Clearing your shopping cart online often takes only a few clicks. Tap, tap, tap, and you have selected your goods, paid for, and ordered for shipping. It's that easy!
However, as an eCommerce business owner, these simple taps mean several business operations, integrations, and one of the most important processes - PAYMENT!
For global eCommerce businesses with clients in other countries, you need a payment system that caters to multiple currencies while making the settlement and reconciliation process uncomplicated for your finance team. This is where Virtual IBAN accounts come in. Obtaining a Virtual International Bank Account Number (vIBAN) is a smart strategy for your eCommerce business to reach more clients, collect payments in their international currencies and save multiple hidden costs associated with other traditional systems.
Here are four reasons why you need to consider adding virtual IBAN accounts to your eCommerce payment system
Boost Checkout Success with Seamless Payments
The world is increasingly fast-paced, and customers want simple systems that make their shopping experience hitch-free. With virtual IBAN accounts from a provider like WeWire, you can accept payments in your customers' preferred currencies, minimising friction at checkout. Localising payments through this system can help boost your customer conversion rates and foster loyalty.
Cut Costs and Stay Competitive with Lower Fees
Traditional banking methods often involve high fees for international transfers, currency conversions, and account management. And these fees may be transferred to customers, driving up the cost of goods. Virtual IBANs significantly cut these costs and cut out up to 80% of unnecessary bank fees by reducing intermediary bank charges and offering competitive exchange rates. This saves you costs and gives your business a chance to price competitively.
Simplify Your Finances with One Account for All Transactions
In 2025, one thing you do not want to do is have multiple bank accounts for different regions or currencies. It can quickly become a logistical nightmare. A Virtual IBAN allows you to streamline all your financial transactions in one place, giving you better visibility and control. With a partner like WeWire, you can create virtual IBAN accounts for EUR, USD & GBP transactions while managing transactions in up to 11 other local and international currencies from a single account. This centralisation simplifies reconciliation, reporting, and overall financial management.
Processing Customer Refunds Faster
When customers need a refund, a quick and efficient process will significantly enhance their shopping experience and build trust. With Virtual accounts, you can easily process refunds directly to your customer’s bank account, regardless of location. This eliminates the complexities of international transfers, ensures customers receive their money promptly and promotes customer satisfaction and loyalty.
Easily Pay Suppliers, Vendors, & Merchants
One of the biggest challenges for eCommerce businesses operating internationally is managing cross-border payments to suppliers and vendors. Traditional banking methods can be slow, costly, and prone to errors. Virtual IBAN accounts offer a streamlined solution to this problem. Virtual accounts enable businesses to make international payments directly to supplier bank accounts in their local currencies. This eliminates the need for complex traditional payment systems and reduces associated fees. Additionally, virtual IBANs provide real-time tracking of payments, ensuring transparency and efficiency in the supply chain.
Expand Into New Markets with Ease and Flexibility
Scaling your e-commerce business to cater to a global clientele requires a payment system that can handle the complexities of international payment. A Virtual IBAN eliminates the need to set up local bank accounts in multiple countries, allowing you to collect payments in customers' preferred currencies and then receive settlement in a central account. This flexibility empowers you to tap into new markets quickly and efficiently.
How to sign up for WeWire's Virtual IBAN accounts.
As Africa's leading cross-border payment provider for businesses, we understand that businesses will have unique payment needs. We have created a system that doesn't just provide a generic solution but analyses businesses' payment needs and provides a suite of solutions to meet them.
To access our Virtual IBAN account or any other solution, follow the following steps:
- Contact our Sales team HERE
- Schedule a discovery call
- Review business processes, transaction volumes and expectations
- Sign contracts
- Access Virtual IBAN Accounts, Multi-currency wallets, Smart Invoicing and other solutions.
In conclusion, adapting your eCommerce payment system to global relevance is crucial, and virtual IBAN accounts offer an ideal solution for eCommerce businesses. By reducing fees, enhancing customer experiences, and centralising operations, this innovative banking solution can give your e-commerce business a competitive edge.
