Sending and receiving money over the internet is increasingly more convenient than bank transfers. In fact, most people today prefer online payments to traditional money transfers for numerous reasons. Firstly, you don’t have to make many trips to the bank. Secondly, you don’t have to fill in any forms manually. Lastly, online payments cost less and involve fewer fees than bank transfers.
This article looks at the 3 most significant fees you can forget when using online payments. They become even more advantageous when making international payments with Paxum. With the right payment provider, you will not have to pay a lot of additional fees for making purchases outside of your country.
So, without further ado, let’s see why you pay less when using online payments!
Forget about Recipient Fees
The recipient fee is the first fee you will avoid with an online money transfer. Most banks and gateway payment services charge you a small fee for sending money as a payment or a regular transfer to a specific recipient. While this fee is usually tiny, if you make recurrent online payments, all the recipient fees may add to increase the cost of your transactions.
Choosing an online payment provider over the traditional bank transfer methods can save you from paying any recipient fees. This way, you can save money in the long run, even if you make online payments often.
Forget about Customer Attendance Fees
Unlike banks, online payment providers have small running costs. For example, a bank must pay the rent for the building it uses. Also, it has to pay employee salaries, utilities, processing costs, security procedures, and many more. At the end of the day, they have to cover plenty of expenditures, and they charge you for them.
On the other hand, online payment providers do not use brick-and-mortar businesses. Therefore, they don’t have to pay utilities, rent, and other amenities. Furthermore, they have fewer employees than banks. So, their salary costs are significantly lower. They invest heavily in maintaining a high level of security for the app you’re using. However, they distribute these costs across countless users. So, the extra fee is substantially lower than what you would pay a bank for using their services.
Forget about Consultation Fees
One of the advantages of using traditional bank services is that you always have one of their representatives attending to your needs. Generally, their consultation and advice are free. However, they find ways of charging you for it when convincing you to pay for various banking tools and services. Often, you will find these consultation fees under your monthly subscription charge.
Fortunately, you can forget these fees when using online payment services. Most of them use highly-skilled AI bots that cost nothing to help you with any query you may have. Furthermore, they don’t overcharge your periodic subscription for the advice they should offer for free in the first place.