Top Payment Methods for Educational Institutes Accepting EUR Payments
3 minutes read
As an educational institution, you know that receiving international payments is essential for your business. But with so many different payment methods available, knowing which one is right for you can be difficult.
In this blog post, we’ll discuss five of the most popular ways to receive international payments for your educational institution. We’ll compare the pros and cons of each method, so you can choose the one that’s right for you.
1. Wire Transfer via SWIFT for Receiving International Payments
Wire transfer through SWIFT has been the go-to method for receiving international EUR payments. It’s a trusted but expensive method. Transaction fees are 1-2%; additional fixed fees can be thousands of rupees per transaction. Plus, hidden banking fees may increase the cost of receiving EURTop Payment Methods for Educational Institutions Accepting Payments in EUR. It may also take several days to be transferred to your account.
Despite these drawbacks, many educational institutions 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 an educational institution to receive their EUR currency payments. They are quick and convenient for both parties involved. However, there are some downsides to these transactions. Their fees can be high, up to 2-4%, impacting 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
Educational institutions now rely on platforms like PayPal to receive their cross-border 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. Payment Gateways for Receiving Cross-Border Payments
Payment gateways like Skrill and Stripe are popular for receiving EUR currency payments. They integrate easily with platforms like Amazon, eBay, and Alibaba, making transactions easier. The funds usually reach the seller’s account within a few days, which is a major advantage.
But payment gateways have limitations. They may not support all international payment methods. Also, watch out for currency conversion fees of about 2%.
5. Virtual Multi-Currency Accounts for Receiving International Payments
Educational institutions 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 multi-currency accounts with a local US, UK, Canadian and European bank account number. Receive payments from 180 countries in 37+ currencies and withdraw funds to INR in as less as 1 day at charges starting at 0.99%
Comparison at a Glance
| Winvesta MCA | Credit Card | PayPal | Payment Gateway | SWIFT | |
| Payer Fee | 0% | 3% | 0% | 0% | $30-$50 |
| Receipt Fee | 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 | 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 |
Conclusion
Selecting the right payment method to receive money from Europe is helpful for your educational institution. Once you find the perfect way to get paid, you can focus on growing your business and achieving awesome financial success.
1. Wire transfer via SWIFT is reliable but expensive and time-consuming.
2. Credit cards are convenient but have high fees.
3. PayPal is popular but charges fees and has currency limitations.
4. Payment gateways like Skrill and Stripe integrate well but add fees for currency conversion.
5. 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.