Bm2Pay - PAYMENTS AND E-COMMERCE ENCYCLOPEDIA https://www.bm2pay.com Unlimited Payments Solutions Mon, 11 Mar 2024 05:01:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.4 https://www.bm2pay.com/wp-content/uploads/2024/11/cropped-bm2pay-1-32x32.jpeg Bm2Pay - PAYMENTS AND E-COMMERCE ENCYCLOPEDIA https://www.bm2pay.com 32 32 C2C https://www.bm2pay.com/2019/11/05/c2c/ https://www.bm2pay.com/2019/11/05/c2c/#respond Tue, 05 Nov 2019 06:00:45 +0000 https://www.bm2pay.com/?p=3717 The C2C (Consumer-to-Consumer) business model involves transactions between two consumers. This type of commerce is typical of intermediary auction websites such as eBay, Etsy and Craigslist, but the site does not take responsibility for the quality of the products. In C2C transactions, prices are negotiable and the purchasing process is simple. These websites usually provide convenient payment methods such as PayPal, credit cards, debit cards and mobile apps. READ MORE: YOUR GUIDE TO BASIC TERMS IN THE PAYMENTS INDUSTRY

The post C2C first appeared on Bm2Pay.]]> The C2C (Consumer-to-Consumer) business model involves transactions between two consumers. This type of commerce is typical of intermediary auction websites such as eBay, Etsy and Craigslist, but the site does not take responsibility for the quality of the products. In C2C transactions, prices are negotiable and the purchasing process is simple. These websites usually provide convenient payment methods such as PayPal, credit cards, debit cards and mobile apps.

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The post C2C first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/11/05/c2c/feed/ 0 C2B  https://www.bm2pay.com/2019/11/05/c2b/ https://www.bm2pay.com/2019/11/05/c2b/#respond Tue, 05 Nov 2019 06:00:44 +0000 https://www.bm2pay.com/?p=3711 C2B, which stands for Consumer-to-Business, is a system in which an end user or consumer provides a product or service to an enterprise, which then uses it to complete a business process. Another C2B model is when a consumer allows a business to market a service or product on their website or blog in exchange for a fee. A different form of C2B is when an end user announces a need and businesses compete to meet it. READ MORE: YOUR GUIDE TO BASIC TERMS IN THE PAYMENT INDUSTRY

The post C2B  first appeared on Bm2Pay.]]> C2B, which stands for Consumer-to-Business, is a system in which an end user or consumer provides a product or service to an enterprise, which then uses it to complete a business process. Another C2B model is when a consumer allows a business to market a service or product on their website or blog in exchange for a fee. A different form of C2B is when an end user announces a need and businesses compete to meet it.

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YOUR GUIDE TO BASIC TERMS IN THE PAYMENT INDUSTRY

The post C2B  first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/11/05/c2b/feed/ 0 B2B https://www.bm2pay.com/2019/11/05/b2b/ https://www.bm2pay.com/2019/11/05/b2b/#respond Tue, 05 Nov 2019 06:00:43 +0000 https://www.bm2pay.com/?p=3703 B2B, which stands for Business-to-Business, refers to commerce between two enterprises as opposed to transactions between a business and an individual customer. The size of most B2B transactions is larger than B2C (Business to Consumer) transactions because generally an enterprise will be seeking to buy a large inventory of items to sell to end users. B2B purchasing may also involve raw materials used to manufacture finished products or services. B2B deals may be subject to bidding processes and negotiations, so payments are rarely immediate.   READ MORE YOUR GUIDE TO BASIC TERMS IN THE PAYMENT INDUSTRY  

The post B2B first appeared on Bm2Pay.]]> B2B, which stands for Business-to-Business, refers to commerce between two enterprises as opposed to transactions between a business and an individual customer. The size of most B2B transactions is larger than B2C (Business to Consumer) transactions because generally an enterprise will be seeking to buy a large inventory of items to sell to end users. B2B purchasing may also involve raw materials used to manufacture finished products or services. B2B deals may be subject to bidding processes and negotiations, so payments are rarely immediate.

 

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The post B2B first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/11/05/b2b/feed/ 0 B2C  https://www.bm2pay.com/2019/11/05/b2c/ https://www.bm2pay.com/2019/11/05/b2c/#respond Tue, 05 Nov 2019 06:00:08 +0000 https://www.bm2pay.com/?p=3706 The term Business-to-Consumer (B2C) refers to the process when a company sells products and services directly to consumers who are their end-users. Most enterprises that sell to consumers can be referred to as B2C companies. B2C payments can take various forms: many B2C transactions take place on websites, where consumers buy products directly from online retailers. Today, many B2C purchases are conducted on mobile apps. When dealing with cross-border payments, businesses should offer familiar payment methods at each location and generate personal relationships with customers.   READ MORE: YOUR GUIDE TO BASIC TERMS IN THE PAYMENTS INDUSTRY

The post B2C  first appeared on Bm2Pay.]]> The term Business-to-Consumer (B2C) refers to the process when a company sells products and services directly to consumers who are their end-users. Most enterprises that sell to consumers can be referred to as B2C companies. B2C payments can take various forms: many B2C transactions take place on websites, where consumers buy products directly from online retailers. Today, many B2C purchases are conducted on mobile apps. When dealing with cross-border payments, businesses should offer familiar payment methods at each location and generate personal relationships with customers.

 

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YOUR GUIDE TO BASIC TERMS IN THE PAYMENTS INDUSTRY

The post B2C  first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/11/05/b2c/feed/ 0 BANK WIRE/WIRE TRANSFER https://www.bm2pay.com/2019/10/22/bank-wire-wire-transfer/ https://www.bm2pay.com/2019/10/22/bank-wire-wire-transfer/#respond Tue, 22 Oct 2019 04:00:54 +0000 https://www.bm2pay.com/?p=3668 A bank wire is an electronic message system, which enables banks to communicate regarding various actions or developments connected to client accounts. A wire transfer, on the other hand, constitutes the electronic transfer of funds across a network, which may contain a large global group of bank administrators. Wire transfers enable individuals or businesses in different geographic locations to safely transfer money to various entities.    READ MORE: YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR

The post BANK WIRE/WIRE TRANSFER first appeared on Bm2Pay.]]> A bank wire is an electronic message system, which enables banks to communicate regarding various actions or developments connected to client accounts. A wire transfer, on the other hand, constitutes the electronic transfer of funds across a network, which may contain a large global group of bank administrators. Wire transfers enable individuals or businesses in different geographic locations to safely transfer money to various entities. 

 

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YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR

The post BANK WIRE/WIRE TRANSFER first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/10/22/bank-wire-wire-transfer/feed/ 0 SEPA https://www.bm2pay.com/2019/10/22/sepa/ https://www.bm2pay.com/2019/10/22/sepa/#respond Tue, 22 Oct 2019 04:00:16 +0000 https://www.bm2pay.com/?p=3692 The European Union (EU) created SEPA (Single Euro Payment Area) as a payments ecosystem which regulates how cashless payments are transacted between Euro countries. European consumers, businesses, and government agencies that make payments via direct debit, credit card or through credit transfers use the SEPA system. In the designated zone, businesses can carry out various transactions in Euros, regardless of their location.  READ MORE: YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR  

The post SEPA first appeared on Bm2Pay.]]> The European Union (EU) created SEPA (Single Euro Payment Area) as a payments ecosystem which regulates how cashless payments are transacted between Euro countries. European consumers, businesses, and government agencies that make payments via direct debit, credit card or through credit transfers use the SEPA system. In the designated zone, businesses can carry out various transactions in Euros, regardless of their location. 

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The post SEPA first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/10/22/sepa/feed/ 0 EMI https://www.bm2pay.com/2019/10/22/emi/ https://www.bm2pay.com/2019/10/22/emi/#respond Tue, 22 Oct 2019 04:00:12 +0000 https://www.bm2pay.com/?p=3699 The Electronic Money Institution (EMI) supplies licenses for issuing electronic money. It allows certain entities to issue their own currency, which can be used outside the location of the payment system. It can also be converted to other currencies and service third-party payments. In addition, the EMI license allows the created currency to bind already existing payment bank cards to client sub-accounts. EMI licenses enable the issuing of cards of major vendors (VISA, MC, etc) and even the creation of an independent card payment system.  READ MORE: YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR 

The post EMI first appeared on Bm2Pay.]]> The Electronic Money Institution (EMI) supplies licenses for issuing electronic money. It allows certain entities to issue their own currency, which can be used outside the location of the payment system. It can also be converted to other currencies and service third-party payments. In addition, the EMI license allows the created currency to bind already existing payment bank cards to client sub-accounts. EMI licenses enable the issuing of cards of major vendors (VISA, MC, etc) and even the creation of an independent card payment system. 

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The post EMI first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/10/22/emi/feed/ 0 CORRESPONDENT BANK https://www.bm2pay.com/2019/10/22/correspondent-bank/ https://www.bm2pay.com/2019/10/22/correspondent-bank/#respond Tue, 22 Oct 2019 04:00:02 +0000 https://www.bm2pay.com/?p=3695 Correspondent banks are financial entities that serve as agents on behalf of other financial institutions, often foreign banks. Correspondent banks may handle foreign exchange, manage international investments, facilitate international trade and provide other services to the foreign bank in exchange for a fee. Foreign banks avail themselves of the services of correspondent banks when they are unable to establish a branch in a given country.  READ MORE: YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR  

The post CORRESPONDENT BANK first appeared on Bm2Pay.]]> Correspondent banks are financial entities that serve as agents on behalf of other financial institutions, often foreign banks. Correspondent banks may handle foreign exchange, manage international investments, facilitate international trade and provide other services to the foreign bank in exchange for a fee. Foreign banks avail themselves of the services of correspondent banks when they are unable to establish a branch in a given country. 

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The post CORRESPONDENT BANK first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/10/22/correspondent-bank/feed/ 0 VIRTUAL IBANs https://www.bm2pay.com/2019/10/22/virtual-ibans/ https://www.bm2pay.com/2019/10/22/virtual-ibans/#respond Tue, 22 Oct 2019 04:00:02 +0000 https://www.bm2pay.com/?p=3682 An IBAN (International Bank Account Number), is a virtual account issued by a bank, which enables the account holder to receive incoming payments and reroute them to a real bank account. Virtual IBANs provide all the functionalities of traditional bank accounts such as sending and receiving payments, bank statements, and more. IBANs enable international companies processing transactions in different currencies to easily reconcile all incoming payments. Using IBANs, these merchants can allocate a unique virtual account to receive payments from each client and for each currency, thereby increasing efficiency and cutting costs.  READ MORE: YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR  

The post VIRTUAL IBANs first appeared on Bm2Pay.]]> An IBAN (International Bank Account Number), is a virtual account issued by a bank, which enables the account holder to receive incoming payments and reroute them to a real bank account. Virtual IBANs provide all the functionalities of traditional bank accounts such as sending and receiving payments, bank statements, and more. IBANs enable international companies processing transactions in different currencies to easily reconcile all incoming payments. Using IBANs, these merchants can allocate a unique virtual account to receive payments from each client and for each currency, thereby increasing efficiency and cutting costs. 

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YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR

 

The post VIRTUAL IBANs first appeared on Bm2Pay.]]> https://www.bm2pay.com/2019/10/22/virtual-ibans/feed/ 0 SWIFT CODE https://www.bm2pay.com/2019/10/22/swift-code/ https://www.bm2pay.com/2019/10/22/swift-code/#respond Tue, 22 Oct 2019 04:00:01 +0000 https://www.bm2pay.com/?p=3672 The SWIFT code of the Society for Worldwide Interbank Financial Telecommunication is an internationally-recognized identification code for various banks around the world. SWIFT codes are generally used for international wire transfers, and are comprised of 8 or 11 alphanumeric characters. If you plan to send money to an entity overseas, you will need to have the recipient’s SWIFT in order to perform the transfer.  READ MORE YOUR GUIDE TO BASIC TERMS IN THE BANKING SECTOR  

The post SWIFT CODE first appeared on Bm2Pay.]]> The SWIFT code of the Society for Worldwide Interbank Financial Telecommunication is an internationally-recognized identification code for various banks around the world. SWIFT codes are generally used for international wire transfers, and are comprised of 8 or 11 alphanumeric characters. If you plan to send money to an entity overseas, you will need to have the recipient’s SWIFT in order to perform the transfer. 

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