Bank transfers

GlobalCollect is able to accept local bank transfers in 59 countries without merchant needing to have local presence or open local bank accounts. GlobalCollect’s extensive network also allows shoppers in these 59 countries to pay via local wire transfers, avoiding the high fees of similar cross-border transactions. A bank transfer (local wire transfer) involves a consumer paying into one of GlobalCollect’s 59 in-country bank accounts around the world, in person, via phone or via electronic banking using a unique payment reference number generated by GlobalCollect during the order process. Bank transfers are popular with merchants as they are non-reversible and consumers prefer bank transfers as no sensitive financial details are shared. Charges set per-transaction rather than interchange also makes them inexpensive for higher-value transactions in comparison to credit cards.

BPAY® is a very popular system covering over 95% of Australian consumers from 180 financial institutions. Via online banking or phone banking, consumers can pay into GlobalCollect’s Australian account. As a registered biller, GlobalCollect offers merchants access to the 55% of Australian consumers who pay their bills online. 
 

Virtual bank accounts

In select markets (currently Japan, Korea, and Taiwan), GlobalCollect is able to generate a unique account number in addition to a unique payment reference number, improving the rate of automatically matched payments and enhancing the customer experience.