Glossary

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

Payoneer

Definition

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.

Payoneer

Is Payoneer safe?

Outsourcing FAQ

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 Virtual Receiving Accounts?

What are virtual receiving accounts

Virtual receiving accounts are accounts where one can accept payments via bank transfers with or without a bank account. These accounts may serve as a dummy account on behalf of a physical one. 

Like a physical bank account, a virtual receiving account has a unique account number provided by a payment platform for receiving payments. Depending on the platform, a user may have multiple virtual accounts, depending on their needs. Virtual receiving accounts also help the user to easily track their payment statuses and lessen receiving wrong payments from clients.

Virtual receiving accounts for cross-border payments

Freelancers and businesses benefit most from these virtual accounts. This enables them to send and receive payments across the globe. This also adds a layer of protection when transacting. With virtual receiving accounts, they won’t be exposing their personal data to potential threats in case of malicious activities by third-parties. They can also do real-time transactions with a click of a mouse.

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 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 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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