Virtual Receiving Accounts

Definition

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.

Virtual Receiving Accounts
Virtual receiving accounts for cross-border payments
Outsourcing FAQ

What is Automated Clearing House (ACH)?

What is the Automated Clearing House (ACH)

Automated Clearing House (ACH) refers to a network of financial transactions that specializes in coordinating and clearing electronic payments and transfers. This is popularly known as direct deposit, direct pay, or electronic check. With this, high-volume payments or transfers can be processed easily.

The National Automated Clearing House Association (NACHA) currently handles this network in the United States since 1974 and the Bangko Sentral ng Pilipinas is its counterpart in the Philippines.

ACH payments in businesses

ACH payments in businesses are done through bank transfer from one’s business checking account to another. Payments are usually sent and received within three days. ACH fees may also apply, depending on the volume of transactions done.

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 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 Business Process Outsourcing (BPO)?

What is Business Process Outsourcing BPO?

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 in 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 in-house because of the cost associated with doing so.

How does Business Process Outsourcing work?

When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.

Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing.

What are the benefits of business process outsourcing?

There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include:

Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions

 

Business process outsourcing examples

The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include:

Big enterprise

Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber

Medium-size businesses

A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines.

Small business and entrepreneur

It is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines.

What are the different types of BPO?

The type of business process outsourcing can be characterised by their specialisation, location, and size.

Generalist or specialist BPOs

Business process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation).

Location

Business process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages.

Size of BPO

The bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people.

Functions of business process outsourcing

Collectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include:

Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Business Process Outsourcing (BPO) services

Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 4,000 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, business process outsourcing.

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