• February 16, 2021
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How would you spend less while you transact more?

With no cost transactions!

First of all, what are the costs of a transaction? Can you eliminate them?

Costs of transactions are the expenses incurred when buying or selling a good or service. Transaction costs represent the work input that is required to bring a good or service to the market, deal, and settle it.

In other words, it can be the “commission” that the middleman wants for his/her work.

In our case, we look at the transaction costs imposed by the traditional banks where they have the role of the middleman and charge the daily operations of individuals and Businesses.

The banks undoubtedly provide money services that so far required a specific setup that wasn’t achieved easily or by anyone, therefore the charges for their services wouldn’t come cheap.

One of their main services is money transfers. People and Businesses are being charged to move money from their bank accounts to another location; Money transferring fees. Bringing money into your bank account requires a transaction and therefore fees need to be imposed. Withdrawing cash is again another service that the bank provides. If you are receiving your salary electronically the bank converts your electronic money into physical money another service that is chargeable.

If your account has been inactive for too long, inactivity fee can apply, or even closing the account is a procedure that fees can be demanded. International payments from your bank account translates to SWIFT charges and here the fees may vary, depending where you are sending your money, in which currency and the amount of time that it will take for your funds to settle in the new account.

Banks can decide on thresholds (which usually they do) meaning escalation of fees as the transaction amount increases. The larger the amount, the larger the paperwork and therefore the charges.

If you want a debit or a credit card to link to your account that would mean additional recurring fees and procedures. There are booklets of each Bank’s charges and its worth the read!

All of the above charges apply and refer to money that belongs to an individual or a business, money that is generated from their activities. If by any chance you had to borrow money from the bank then that is a whole different ball game. A lot of individuals and even Businesses get caught in complicated contracts and agreements of charges that in most cases are not easily understood. Unconditional access can be given to the bank on the loaner’s property, belongings and might need to include guarantors that will vouch for you and your ability to pay back the loan…. or they will (I mean who does that any more? – not even your parents shouldn’t)

Getting back, to the money you own and its management, how do you eliminate the costs of transactions? How would You manage it better? How would you take control and avoid as much as possible the monopolistic middleman?

EASILY, SAFELY and EFFECTIVELY with online payment accounts fully at your disposal 24/7! The revolution of Fintech that has been characterised as the 4th Industrial Revolution has gained rapidly market share in the corporate and consumers world by completely changing or better said revolutionising the way many businesses and consumers transact and manage their money.

There is a plethora of options available for managing you own money and in a lot of cases for free!

The comparison of charges can be done in an instant in the palm of your hands using your smartphone device or any other electronic device. A whole new digital world has emerged that enables Businesses and Individuals to have access to services that could only get through traditional banks. The competition is great and has an immediate effect on the transaction costs which in many cases is down to zero €0,00.

For example, electronic payment platforms such as eCREDO, offer online Business account plans under the name ONYX and RUBY that offer an EU IBAN (International Bank Account Number) with zero €0,00 charges for money transferring all around Europe (In and Out) 10 currency eWallets for currency conversion 24/7 and storage of funds in the appropriate eWallet for International payments via SWIFT priority. Furthermore, money can be sent out in 37 currencies globally. Mass payments/payroll can be done simultaneously within EU with zero €0,00 fees and the account can be linked up to 9 Business prepaid Mastercards again for FREE. This means that a Business can create on its own via the eCREDO Dashboard 9 Mastercards naming them as wished and hand them over to the Directors of the company or other employees that handle expenses and payments of the company. The account user can load daily or weekly or monthly even each Mastercard with a permitted amount set by the Company for each of the individuals to spend. Spending can be monitored via the statement that is again visible for each of the Mastercard online and can also be downloaded and saved on the user’s desktop or device. Statements are available not only for the Mastercards but also for the account itself (IBAN) and the EuroWallet.

Now eCREDO Business plans offer different loading limits for each of the plans and also different limits for the IBAN and the Masrtercards for more flexibility. The electronic platform has developed plans not only for Business but for Personal or family use as well. 

How do these platforms earn money if most of their services are offered for free? This depends on each platform’s model, either by monthly subscription fees, or extra payable services that available in each account or with minimal transaction costs. All should be available to see for the potential user and be able to compare the different choices of money management apps or payment accounts that are being offered.  For eCREDO transparency is one of its main characteristics and all fees and limits are advertised in detail for each payment plan (Business or Personal) on its website under the Transparency /Fees and limits section. Always available to answer related questions either by email at [email protected] or via phone at +357 25508502/503

Signup, registration, verification for any of the plans, is done remotely from anywhere within the EU as eCREDO serves a European audience and it is regulated and approved by the Central Irish Bank.

How to register for a Business account and what can you do with it can be seen in 2.5’-3.00 min videos on Youtube under the eCREDO channel

1 How to register for a Business account: https://www.youtube.com/watch?v=VBVGHMQgyfk&t=15s

2 How to use your Business account: https://www.youtube.com/watch?v=hsYROyRUe6M&t=35s

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