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Top Payment Methods for Software & IT Businesses

Learn about the top payment methods for software and IT businesses to receive international payments.

3 minutes read

Top Payment Methods for Software & IT Businesses

Managing your money well is vital if you run a software or IT business and deal with international payments. You always have lots of transactions happening and want things to be easy for your clients, too. The problem is that traditional banks charge a lot of money for receiving international payments, which can hurt how much money you make.

That’s where payment methods come in. These companies offer various services that can help you accept payments online, send money to your employees and partners, and more.

But with so many options available, how do you choose the right payment processing software for your business? In this article, we will look at different options for your business. Read on.

1. Wire Transfer via SWIFT for Receiving International Payments

Wire transfer through SWIFT has been the go-to method for transferring international payments and converting foreign currency to INR for decades. It’s a trusted but expensive method. The transaction fees are usually 1-2%. Additional fixed fees can be thousands of rupees per transaction. Hidden banking fees may increase the cost, and the process takes several days.

Despite these drawbacks, many Indian businesses choose wire transfers for their security and reliability. To know more about how SWIFT works, read our blog.

2. Credit Cards for Receiving Cross-Border Payments

Credit cards are a popular choice for businesses to receive international payments. They are quick and convenient for both parties involved. However, there are some downsides to these transactions. Their high fees, up to 2-4%, impact profit margins. Processing time may also take several days, affecting cash flow.

Credit card companies have strict security measures to prevent fraud. Credit card transactions, therefore, experience high failure rates (~20%), resulting in a loss of customer trust. Despite these downsides, credit cards provide a secure method to receive funds from your international clients.

3. PayPal: A Convenient Option for Receiving International Payments

Software and IT businesses also rely on platforms like PayPal to receive their international payments. PayPal is convenient because you don’t need to visit a bank or deal with paperwork. You can easily open an account online by submitting the required documents.

Remember, PayPal’s support for different currencies may vary. Also, transaction fees, usually 3-5%, can affect your earnings. So, compare the fees and supported currencies before choosing PayPal.

To learn more about PayPal, check out our blog.

4. Virtual Multi-Currency Accounts for Receiving International Payments

Businesses now opt for virtual multi-currency accounts to receive international payments. These accounts help manage funds in different currencies, which is helpful for global businesses.

Compared to traditional banks, virtual accounts offer faster and cost-effective alternatives.

These accounts can also act as Online Payment Gateway Service Providers (OPGSP), collecting international payments and converting them to INR. This ensures better exchange rates and saves exporting businesses money.

With Winvesta, businesses and individuals can open a global collection account with a local US, UK and European bank account number. You can receive unlimited payments with these local accounts. Also, collect payments from 180 countries in 37+ currencies and withdraw your funds to INR in as less as 1 day at charges starting at $3 + 0.99%

Comparison at a Glance

  Winvesta MCA Credit Card PayPal Payment Gateway SWIFT
Payer Fee 0% 3% 0% 0% $30-$50
Receipt Fee $3 + 0.99% 1.5%-3% 4.4% + $30 3%-4.5% $20-$40
FX spread 0% 3%-5% 3% 2% 3%-5%
Withdrawal to India $0 $0 $0 $0 $0
Total $3 + 0.99% 7.5%-11% 7.4% + $30 5%-6.5% upto 5% + $90
Speed In as less as 1 day 2 to 7 business days 2 to 5 business days 2 to 7 business days 2 to 7 business days
Rejection Rate Low High Low Medium Low


Choosing the right payment method for international payments benefits your Software and IT business. Once you find the perfect payment method for your firm, you can focus on growing your business and achieving awesome financial success.

  • Wire transfer via SWIFT is reliable but expensive and time-consuming.
  • Credit cards are convenient but have high fees.
  • PayPal is popular but charges fees and has currency limitations.
  • Virtual multi-currency accounts, such as Winvesta’s, offer cost-effective solutions with faster transactions. By considering fees, speed, and convenience, you can optimize international payments and focus on delivering excellent services.

Open your Winvesta account today!

Disclaimer: The article references PayPal, which owns its own trademark.