GLOSSARY

Online payments

Online payments definition

Online payments are electronic transactions made over the internet to transfer money between a payer and a recipient. They enable businesses and individuals to pay for goods or services digitally through websites, e-commerce platforms, mobile apps, or payment links.

Online payments can be processed through various methods, including debit and credit cards, local bank transfers (such as SEPA or ACH), digital wallets, and real-time payment systems. Depending on the provider and region, transactions may be domestic or cross-border and can be settled in different currencies.

Online payment systems cover the entire process of authorising, processing, and settling transactions securely between financial institutions.

The benefits of online payments

The main advantage of online payments is speed and convenience. Transactions can be initiated instantly and accepted 24/7, allowing businesses to serve customers globally without physical presence.

For companies, online payments enable automated processing, faster reconciliation, and real-time transaction tracking. Offering multiple payment methods also improves customer experience and can increase conversion rates in digital commerce.

Modern online payment solutions include built-in security features such as encryption, fraud monitoring, and compliance with international standards like PCI DSS.

Good to know for SMEs and beyond

While online payments offer flexibility and global reach, costs and settlement times vary depending on the payment method and provider. Card payments, for example, often include processing fees and foreign exchange markups for cross-border transactions.

Businesses should evaluate transaction fees, supported currencies, integration capabilities, chargeback handling, and fraud protection when selecting an online payment solution. Combining local payment methods with international acceptance options is often the most efficient approach for growing companies.

Manage global online payments with amnis

With amnis, businesses can manage multi-currency accounts in 20+ currencies and streamline international transactions from one digital platform. Benefit from transparent FX rates, local payment routes, and centralised financial oversight — designed to support modern international business.

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Explore related topics

ACH

ACH, or Automated Clearing House, is a local payment route in the United States that facilitates electronic money transfers between banks. It requires a local bank account or the use of local payment providers. ACH payments enable financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard. It’s commonly used for direct deposits, bill payments and other bank-to-bank transfers within the United States.

ACH payment

ACH payments are processed through the local ACH network in the United States, requiring a local bank account or the use of local payment providers. This method allows financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard.

Balance of payments

The balance of payments is a financial statement that summarizes all economic transactions between a country and the rest of the world over a specific period. It records trade in goods and services, cross-border investments, and financial transfers. A positive balance indicates that a country exports more than it imports, while a negative balance shows the opposite.

Bank transfer

A bank transfer refers to the electronic transfer of money from one bank account to another. Such transfers can take place either within the same bank or between different banks and are among the most commonly used methods worldwide for processing payments between individuals and companies.

BIC (Bank Identifier Code)

The Bank Identifier Code (BIC) is an internationally valid bank sort code defined by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Since the BIC code is issued by SWIFT, it is often also referred to as the SWIFT code.

Cashless payment

A cashless payment refers to any financial transaction where no physical cash is exchanged. Instead, the payment is processed using digital or electronic methods such as bank transfers, payment cards, mobile apps, or online platforms. It allows money to move from one account to another without the need for coins or banknotes.

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About amnis

amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.

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