wallets offer exceptional benefits to both payers and payees. That’s one reason why digital wallets are developing at a rapid pace.

XTRM offers a revolutionary payment system to help businesses send, receive, and exchange funds in a quick and hassle-free manner. You can exchange funds in 35 currencies in a borderless environment and then transfer them into your local bank. Software and service providers can embed any payment option and manage their customers' portfolio of funds securely in smart wallets and multiple currencies. 

The platform is KYC and tax compliant. Hence, you can make, manage, and receive payments anywhere through a sophisticated payment system without fearing any fraudulent activities.

Final Thoughts

Thanks to the increasing popularity of digital wallets, sending and receiving payments from/to customers, suppliers, and partners are now easier than ever. For nearly a decade, XTRM has developed and deployed advanced and qualified integrated security measures to ensure all transactions are secure. XTRM provides multiple ways for your company to fund your wallets through your financial source or your customers or partners. 

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