IBAN Account for Freelancers. Your Possibilities with Oropay

In the world of freelancing, flexibility and convenience in managing finances are not just a nice bonus, but an integral and essential part of successful operations. A modern and multifunctional bank account for freelancers is a guarantee of quick access to finances and, consequently, more efficient management of their money.

Oropay offers a specially designed current account in an International Bank Account Number (IBAN) format, which is ideal for freelancers, providing convenience and efficiency in tracking income and expenses. In this article, we will explore how to quickly open an account and what advantages it offers.

Features of the current account for freelancers from Oropay

One of the key features of the IBAN current account from Oropay is its adaptability to diverse working conditions. Whether it’s receiving payments from clients from different countries, working through various payment systems, or using different currencies – the service’s account allows you to easily manage your finances, regardless of circumstances.

Oropay provides access to a wide range of payment systems, allowing freelancers to choose the most convenient and advantageous options for both receiving payment for their work and withdrawing their money. For example, the virtual IBAN provides access to fast SEPA payments across Europe, through the SWIFT system we can transfer funds in euros to a financial institution in any other country, and having the Oropay VISA payment card allows free purchases in stores or online, as well as cash withdrawals at ATMs. Additionally, you can instantly top up your Oropay account with a payment card from any bank.

For successful business management, it is important to have clear accounting of all income and expenses. The IBAN current account from Oropay provides a convenient tool for maintaining such records. You can easily track incoming funds as well as make expenditures, making your financial process more transparent and efficient.

The flexible online current account from Oropay is the ideal solution for freelancers who value convenience, flexibility, and efficiency in managing their finances. Regardless of where you work and which payment systems you use, with our account, you will always be one step ahead in managing your business.

Benefits of Using Oropay IBAN Account for Freelancers

The first and perhaps most significant advantage of the Oropay IBAN account for freelancers is the minimization of fees for international transfers and payment cards. Transfers between Oropay IBAN accounts, as well as incoming SEPA payments, are free, allowing freelancers to use an individual online account while retaining the majority of their earnings, avoiding high fees that banks and payment systems may charge for traditional transfer methods. As a result, freelancers can open an IBAN account in Europe and receive honorariums  from various regions.

Furthermore, Oropay IBAN accounts ensure fast and convenient receipt of payments from clients. By using the IBAN , freelancers can receive payments on the same day, directly into their account, without waiting for lengthy bank transactions or delays associated with checks or other forms of payment. Moreover, for freelancers/self-employed individuals whose businesses are related to providing online services, Oropay can offer the option of accepting card payments via pay-by-link. Security and reliability are important aspects for clients, and Oropay IBAN accounts provide a high level of data and financial transaction protection, allowing freelancers to work with confidence that their money and personal information are securely protected.

Overall, opening an Oropay current account can provide an efficient and convenient solution for managing finances. It helps minimize fees, speeds up the payment process, and ensures a high level of security, making it an attractive choice for freelancers in today’s global economy. By using these tools and resources, freelancers can effectively manage their finances, increase productivity, and achieve their financial goals. The reliable Oropay IBAN current account becomes a trustworthy partner on the path to financial independence and success in the freelance world.

How Does the Payment System Work in an Online Store?

Payment systems and services for online stores play a key role in ensuring safe and efficient online transactions in e-commerce. Understanding the basic stages of their operation helps both buyers and store owners to make and accept payments without unnecessary difficulties. In this article, we will examine how the payment system works on a website and highlight its key features.

Primary Payment Methods

In the world of modern financial operations, there are numerous payment methods that provide convenience and security for both individuals and businesses. The main methods include:

Credit and debit cards are among the most common payment methods, playing an important role in transferring financial information between customers and payment systems. They are being used for instant transactions both in land-based stores and online.

Bank transfers is a traditional method of sending funds from one bank account to another. Depending on the destination of the transfer, the process may take several days and involve fees, but it remains one of the most reliable methods for funds transferring. At the same time, in Europe, the Payment Services Directive (PSD2) has revolutionized the field of bank payments, allowing users of online banking accounts to initiate payments and receive their bank statements seamlessly through software developed by authorized third parties (PISP and AISP).

Among other popular payment methods such alternative payment methods can be highlighted – electronic wallets, checks, vouchers, QR payments, SMS, and others. Each of these methods has its own featuresand is applicable depending on the specific needs and preferences of users.

Operation of Payment Gateways

Before choosing a gateway, it is recommended to understand how payments are made in online stores. The payment process begins when the buyer selects products or services in the online store and proceeds to checkout. When the buyer enters their payment card details or other payment information, this information is transmitted through a secure connection to the payment gateway. Then, the payment system encrypts this data to prevent theft or unauthorized access, and forwards it to the bank that issued the buyer’s card.

The bank verifies the data and approves or declines the transaction based on the availability of sufficient funds and other security factors. After that, the bank sends information about the transaction result back through the payment provider to the online store and the buyer eventually. If the transaction is approved, the online store can complete the order and provide the buyer with access to the purchased goods or services. Now you know how payment through the payment system works, which will allow you to select a suitable gateway and ensure profitable operation more accurately.

Risks and Security Measures

The use of a payment system in an online store is associated with a number of risks. Some of the most common types of risks during online payments include:

To protect against the risks mentioned above, it is important for internet stores to follow some basic security rules:

An important aspect of payment gateway operation is ensuring security and data protection. They use encryption and other protection methods to prevent the leakage of confidential payment information. For card payments, international payment systems (like Visa and Mastercard) and the PCI DSS standard define the level of protection required for transactions.

Payment Gateway Operation Process using Oropay

If you are unsure which payment system to choose for your online store, consider Oropay. The popular payment provider Oropay offers comfortable and efficient methods for transaction processing, as well as quick service setup and integration. The technical interaction process of the OROPAY payment provider and the online store looks as follows:

  1. Payment acceptance on the website begins when the customer selects products or services in the online store and proceeds to make a purchase. When the customer is ready to make a payment, the online store generates a payment request.
  2. The generated payment request is sent to the Oropay payment gateway. It contains all the necessary payment data, such as the amount, currency, and information about chosen payment method.
  3. The Oropay payment system receives the request and starts the process of verifying and processing the payment, which also involves the issuing bank and the international payment system under which the card is issued. At this step, payment data is analyzed for authenticity, as well as checked for the availability of sufficient funds in the customer’s account or other financial restrictions.
  4. After verification, the payment provider sends the processing result back to the online store. If the payment is successful, the customer receives confirmation of the successful transaction. Otherwise, if the payment fails for any reason, the customer is also informed of the unsuccessful operation.

As a result of the efficient operation process of the Oropay payment gateway, customers and online stores are able to carry out transactions online with a high degree of safety and efficiency. This ensures a secure and streamlined experience for all parties involved in the transaction.

Maximizing Online Payment Conversion: Leveraging Smart Routing and Alternative Payment Methods

Declined payments and abandoned carts are the last thing you as an online business owner want to see when reading your sales reports. Although there might be reasons beyond your control, like incorrect card details entered or insufficient funds on the payer’s bank account, there is something you can do about it.

Oropay’s smart routing technology can make a big difference in how many transactions are successful on your website. For example, if you’re expanding your business into other countries, you should consider different currencies, payment methods, card types, etc. This is especially important if you only rely on one payment provider that may lead to complete suspension of your business in case of technical glitches on its side. Thanks to smart routing, every payment will be directed to the right channel, so your international customers will be able to make payments smoothly.

What is Smart Routing?

Smart routing technology ensures that when your customer is paying for something on your website, the payment goes through seamlessly. The technology directs transactions through the pathway that will be most likely to authorize them. It reviews unsuccessful transactions, and redirects them to an alternative channel, using a method called cascading. This helps significantly decrease cart abandonment rate due to unsuccessful payments, thus increasing conversion rate and revenue.

Smoother Transactions Result in Higher Revenue

As Ruslans Jefimovs, the Head of Acquiring at Oropay, explains: “One notable example of the effectiveness of smart routing comes from the experience of our client who faced difficulties with payment conversion in specific regions. Through their current payment provider only 70% of transactions on their website were successful. However, thanks to integrating the Oropay payment gateway, the conversion rate increased to 85%. This significant

improvement underscores the importance of employing alternative payment solutions tailored to specific regions’ needs.”

Thanks to data insights and our access to multiple providers, Oropay can identify the best service providers for specific regions and route transactions to the one offering optimal fee. Moreover, routing international transactions to local acquirers makes it possible to eliminate cross-border and currency conversion fees.

More Payment Methods Result in More Sales

According to our experience, another reason for low payment conversion rates in certain regions is the lack of suitable payment methods. For instance, in some countries traditional banking cards may not be widely used, making it challenging for customers to complete transactions. In such cases, offering alternative payment methods becomes crucial. By diversifying payment options beyond traditional cards, businesses can cater to a broader audience.

Ruslans Jefimovs gives an example: “A European-based client receiving a significant portion of their income from Brazil noted that only 50% of payments from there were successful. A substantial portion, about 20%, failed due to issues with the issuing banks. In such scenarios, integrating Oropay’s alternative payment methods tailored to the region’s preferences can be highly beneficial. In countries like Brazil, where people rely more on e-wallets and e-voucher payments, Oropay can bridge the gap and improve payment conversion rates significantly.”

Easy gateway integration for quick launch

· Web solutions – use a payment page that is created for in-browser payments on devices like desktop, laptop, tablet, mobile and others.

· App solutions – integrate payment options for your app using Oropay’s mobile software development kit (SDK) and enjoy all the features of payment page and even more.

· Pay By Link – create a secured payment link and receive transactions from your customers using any distribution channel, e.g. emails, SMS, invoices and others.

To sum up, improving payment conversion rates in different regions requires a strategic approach that addresses regional preferences and challenges. Payment solutions like Oropay offer the option to use smart routing, providing a customizable and efficient way to optimize payment processes, improve conversion rates, and unlock new opportunities for businesses in diverse international markets. To get more information on how your business could benefit from our services, book a call with one of our experts.

4 Reasons for Landlords to Use Pay by Link

Are you tired of hassle that comes with receiving rent payments for your apartment, guest house or villa? Pay by Link feature by Oropay might just be the solution you’ve been looking for. Let’s say you manage several apartments that you promote across various platforms such as social media, travel websites, or booking portals. Every new customer requires your attention and consumes your time, as you need to send him a wire transfer request to secure the rent. This often results in a time-consuming cycle, laden with administrative burdens and potential delays.

We have asked our Head of Acquiring, Ruslans Jefimovs, to comment on it: “That’s when Oropay Pay by Link comes in. This feature not only streamlines purchases on your website but also allows you to engage with your customers through their preferred channels — whether that’s email, social media or direct links via messenger app. Since communication via text messages is more personal and the transaction – easier, customers are more inclined to check out.”

Let’s have a closer look on how it works.

1. Personalized Check Out Page

All you need to do is generate a link in the Oropay back office that takes customers directly to a secure checkout page to complete their purchase with just a few clicks. Furthermore, you can design the checkout page in your brand colours and according to your brand guidelines, add apartment pictures, include additional information, and send it as a link directly to the client’s email, via a messaging app, SMS or any other way convenient for you. The significant advantage of this payment method is the absence of the need for parties to exchange their banking details, as the payment is processed just like in an online store – the buyer simply enters the number and other basic credentials of his payment card.

2. Manage Your Payments in Back Office

Many landlords enjoy following their financial flow in a dashboard, gaining insights into their rent payment status, payment history, and monthly turnover. This way, they easily keep track of their finances and feel confident about their rental arrangements. As Ruslans explains, once the payment link has been generated, you get access to the transactional data and can manage and track it in one centralized space – the back office of Oropay system. With a few clicks, you get a comprehensive overview of your rental income, making it easy to monitor and reconcile the payments, so that you can focus on what matters most – your property and your guests.

3. Reasonable Costs for Accepting Payments

No one likes transactional costs that are eating into your rental income. Oropay understands the importance of maximizing your revenue. With the fair and transparent costs for payment processing, you can rest assured that a significant portion of your hard-earned money stays where it belongs – on your account. Therefore, you will get personalized, reasonable pricing that will be based on your turnover, experience, and background chargeback data. Feel free to receive our price offer by completing our application form.

4. Your One-Stop Financial Solution

Oropay is a good choice if along with your rental payment processing, you want to get access to a secure banking platform, which allows you to make quick and secure SEPA and SWIFT payments in various currencies. Additionally, you get access to Oropay’s issued VISA cards – both plastic and virtual VISA cards for your online and in-store purchases. This is the way to benefit from the convenience of managing your finances and payments in an easy-to-use financial app.

Ruslans takes a closer look at some Oropay pay by link solution benefits that should not be missed:

From its user-friendly back office to the convenience of generating payment links, Oropay service is designed with your needs in mind. Experience the freedom of simplified financial management and increase the speed of receiving your rental payments!

Oropay Launches Visa Payment Cards for Consumers and Corporates

Oropay, an eminent electronic money institution, is excited to announce the completion of a significant issuing project with Visa, a world leader in digital payments, following its attainment of principal membership status. This marks a substantial leap forward in Oropay’s mission to offer comprehensive, premier digital payment products, and robust card services to its consumer and corporate clients.

Through its Visa principal membership, Oropay has expanded its offerings, introducing a new range of Visa payment cards. Consumers will gain access to Visa Debit and Visa Virtual cards, catering to their everyday financial needs with ease and security. Corporate clients will be empowered with Visa Business Debit and Visa Virtual cards, designed to meet the businesses’ complex financial demands.

“This Visa card issuing project represents yet another stride in our ongoing efforts to enhance our service portfolio,” said George Christofides, Oropay Director. “By being a Visa principal member, we are not just offering payment solutions, we are leveraging on Visa’s robust capabilities and wider scope of services to meet the diverse and constantly evolving needs of our clients.”

Visa Country Manager, Michael Ioannides added: “We are delighted to team up with Oropay to provide trust, confidence, safety and resilience to the way its clients pay and get paid. Our global scale alongside the resilience of our infrastructure through continuous investments in technology and security will enable Oropay clients to benefit from convenient, seamless and secure payment experiences now and in the future.”

The project’s successful completion demonstrates Oropay’s commitment to constantly deliver solutions that matter to its clients with Visa, a renowned partner facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries all over the world. This relationship is more than a partnership; it’s a commitment to delivering excellence and reliability in the financial services sector, further enhancing Oropay’s position in the electronic money industry. Oropay’s venture into this project with Visa is a testament to its dedication to premier digital payments, evolving customer experience journey and ultimate satisfaction. With the project’s completion, Oropay’s clients can anticipate a new era of financial flexibility and security, setting new benchmarks in the payments and transactions domain.

What is a Payment Gateway and What is it Used For?

An e-commerce payment gateway is an important component in commerce and online business, providing secure and efficient processing of payments over the internet. It acts as a link between an online store or service and an acquiring bank that processes payments.

Purposes of Using a Payment Gateway

A payment gateway serves several important functions, making the payment process convenient, secure, and efficient for both consumers and businesses.

In the Italiane-commerce field, Italy Payment gateways play a crucial role. They enable the acceptance of various payment methods, such as credit and debit cards, e-wallets, and other alternative payment methods. This allows businesses to reach a wide range of potential customers and increase conversion rates. Additionally, payment gateways can provide fraud protection by offering anti-fraud systems and ensuring the confidentiality of customer card data in accordance with the Payment Card Industry Data Security Standard (PCI DSS).

In polish mobile applications and developers sector, Poland payment gateways play a significant role in sustaining and boosting the local app market. Implementation of the payment solution in the app is usually being made by means of Mobile software development kits (Mobile SDKs).Mobile sdk is natively integrated directly into applications, allowing users to easily and conveniently make purchases or pay for services. This makes the payment process extremely convenient for users, fostering user trust and revenue growth from sales in mobile applications.

For businesses whose foundation relies on automatic recurring billing (subscriptions), such as service fees, Germany payment gateways are indispensable in managing and planning financial flows. They enable the setup of regular payments for services or subscriptions, automating the payment process for customers. This simplifies life for both businesses and their customers, making the recurring payments or subscriptions more convenient and transparent.

Using payment gateways for international transactions in local currencies is also an important aspect of modern business. Payment gateways allow businesses to accept payments from customers worldwide and conduct transactions in various currencies. This opens up new opportunities for expanding business in the global market and increasing profits.

For those EU e-commerce players, who want to enter the UK market, Ireland Payment gateways might be a solution as most of them provide seamless access to both the EU and UK markets. Ireland’s strategic position, combined with its EU membership, allows businesses to easily operate and expand across European countries, benefiting from streamlined cross-border transactions.

Criteria for Choosing a Payment Gateway

Choosing the right payment gateway in Spain or any other EU country is the key to efficient and successful  online business. Various factors should be considered when making a decision, including flexibility, scalability, and the level of customer support and technical assistance.

To choose the best payment gateway, the following factors should be considered:

When choosing an online payment gateway, it is also important to consider the specifics of your business and its needs. The optimal solution should meet your current requirements and be flexible and scalable to adapt to future changes. 

Finally, customer support and technical assistance play a crucial role in the successful operation of the payment gateway. When choosing online payment gateway for small businesses, make sure the provider ensures round-the-clock support and prompt resolution of any issues that may arise․

The Oropay payment gateway is a modern solution that meets the needs of both small businesses and leading companies in the e-commerce market. This solution is one of the leading payment gateways Cyprus, offering a wide range of services for online businesses. Among its key features are: 

Choosing a payment gateway is a strategic decision that can significantly impact the efficiency and success of your online business. Carefully examine market offerings, taking into account the criteria mentioned above, to choose the optimal solution for your business.

OROPAY Launches New Brand Identity

In a striking departure from the conventional, OROPAY proudly presents its refreshed brand identity: a bold, colorful logo that reflects a deep transformation in our approach to financial solutions. Each hue in our new logo represents the diversity and connectivity of our enhanced offerings, designed to cater to the multifaceted needs of modern businesses.

The rebranding goes beyond the visual flair; it symbolizes our integrated suite of financial services, meticulously brought together to streamline operations for our clients. OROPAY now offers a robust platform that combines three key areas of financial services: seamless payment processing, flexible banking solutions including both SEPA and SWIFT payments, and VISA card issuing. This unified platform is crafted to simplify the financial experience, reducing risk and cutting down on transaction costs for businesses and their networks.

Our clients can now enjoy a harmonious blend of services previously dispersed across multiple providers. The vibrant spectrum of our logo is a nod to the versatility of our platform, which caters to the nuanced needs of businesses, their partners, employees, and end-users.

Embrace the new OROPAY — where functionality meets creativity, and every transaction is an opportunity for growth and connection.

Explore the breadth of OROPAY’s financial services on our new website and see how our unified platform can transform your business’s financial transactions.

Oropay Joins the Prestigious Ranks of SWIFT Members, Taking Payment Services to New Heights

Oropay, an innovative e-money institution, is proud to announce its membership of SWIFT, the world’s leading provider of secure financial messaging services. This significant development brings Oropay to the forefront of the payment services industry, offering its customers access to the secure infrastructure of the most popular financial messaging system.

By becoming a member of SWIFT, Oropay intends to further enhance its services offering. Customers will benefit from the speed, accuracy and reliability inherent in SWIFT transactions.

“Joining SWIFT marks another turning point in Oropay’s development. It allows us to offer our customers a new quality service level,” said Panagiotis Constantinou, CEO. “SWIFT membership is not just an addition to our services; it is a testament of our commitment to excellence in the financial world.”

The integration with SWIFT enables Oropay to establish direct relationships with correspondents and other financial partners, thereby expanding its network and reach. This strategic move is expected to streamline processes, reduce operational complexities and offer direct international payment details to individual and corporate customers.

By utilising SWIFT’s advanced and secure messaging system, Oropay adopts the standards of efficiency and reliability across its international transactions.

Oropay Achieves Milestone with License Extension from the Central Bank of Cyprus

Oropay, a dynamic electronic money institution, proudly announces a significant extension of its license by the Central Bank of Cyprus. This extension, a pivotal development in Oropay’s growth story, enhances its service offerings under Services 3 and 5 as defined by the Electronic Money Law of the Republic of Cyprus.

Service 3 encompasses the execution of various payment transactions, including direct debits, credit transfers, and payments via payment cards. Service 5, on the other hand, covers the issuance of payment instruments and acquiring of payment transactions. This expanded licensing scope marks a new era for Oropay, enabling the institution to provide more comprehensive financial services.

With this license extension, Oropay is poised to offer its clients an elevated level of service, including the issuance of IBANs as account identifiers. This move opens doors for Oropay to apply for indirect or direct participation in SEPA schemes, issue its own cards, and seek principal membership for acquiring services.

“This license extension is a monumental breakthrough for Oropay and symbolizes the culmination of relentless efforts that began in early 2020,” stated Panagiotis Konstantinou, CEO of Oropay. “In close collaboration with the Central Bank of Cyprus, our team has proven our readiness to deliver the highest level of financial services, representing the Cyprus financial industry with pride and excellence.”

This achievement not only enhances Oropay’s service portfolio but also reinforces its commitment to upholding the highest standards in financial services. As Oropay continues to expand its capabilities, it reaffirms its position as a leading institution in the electronic money sector, dedicated to innovation and customer satisfaction.