Banking Circle extends USD collections to more online marketplaces In time to make a difference for Christmas sales, Payments businesses can now offer their marketplace sellers Banking Circle Virtual IBANs in USD to collect funds from a wider range of online marketplaces.
Marketplaces generally tend to pay out to sellers in the currency of the country in which the seller’s bank account is based. For example, payments to a UK-based account will be settled in GBP, regardless of whether the merchant has a USD account. This currency exchange incurs the marketplace’s international transfer fee, typically around 4% of the payment value.
In June 2020, Banking Circle launched a USD Collection solution for payments to Amazon stores based in the US, Canada and Mexico. Now, using Banking Circle Virtual IBAN, Payments businesses can offer their merchants US bank accounts to allow them to collect funds in USD from a larger number of online marketplaces and take charge of their foreign exchange. Marketplaces supported include eBay, Shopify, Wish, Walmart, Newegg, Souq (Amazon UAE), Jet, Wayfair, Etsy, etc.
In which regions can Banking Circle clients offer their merchants virtual IBANs for collection from marketplaces?
- EU marketplaces – Sellers are provided with a DE IBAN and can receive SEPA credits
- UK marketplaces – Sellers are provided with a sort code and account number and can receive BACS, CHAPS and Faster Payment credits – US marketplaces – Sellers are provided with an ABA number and account number and can receive ACH credits.
How can Banking Circle clients activate the USD collection capability? Please email us at firstname.lastname@example.org
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