A postal payment is a payment method that involves posting payment information physically via a post office or other postal service facility. Postal payments are payment processing solutions used by companies who wish to receive payment for goods in a safe and secure manner. They are useful methods of payment, particularly for customers who do not wish to hand over their personal financial information online.
The process of buying and selling via postal payments is still an effective and popular payment processing solution, despite other methods of payment being available. A postal order offers an inexpensive way of giving peace of mind to customers when they are shopping by mail order.
In making postal payments, customers can enter the post office and pay the sum of their purchased goods with cash. In return for the payment, the post office will provide the customer with a postal order, which represents the value of the goods. From here, the customer is then required to post the postal order to the company. Once the company has received the postal order, the funds can then be retrieved from the post office.
Postal payments come in a range of forms, including crossed and uncrossed postal orders. A postal order is very similar to a check however the customer does not require a bank account in order to be processed.
A crossed postal order is a lot like a cheque, in that the payment can only be received once the amount has been cleared by the bank. This means it can take around 5 working days to process, as the amount needs to be paid through a bank account. This is a much safer method of making postal payments, as all payments are traceable.
An uncrossed postal order is a lot like making a cash payment, as the postal payment can be cashed immediately. However, uncrossed postal orders are a lot less secure as they can be cashed by anybody and cannot be traced if misplaced. Postal payments include a surcharge that customers will be charged depending on the amount being paid. This is regardless of whether the postal payment is crossed or uncrossed.
A postal payment can be transacted in many countries worldwide and is relatively quick, simple and inexpensive to complete.
Starting Business can assist you with setting up a range of payment processing solutions for your company, including postal payment services. We offer a range of services related to payment solutions, and will be on hand to guide and assist you with your required payment processing solutions. We will help you to open a bank account in order to process and accept postal payments. In addition, we can advise you on how your postal payment solutions can be used to enhance your company to its fullest potential, and support you in obtaining your payment processing solution.