How can a payment order help your business?

We'll explain what international payment orders are and how to benefit from faster payments in imports and exports
Payment orders can be particularly useful in import transactions, since they provide the simplest way to make international payments. When a company issues a payment order, it is expressly authorizing its bank to make a certain amount of money available to a third party (payee).
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What is involved in a payment order

When a company or payer issues a payment order, it is giving instructions and express authorization to its bank to withdraw funds from its account and make them available to the payee in the bank where the payee has its account. The receiving bank can be different from the issuing bank, since payment orders make it possible to transfer money even if the payee and payer are not customers of the same bank or live in different countries.

How to process a payment order

To issue a payment order, the payer must request the transfer at a bank branch (by filling out and handing in the relevant form) or through the online banking application. In either case, the payer must provide identification and give information on the amount to pay, the currency of the payment and the payee's bank details.

If the paying bank is abroad, the payer must also provide a SWIFT or BIC code. This is an international banking code that provides information on the name of the bank, branch and country where it is located. The payer must also provide the IBAN (International Bank Account Number) code of the destination account. This code is used to easily identify any bank account anywhere in the world.

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Types of payment orders

There are two types of payment order, depending on the amounts that the payer has to pay and the number of payees:

  • Individual transfer: the most common type. In this kind of order, the payer expressly and directly authorizes their bank to make the transfer by placing the request in person at the branch or through the bank's online banking platform.
  • Batch transfer: this is a very useful option when making a large number of payments to different payees, as might be the case with payrolls or payments to suppliers. To place this order, the payer has to give a list to their bank specifying all the payees, the amounts to pay and the target accounts. Associated with this transaction is a computer file.

Benefits of payment orders

The main benefit of payment orders, and the reason why many choose this method, is their speed. They are also, along with checks, one of the cheapest ways to make an international payment. In addition, they can be used to make payments in foreign currencies, even when the payer does not have an account with funds in the currency required for the payment, making them very useful for import activities.

Payment orders also offer the payee greater security than checks by guaranteeing fast payments and making the funds directly payable into the payee's account.

At BBVA, we specialize in offering improved management solutions to businesses. This is why we offer the OneView feature, the financial aggregator that lets you display and collect information on accounts and cards from any financial institution in Spain, so you can have relevant information about the financial status of your business. One of the options offered by OneView is the ability to set payment orders. The tool shows different options for these payment orders, considering variables such as the banks involved and the time to transfer the funds, and then lets the customer select the options they're most interested in. Request information on how you can start using payment orders quickly and securely to speed up your transactions.

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