The dynamic world we live in calls for a simple management of our finances. Thanks to iCard for Business, every user – be it a company or a freelancer,has the perfect solution for their business needs. Today, our focus is on all employers who are curious to learn how to simplify their business expenses.
iCard for Business is a platform that makes your financial management effortless. Among other features, we offer a variety of transfers (in different currencies) that you can generate in just a few steps – bank, internal, recurring, mass transfers, and direct debits. These include SEPA, SEPA Instant, SWIFT, SEPA Direct Debit, BISERA, and blink transfers.
Here is what you need to know about them once you open an iCard for Business account.
Bank transfers
It is the most traditional way to send and receive money from one account with an IBAN to another. With iCard for Business,you can make bank transfers in EUR, BGN, CHF, CZK, GBP, ISK, PLN, and RON. The types of transfers depend on the recipient’s bank and the selected currency – SEPA and SEPA Instant are transfers in EUR to/from payment institutions which are part of SEPA, SWIFT international transfers can be executed in a number of currencies, while BISERA and blink transfers are in BGN and between Bulgarian institutions only.
- Thanks to being part of the Single Euro Payments Area (SEPA), we support sending and receiving instant bank transfers in EUR to/from payment institutions which are part of SEPA in a matter of seconds. Keep in mind that such a quick transaction is possible only if the recipient’s bank also supports SEPA Instant transfers. Otherwise, the payment will be processed as a regular SEPA transfer, which can take 1 or 2 business days.
- When you want to make a transfer to an institution which is not a member of SEPA, your option is a SWIFT international bank transfer. With iCard for Business, you can send money to recipients within and outside the European Economic Area (EEA), which arrive for 3 to 5 business days.
- BISERA and blink transfers can be sent and received in BGN only. Blink transfers are instant, but keep in mind that the recipient’s bank also needs to support them. Otherwise, they will be executed as regular transfers through BISERA, which can take a day.
What to do if something goes wrong?
In order to avoid any possible mistakes, check all the necessary details before executing your transfer.
- If you need to cancel your outgoing transfer after completing it, you can start the process via the “Reversal request” button and we will take it from there. You can also contact us at support@icard.com by providing all necessary details – the recipient’s name and IBAN, as well as the amount and transfer reference.
- If your transfer takes an unusually long time to be sent, most probably we have asked for your cooperation and were waiting for you to provide us with additional information and documents so we could execute the transfer. If this was not the case, then the recipient’s bank might have put it on hold for additional checks.
- If you have been expecting money in your account for a while, check the status with the sender’s bank. If it turns out that the transfer has already been executed, contact us so we can conduct an additional check.
Internal transfers
With iCard for Business, you can make internal transfers to other iCard for Business accounts instantly and fee-free. You will only need the recipient’s account number (different from IBAN) to send your funds and they will receive the amount immediately. If you make a transfer to another user with a personal account within our system (e.g. iCard Digital Wallet user), it will arrive within a day.
What to do if something goes wrong?
If your transfer does not arrive within a day, contact us, and we will look into the issue. You may have entered the account’s number incorrectly, so make sure you double-check before you confirm your transfer.
Recurring payments
If you regularly have to cover any liabilities to the same recipient(s), with iCard for Business,you can set up the so-called recurring payments. Thanks to this feature, you never have to worry about unpaid bills again – rent, internet, or communal services will get paid automatically.
What to do if something goes wrong?
If your recurring payment is unsuccessful, check if you have sufficient money for the transaction to be executed.
If you have enough funds to complete the payment, make sure you have entered the recipient’s details correctly. Do not hesitate to contact us if you encounter any obstacles.
Mass transfers
The easiest way to pay recipients in one go is to make a mass payment. Such a transfer is excellent for, but not limited to, sending money to suppliers and partners as a regular bank transfer (SEPA, SWIFT, and BISERA – to local Bulgarian banks only).
You can create a list with all recipients, which you can upload to your account and use for every mass payment that you make. This way, you do not need to type in the necessary details every time. Your list should consist of one type of transfers only – SEPA/SWIFT/BISERA, etc.
If you make an internal mass payment (to other iCard accounts), it is free of charge. The fee for an external mass payment (to other accounts outside the iCard system) is calculated based on the number of transfers in your list, multiplied by the single transfer’s fee, according to the Tariffs for iCard for Business.
Another way of making transfers to multiple recipients within our system is via our Payroll module. Your employees can open personal iCard accounts and then easily receive their monthly payments. You can activate the service by contacting us.
What to do if something goes wrong?
If there are any issues once you fill in the list with recipients, you will see a message stating you should make changes before the mass transfer is executed. If there is no message on your display, therefore the mass transfer was already sent but it takes quite some time to arrive:
- check the payments’ status with the recipients;
- contact us to investigate the case.
Direct debits
With iCard for Business, you do not need to remember your due dates. Instead, you can use SEPA Direct Debits (in EUR only) to authorize merchants or service providers within SEPA to withdraw funds from your account on a regular basis. The functionality is ideal for utility bills, subscriptions, insurances, and other recurring payments, for which you want to ease your liability coverage. Note, however, that you cannot use iCard for Business to set up a SEPA Direct Debit in order to withdraw money from another business or person’s bank account.
What to do if something goes wrong?
You should make sure you have sufficient balance to perform the direct debit on the due date. In case your balance is lower, we will try to collect the amount two more times in the following working days. If this does not work, your direct debit will not be successful.
You can also contact the recipient to initiate the direct debit again once you fund your account.
Keep in mind you can only cancel a future direct debit and you should submit your cancellation via email at least 5 business days before the payment due date.
With iCard, your company’s financial management is at arm’s length. The business platform saves you time with its convenient payments, and you have complete control over every transaction. Thanks to the variety of services, you can find the perfect solution to your company needs. Besides, you get many more benefits that we are about to delve into with the upcoming blog posts.
Stay tuned and if you already want to ease your money operations, sign up for iCard for Business and discover new financial opportunities!
