to carry out International transactions It’s not that easy For entrepreneurs, it’s partly because there’s not enough information about it and it’s usually full of technicalities that can confuse people.

However, financial technology has advanced to allow people to export their products to other parts of the world via the Internet and close sales with both end users and suppliers. These innovations combine a whole system of platforms that offer solutions for international transactions.

But before introducing international payment technologies, it is worth knowing some terms that Rapyd, a fintech Israel, which promotes integration between companies and consumers, shared with Infobae.

Business account: It is a type of bank account set up between a merchant and a payment processing company to handle credit and debit card transactions.

Credit card terminals: It can be said that this is typical mobile phone, Therefore, it is an element that becomes important when the business also carries out physical transactions, be it at markets, commercial premises or home delivery.

To select this device, the entrepreneur must check that it accepts Europay MasterCard/Visa payments or also known as EMV and also supports magnetic stripe.

POS systems: Its acronym stands for sales terminals and if the business is going to have a physical establishment, it is necessary to have one of these systems, because in addition to managing payments, it also allows the use of data to monitor sales, track inventory. , to carry out marketing activities and loyalty programs, the latter is very important, because in this way customers can be offered promotions.

Payment Service Provider or PSP: It is a company responsible for integrating online payment methods into the virtual stores of entrepreneurs. A good provider of this type of service should offer the ability to make credit card, debit card, payment card and e-wallet transactions without creating a merchant account.

E-commerce platforms: These sites are very useful for both entrepreneurs and buyers, offering an engaging online experience by providing inventory, marketing plan and payment management tools.

On the other hand, this type of international transaction involves a series of steps taken by the entrepreneur to send or receive funds to other accounts, therefore, it is always important to know each party in this process and what function they perform. These are some of the participants involved in these processes

issuing bank: This is a financial entity where the buyer has an account with which he intends to pay for the product or service, so that when the bank receives a notification about the transaction, it enters to confirm that the creditor has the funds necessary to authorize or reject the transfer of funds.

receiving bank: This is the opposite of the previous case, as here the merchant has an account set up to receive money from the sales made in his virtual store, after which he can withdraw the money or transfer it to another. Accounts.

Business service provider: This indicator applies only to physical businesses, as it is the entity responsible for providing the company with a commercial account so that it can accept payment methods other than cash.

Payment Gateway Provider: It is a service that allows the transfer of data between a data phone or a virtual store and the parties involved, i.e. between the buyer and the merchant. Although most debit and credit cards are Visa and/or Mastercard, there may be exceptions where only national payments are accepted.

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