Today, the number of business owners using a digital wallet is increasing day by day. They are used to securely store payment information and to make electronic transactions easily. To understand how having a digital wallet can help small business owners, imagine the following situation.
You are the owner of a successful beauty supply store in your town. One day, when you were busy with your usual work, a delivery suddenly arrived. It is a bulk order of premium skincare products you have been eagerly waiting for. The delivery person hands you the invoice and says, “It’s $1,200. We need payment before we unload.”
You rushed to your cash drawer, as you were very excited to see the products. Unfortunately, when you opened the drawer, you were shocked to see that there was not enough money to cover the bill. You got panicked and sat on the chair over there. That order was very important to you, and you didn’t want to miss that order at any cost.
That’s when you remembered about your digital wallet from Zil Money. You pulled out your phone, opened Zil Money, and sent a virtual card from your wallet. Tadaa! Your transaction is completed. The delivery person smiles and starts unloading the boxes. As you watch the new products being placed on your shelves, you’re reminded of the importance of having payment solutions like a digital wallet.
Let’s see more about the digital wallets from the cloud-based platform.
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Make Payments Instantly
You can use the virtual card feature from Zil Money to make payments instantly. Want to know how the feature works? Simply fill in your wallet from your checking account. After that, easily create and send virtual cards with the platform to your payee via email. Each time you make the payment, funds will be deducted from your wallet, and you don’t have to worry when the wallet balance becomes zero. You can recharge the wallet from your checking account any number of times you like.
The benefit of using the virtual card feature from the cloud-based platform is not just that it helps you make payments instantly. It also offers other benefits. For instance, imagine that you have a set of teams under you, and you want each of your teams to have the liberty to make the necessary purchases without contacting you each time for making the payment. However, you also don’t want them to use your funds without any limits or take the funds from your main account. In this situation too, you can use the virtual card feature from the platform. With the cloud-based platform, you can give separate cards to each team. Also, each card can be generated with separate spending limits.
Make ACH Payments Easily
Using the funds from your wallet, you can make ACH payments with the cloud-based platform. Making ACH payments is easy with Zil Money as the platform is an official member of NACHA, which is the regulating body that controls and monitors the ACH network. The platform even offers same-day ACH, which makes sure that your payments are delivered to your payee within the next business day.
ACH is one of the low-cost payment solutions you can have. Compared to other payment options, the cost needed to make an ACH payment is low. Moreover, you can even set regular ACH payments with the platform. That is, you don’t have to enter the details each time when you have to pay.
Make International and Domestic Transfers Quickly
Another way via which you can transact money from your wallet is by using the wire transfer feature. The cloud-based platform offers both international as well as domestic wire transfers. International wire transfers are usually completed within a few days, depending on the destination. You need specific codes like SWIFT and IBAN to make international transfers.
On the other hand, domestic wire transfers are usually completed within a few hours. They normally need only the account number and routing number to complete the transfer. Wire transfers are ideal for making large business transactions as they offer high transaction limits compared to other payment options.
Other Payment Options Available
Zil Money offers a number of payment options other than those mentioned above. With the platform, you can print checks on your own using a regular printer on blank stock papers. Printing checks on blank stock papers will save 80% of your check printing costs compared to ordering pre-printed checks. The platform also allows you to mail checks directly to your payee. Here, everything from printing your checks, putting them in an envelope, labeling them, and finally sending them via mail will be done by the platform. You can also send eChecks as one-time printable PDFs via email or SMS with the platform.
Conclusion
With Zil Money, you can easily create digital wallets and store funds. After that, you can send money from the wallet via multiple payment options like ACH, wire, virtual card, etc. The platform also offers other payment options like printable checks, eChecks, check mail, etc.
