Glossary

The most comprehensive list of business process outsourcing related terms and definition.

B2B Payment

Definition

What is B2B payment?

Business-to-business (B2B) payment refers to payment within businesses in exchange for goods and services. Whenever one business invoices another business is a b2b scenario. These payments can be sent and received through the following channels: cash, wire transfers, checks, electronic bank transfers, ACH payments, credit cards, and online payment platforms.

With the help of the internet, B2B payments can now be done quickly and instantly. Payment solutions like Payoneer have now emerged to provide the needs of businesses, be it small-and-medium enterprises (SMEs), startups, or enterprises.

B2B payment solutions

Most businesses still prefer check payments and wire transfers for clients within their country’s jurisdiction. Clearing of such payments may take up to three banking days, depending on their clients’ branch of account. However, this method may be costly for a business in the long run, with additional fees for wire transfer itself on top of the amount to be transferred.

Outsource Accelerator provides you the best outsourcing companies in the Philippines, where you can save up-to 70% on staffing cost. We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, outsourcing.

B2b Payment

B2b payment solutions

Outsourcing FAQ

What is Financial Services Company?

What is a financial services company

A financial services company offers different economic services provided by the financial industry such as loans, insurances, investment options, and even credit cards. These companies include banks, insurance firms, credit and payment processing companies, tax and accounting firms, and real estate companies.

Some of the major financial services companies in the world are American Express, a multinational firm offering various credit card services, and Wells Fargo, the largest bank in the United States.

Financial services for small businesses

Small-and-medium enterprises (SMEs) and startups often need a little help, especially when it needs additional resources for their business. Most credit companies offer capital loans for SMEs with minimal interest and accessible payment terms. Real estate companies offer affordable office spaces for their office needs. Western banks offer virtual accounts as well for their overseas transactions. There are financial service companies that attend to their business needs whenever they need it.

Outsource Accelerator provides you the best outsourcing companies in the Philippines, where you can save up-to 70% on staffing cost. We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, outsourcing.

What is Payoneer?

What is Payoneer

Payoneer is a leading financial services company that provides cross-border transactions and digital payment services. It is perfect for freelancers, small-and-medium businesses, and enterprises for sending and receiving global payments. Payoneer is also used in popular marketplaces such as Upwork, Fiverr, and Freelancer.

Founded in 2005, Payoneer has become a trusted payment partner for different marketplaces, including Amazon. It has also received numerous industry awards and international licenses both in the US and Europe for its performance and reliability. Payoneer also garnered mostly positive feedbacks from its clients, whether individual, SMB, or enterprise. 

Is Payoneer safe

One of the advantages of having a Payoneer account is sending and receiving payments from different countries safely and hassle-free even without a bank account. The site uses strong encryption to protect the users’ personal and financial data from phishing and identity theft. Each transaction made in the platform is monitored and sent via email as well, so users can easily detect unusual activities in their accounts.

Outsource Accelerator provides you the best outsourcing companies in the Philippines, where you can save up-to 70% on staffing cost. We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, outsourcing.

What is Digital Payment?

What is a digital payment

Digital payment refers to the transfer of value which is done using electronic devices and channels. In general, it is an umbrella term for different instruments of payment without the use of paper. There are different instruments in digital payment: credit transfers (internet or wire transfers, EFT credits, ACH, SMS, or mobile payment), direct debits (debit on the payer's account that is initiated by the payee), and card payments (the use of plastic cards).

One of the most popular digital payment instruments to date is online payment service platforms. These platforms provide a user their own digital wallet for sending, receiving, and monitoring payments. With this, financial transactions are done in real time over the internet. 

Digital payment services

Different platforms offer different services to their users. Each platform varies according to its offerings, from pure ACH transactions to multiple currency accounts to purely smartphone applications. But in general, these platforms ensure a few things: convenience,  accessibility, and safety for their users.

Outsource Accelerator provides you the best outsourcing companies in the Philippines, where you can save up-to 70% on staffing cost. We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, outsourcing.

What is Business Process Outsourcing (BPO)?

What is business process outsourcing?

Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc.. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.

BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift on focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position inhouse because of the cost associated with doing so.

Business process outsourcing services

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