Bank wires are a widely used method of making offline payment transactions. The process of bank wires is an effective payment processing solution used by many online retailers and ecommerce businesses.
Bank wire processing explained
Bank wires are an electronic transfer of funds from one bank account to another, typically for payment of goods or services. Bank wiring enables the transfer of funds electronically between bank accounts and this can be initiated online for the payment of specific goods or services.
A bank wire is achieved through the use of a computerized messaging system used by most banking institutions to enable the processing of bank wires. They are a payment processing solution, which can be used by companies or all sizes who wish to provide their customers with a flexible and secure option of payment for purchasing from their website.
Purchasing goods via a bank wire provides a quick, safe, secure and convenient method of payment for both the customer and the company receiving the payment.
The overall process of bank wires is as follows:
- Approach your bank with the instructions to pay a certain amount for goods or services to another party
- Your bank will make the payment and withdraw the amount of money from your bank account
- The computerized system will transmit the message of payment to the receiving bank
- A fee may be imposed by the sending bank.
There are different types of bank wiring processing solutions available which vary in cost and immediacy of payments. Bank wires can also be used for credit card balance transfers. To find out more on how bank wire processing can serve your business as an effective payment solution, you are advised to consult with a professional consultancy firm.
For more information on bank wires and to find out how we can assist you with your payment processing needs, view our Bank Wires service page.