Introduction

Tazapay's Global Collection Accounts (also known as virtual accounts) provide you with unique account details in various countries and currencies. They allow your international customers or payers to send funds to you via local bank transfers or SWIFT, just as they would pay a local business. This simplifies the payment process for your payers and streamlines how you receive international funds, often without needing to establish a local legal entity in each market.

Key Benefits

• Offer a Local Payment Experience: Provide your international payers with familiar local bank account details in their own currency, potentially increasing trust and conversion rates.
• Reduce Payment Costs: Minimize cross-border transaction fees and potentially achieve better FX rates compared to traditional international wires.
• Faster Settlements: Local bank transfers often settle faster than international SWIFT payments.
  Expand Your Reach: Easily receive payments from customers in multiple supported countries without local incorporation.
• Centralized Management: Consolidate funds received globally into your Tazapay account.
• Flexible Withdrawals: Withdraw your collected funds to your primary business bank account in your preferred currency.

How it Works

• Account Provisioning: Tazapay provides you with access to Global Collection Accounts denominated in various currencies.
• Receiving Funds:
  • You share the relevant Global Collection Account details (specific to the currency and payment method - Local Transfer or SWIFT) with your payer.
  • The payer initiates a transfer using these details.
  • When funds are successfully credited to your Global Collection Account, a transaction record known as a "collect" is created in the Tazapay system.
• Supported Methods & Currencies: Tazapay supports receiving funds via:
  • Local Bank Transfers: For receiving payments like a local entity in specific currencies (SWIFT transfers sent to these local details will fail). Supported currencies include:
    USD, CAD, EUR, GBP, IDR, SGD, PHP, KRW, NGN, VND, AUD, NZD
  • SWIFT Network: For receiving international wire transfers in a wider range of currencies. Supported currencies include:
    USD, GBP, EUR, AUD, CAD, SGD, AED, HKD, JPY, KWD, NZD, OMR, QAR, SAR, THB, TRY, ZAR, BGN, BHD, CHF, CZK, DKK, HUF, ILS, KES, NOK, PLN, RON, SEK, UGX, CNH  
• Managing and Accessing Funds:
  • You can monitor your collection accounts and view individual "collects" (incoming transfers) through the Tazapay's dashboard.
  • Collected funds are held in your Tazapay account balance.
  • You can then initiate withdrawals from your Tazapay balance to your registered business bank account in your desired currency. Tazapay handles the necessary currency conversion during withdrawal if applicable.
  • Or you can use these funds to initiate payouts of your own.