Credit Card Money Transfers

Written by Linda Alexander
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Transferring money long distance is easier than ever with a credit or debit card. Most banks will allow you to send money online using your bank account or a credit card. Online payment services like iKobo and PayPal often require a credit card and bank information when you first set up an account with them. Then you can either charge payments to your credit card or have the money withdrawn directly from your bank account.

Wire transfers conducted online and by telephone are usually paid by credit or debit card. In some cases, the money may be taken out of your bank account. When you go in person to a wire service company like Western Union, you will have to bring cash in order to complete the transfer.

Alternative to Merchant Accounts

For merchants, online payment services are a convenient way to accept credit cards from your customers. Instead of having to go through a bank to set up a merchant account and purchase costly equipment, you can simply use the online payment services. You'll only have to pay a small percentage of your incoming payments in fees.

This eliminates the hassle of filling out extensive paperwork to apply for a merchant account and be approved or rejected. Instead, all you need are a credit card and a bank account. In minutes, you could be set up to accept credit and debit card payments from your customers and offer them a convenient way to pay for merchandise.


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