PingPong low-cost cross border payment services

by PingPong

Introduction:

Quick check outs and hassle-free payments are not a matter of concern anymore! Neither within nor outside the domestic boundaries.

Ever since the development of online payment methods, businesses have crossed territorial  borderlines. National currencies were once limited by geographies and regulations. As a result, people had to wait for days to get their payments cleared for across the border sales. This called for fast-tracked digital cross border payment solutions on an urgent basis.

People like retailers or wholesalers now expand their businesses conveniently to make profits. What made this an effortless play is the services of cross border payments that helped individuals sell abroad. Initially, the transactions were backed by the electronic messaging system. But with time, money transfer was moderated with payment service providers, e-wallets, credit cards, payment gateways, and wire transfers.

Cross border payment services have become a hit after the pandemic. Selling on marketplaces like Etsy, Amazon, and eBay has increased, allowing retailers to convert small businesses into leading companies. What added to the revenues is the low-cost payment services.

Let us look at the affordable cross-border payment service provider PingPong and understand its aspects.

Table of Content:

What is the PingPong payment method?
In what segments does PingPong help cross border payments?
How can you use PingPong for cross border payments?
Is PingPong safe to use?
Why is PingPong called a low-cost cross border payment service?
Conclusion

What is the PingPong payment method?

You all want safety when it comes to health and money.

This is an indisputable statement of fact!

Well talking of security over international payments, PingPong is the only option you have.

PingPong is one of the safest multi-platform cross border payment service providers. The company promises to provide tailored cross-border payment solutions to eCommerce sellers and freelancers.

With PingPong, users can access unified management for multi-platforms, one-click withdrawal, directly to a domestic bank account.

The payment solution provider allows the users to operate in multiple markets and make profits. They have made accepting foreign currencies fast and convenient. PingPong claims to be a payment processor that is the easiest way to receive global payments. You can pay all taxes, including VAT and GST, without worrying about the exchange rates.

PingPong allows you to accept international payments and money transfers. In addition, it helps you to convert the sales profit to your domestic currency at the best possible rates.Before we move on with PingPong, let us look at different cross border payment methods.

Different cross-border payment methods:

Every aspect of growth in cross-border payments has given us an enhanced leap in user experience. As a result, the methods of transactions have changed from the past to the present, moving towards a bright future.

Some of the commonly used cross border payment methods include:

  1. Wire transfer: One of the methods used in the past, Wire Transfer is a method for electronic transfer of money. The money is wired from one account to another. In cross-border payment, wire transfer is referred to as remittances.
  2. Payment Service Providers: Under this online method of settling transactions with payment service providers, the user needs to visit the website of the PSP online. In just a few clicks, the money is transferred from one account to another.
  3. Credit Cards: When the need to eliminate cash was felt, people started using cards. Credit cards make business transactions easy and offer benefits like reward points, gift coupons, EMI options, and other perks. Once you use the card, the card service provider company will send a message to the bank. The financial institution, in turn, will deduct the money from the account holders and credit it into the receiver’s account.
  4. eWallets: Virtual wallets are a better payment option commonly used at present. It stores the money and customer information like card numbers. These cards are used to pay money. The correct inputs like card details, IFSC codes, account numbers, expiry date, etc., are essential.
  5. SWIFT GPI: SWIFT Global Payment Initiatives provides faster cross border payments. This payment method has increased the speed of payment.

PingPong is a payment service provider that is a secure method to transfer and receive money. Cross-border payments take minutes to transfer the funds after currency conversion, but about 1-2 days to receive the amount in a local bank account.

In what segments does PingPong help cross border payments?

PingPong started its operations in 2018 in India. Since then the number of users has increased considerably because of the reliable services the company offers. Expanding its operations, PingPong offers its cross border payment services to these:

  1. eCommerce Sellers and Retailers.
  2. Freelancers

PingPong has won trust and praise from domestic Indian sellers. India is a vast economy that quickly adapts to the changes happening around it. The digital economy is new in which has turned down the barriers for eCommerce sellers. This brought in sales at minimized costs and improved cash flow.

For cross border payments, the companies charge a fee that varies. It impacts your earnings and profit margins. For smaller amounts, the fee does not affect your income considerably. But for the more considerable sum of money, the amount deducted will shake your income margins. Suppose if a merchant makes a sale of Rs.10,00,000 in cross border sales and the X payment processor charges a fee of 2%, you will spend Rs.2,00,000 for the transaction. On the other hand, PingPong will charge you just lowest commission fee that amounts to Rs.1,00,000/-. In this case, you save a large amount of Rs.1,00,000 to add up to your profit margins.

PingPong is known to have saved more than USD 1 billion as service fees for cross-border sellers worldwide. These sellers made sales on marketplaces like Amazon, Rakuten, Wish, Cdiscount, and Shopee.

This fastest growing payment service provider- PingPong, can facilitate the withdrawal of transferred amounts within one working day.

How can you use PingPong for cross border payments?

PingPong is relatively fast and easy to use. However, if you are a freelancer or an eCommerce seller, you need to follow these steps:

Step 1: Visit https://in.pingpongx.com/. Create and register for a free PingPong account.

Step 2: You can then mark currencies in which you want to receive the payments. PingPong supports currency transfer to INR, USD, GBP, CAD, JPY, EUR and AUD.

Step 3: Indicate the platforms where you will receive the payments like Wish, Amazon, Rakuten, Cdiscount, Google Play, and more.

Whenever you receive the payment, the funds will automatically get transferred to your India bank account. In addition, the payment service provider offers money transfers at 100% transparent charges with no hidden cost.

Is PingPong safe to use?

Yes, PingPong is entirely safe to use. They keep all the credentials safe and abide by the rules to maintain the privacy of the priority information. This is a payment solution to overcome the hassles of cross border online sales.

Why is PingPong called a low-cost cross border payment service?

You would not want to give away a considerable part of your income, primarily when you have worked hard for it.

Cross border payments push you to leave a share of your income in the name of transaction fees and currency exchange. As a result, different international payment service providers will charge you at different rates.

This proves that you save more with PingPong for cross-border payments.

Conclusion

For global sales needs, you need a payment service provider to facilitate fast and secure international transactions. Looking towards profitability, PingPong cross-border payment service is better because it helps you save money and increase the profit share. Do not worry about the payments, as PingPong has its own anti-cheat technology patents. The payment service provider has also established partnerships with the top financial institutions and banks. As a result, you can trust the company to increase your profit margins.