How is Fund Transfer Account different from Payment Accounts such as PayPal?
by hunison | Jun 1, 2020 |
- Payment accounts are designed to pay or receive money linked to your registered email. They do not provide account numbers or routing number. So it requires that your counter party also possesses an account with the same vendor in order to make transactions with you. E.g. to receive payment through PayPal from your customer, your customer will have to have a PayPal account or he will have to pay directly through PayPal’s payment gateway using his credit card.
- Fund Transfer Account does not require your counter party to have a registered account with the provider. Once you apply an account with a provide, in our case, Transferwise, you will be provided with a US bank account number as well as US routing number. With your own US account number, you will be able to invoice your customer by asking them to wire or transfer monies to you.
