Table of Contents
Payment Methods
With the continuous enrichment of payment methods, for safer and more convenient
payment. Veeddy Dropshipping has 4 Payment Methods for you to choose from.
Wire Transfer
Wire Transfer is a method of transferring money from one person or company to another
by electronic wire transfer.
Time Of Arrival
Domestic wire transfers usually arrive on the same day; overseas wire transfers can take 1-2 working days.
Fees
There is a fee of $20-$40 charged by the remitter’s bank and an additional fee may be charged by the recipient’s bank.
Advantages
Relatively safe, as transfers are made between banks.
Large amounts can be accepted, but limits vary between banks and account types.
Fast arrival, usually same day for wire transfers within the US.
Payoneer
Payoneer is the only US bank account + US MasterCard available for free in China and is the recommended tool for Amazon, Wish, and other platforms in terms of usage.
Exchange Loss
RMB withdrawals are at the buy rate of the Bank of China cash transfer, less the 0.4% handling fee.
Supported Platforms
Almost all e-commerce platforms such as Amazon, Wish, Lazada, Shopee, Aliexpress, Shopify, JOOM, Mercadolibre, RakutenFR, and Tophatter.
Support Functions
Account transfer, supplier payment, VAT tax payment, and payment platform fees.
Supported Currencies
USD, GBP, EUR, JPY, CAD, MXN, HKD.
Arrival Time
1~5 working days, postponed on holidays.
Advantages
Payoneer is secure and compliant, and funds are safer and more people use it.
Payoneer’s fees are clear, unlike some companies that charge a price.
The largest cross-border platform in the industry with the most resources available to collect money.
Paypal
Paypal is currently the world’s largest online payment provider and is the most efficient way to pay for cross-border transactions. Anyone with an email address can easily and securely send and receive payments online using Paypal, avoiding the traditional method of mailing a cheque or sending money.
Supported Currencies
PayPal can pay in more than 20 currencies including USD, EUR, JPY, and coins.
However, PayPal cannot withdraw RMB directly and requires wire transfers, cheques, and third-party clearing channels to do so.
Fees
2% transaction fee + 4.4% transaction processing fee + US$0.3 fixed rate.
No charge for PayPal withdrawals to Hong Kong bank accounts, but US$35 per withdrawal to Mainland accounts.
Arrival Time
Paypal transfer service is usually immediate.
Advantages
Registration is free and extremely easy, you can register using your email address and customers can pay us through their email address.
Payments can be received very quickly. As long as the customer has paid, we will receive it in time.
Disadvantages
High fees for withdrawals and payments.
When you first sign up, there is a 21-day freeze period during which all payments cannot be withdrawn.
Scope Of Application
Cross-border e-commerce retail industry, suitable for small transactions of tens to hundreds of US dollars.
Wise Platform Payment
Wire Transfer is a method of transferring money from one person or company to
another by electronic wire transfer.
ACH Transfers
ACH stands for the automated clearing house, an electronic clearing house in the US that processes bank payments and facilitates the transfer of funds from one bank account to another through a centralized system for both payer and recipient, ACH Transfer allows for the transfer of funds between over 25,000 banks and financial institutions.
Fees
Usually, no commission is required.
Arrival Time
ACH Transfer service usually takes 2 to 3 business days to complete.
Advantages
Most banks do not charge a fee to transfer funds via ACH.
The transfer process is simple and only requires a Routing Number and an Account Number.
SWIFT
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), commonly known as SWIFT, is a global payment system for the execution of international wire transfers. Unlike SEPA, the SWIFT network is not limited to the European region but is currently available in 200 countries worldwide.
Supported Currencies
US Dollars, British Pounds, Euros, Japanese Yen, and Australian Dollars. Funds can also be sent to financial institutions in almost any country in the world.
Fees
SWIFT transactions are usually subject to a fee, which is high.
