What are Financial Transactions? How to Pay Safely for Your Business
Financial transactions are the process of money movement between various parties involved in buying and selling goods and services, whether it's making payments, transferring money, or receiving money.
Financial transactions are considered the heart of driving modern businesses, especially in the online world where buying and selling of goods and services occur constantly. Having smooth transaction channels, including a smooth online payment system, is something everyone needs to pay attention to. This is because efficient financial transaction management not only helps streamline operations but also builds credibility for your business. So, what are financial transactions? What do they involve? And why are financial transactions necessary for businesses? Let's find out.
Article Contents
• Financial Transactions: What Businesses Should Know? Understand the Basics Before Selling with Confidence
• 5 Advantages of Financial Transactions Today
• Precautions for Financial Transactions
• KGP: Meta Pay Payment Service for Facebook Sellers
• Frequently Asked Questions (FAQs)
• Financial Transactions: Enhancing Convenience in Buying and Selling for Modern Businesses
What are Financial Transactions? Understand the Basics Before Selling with Confidence
Financial transactions are the process of money movement between various parties involved in the buying and selling of goods and services. Whether it's payments, money transfers, receiving money, or even expense management, all are financial transactions that occur in the daily lives of entrepreneurs. In the past, merchants might have mainly accepted cash, but as technology developed rapidly and consumer behavior changed, trading channels increasingly moved online. Secure online transactions through banks or online banking transactions have therefore become essential. They not only help reduce risks but also increase business credibility.
5 Advantages of Online Financial Transactions Today
Current financial transactions offer greater convenience, speed, security, and accessibility, making daily life and business operations smoother than ever. Here are 5 advantages:
1. Easy Account Opening from Home, No Need to Visit the Bank
You can open a business account online or through banking applications without wasting time traveling to a branch, allowing you to conduct necessary financial transactions immediately.
2. Cardless Cash Withdrawal, Worry-Free Security
Although online financial transactions are very popular, cardless cash withdrawal is another safe option that reduces the risk of card usage or carrying large amounts of cash.
3. Pay Bills, Shop – All in One App
Today's banking applications can manage comprehensive financial transactions, allowing businesses to manage bill payments and various expenses in one place, while reducing the chance of errors in financial transactions, such as incorrect data entry, as well as convenient shopping.
4. Buy and Sell Funds and Stocks Online Anywhere
Accessing online funds and stocks anywhere, anytime, helps entrepreneurs efficiently manage surplus working capital and opens opportunities for investment or short-term fund parking conveniently, without the complex procedures of the past.
5. Free Deposit Fees, No Minimum
Digital payment acceptance, such as QR Payment, money transfers via Mobile/Internet Banking, and Payment Link, helps businesses, especially shops and SMEs, receive money from customers quickly and verify it instantly. This reduces the burden of cash management and the risk of cash loss. Additionally, fees are lower or there are no complex minimum deposit requirements, which helps reduce costs and benefits businesses of all sizes.
Precautions for Financial Transactions
Although online financial transactions offer convenience and speed to businesses, it cannot be denied that they come with risks that entrepreneurs and merchants must be aware of.
• Choose a reliable platform: Before conducting financial transactions, such as receiving or transferring money, always check for reliability. And for those who conduct financial transactions via computer networks, a secure network should also be used.
• Emphasize payment channels with identity verification: Use payment systems with OTP verification or 3D Secure technology to reduce risks.
• Keep information confidential: A precaution for online financial transactions is to never disclose passwords, OTPs, or identity verification information to others to prevent unauthorized access.
• Use strong passwords: An important step before conducting financial transactions is to set complex, difficult-to-guess passwords that are unique for each system your business uses, and change passwords regularly.
• Be cautious about disclosing information: Do not disclose sensitive financial information of your business, such as business account numbers, credit/debit card details (including CVV), or login information for various systems.
• Set appropriate limits: Review and set maximum limits for online financial transactions through your business accounts or company cards to align with actual usage needs.
• Monitor account activity: What should not be overlooked in financial transactions is to regularly check bank statements and reports from payment systems.
• Contact the bank if anything unusual is found: If you find suspicious transactions or unusual activity, promptly contact the bank to investigate or suspend the transaction.
• Stay updated on cyber threats: Pay attention to news about cyber threats and new fraud schemes from reliable agencies like TB-CERT.
KGP: Meta Pay Payment Service for Facebook Sellers
For entrepreneurs and merchants selling on Facebook, financial transactions like closing sales and receiving payments will no longer be complicated when using KGP services. KGP helps streamline financial transactions through Meta Pay on Messenger, allowing customers to confirm orders and pay for goods instantly via QR Code, bank transfer, or credit/debit card without leaving the chat screen.
• Close sales in chat easily and quickly: Send the amount to be paid in Messenger. Customers can pay immediately without switching apps. Shops can easily check the status and receive money faster.
• Increased convenience, supporting various channels: Increase sales opportunities with various payment options, including money transfer/QR Code or credit/debit card.
• Confident, secure, worry-free: The system automatically updates payment status and attaches slips, reducing the risk of using fake slips.
Frequently Asked Questions (FAQs)
What is the minimum age for financial transactions?
Generally, to open a bank account or conduct financial transactions, one must be at least 15 years old or meet the criteria set by law and each financial institution.
Financial Transactions: Enhancing Convenience in Buying and Selling for Modern Businesses
Today's online financial transactions offer convenience, speed, and security, along with many advantages such as online account opening, cardless cash withdrawal, and bill payment and shopping all in one app. However, entrepreneurs should be aware of security precautions such as choosing reliable platforms, identity verification, keeping information confidential, and regularly monitoring account activity.
KGP facilitates smoother online sales by connecting the Meta Pay payment system on Messenger. Customers can pay instantly while chatting with shops on Facebook pages. Customers simply shop, chat, and confirm their order, and sellers can close sales and receive money immediately. Additionally, KGP offers a variety of online payment systems that meet all customer needs, including Mobile Banking, Online Direct Debit (ODD), PromptPay QR, Payment Link, E-Wallet from TrueMoney Wallet, or credit/debit cards. This makes KGP an important assistant in increasing the convenience of accepting payments and boosting online sales growth.
KGP, Payment. Make It Smooth.
LinkedIn : Kasikorn Global Payment
References
1. Guidelines for disclosing information on IT system failures affecting important services of commercial banks. (2019, August 22). Bank of Thailand. https://www.bot.or.th/content/dam/bot/fipcs/documents/FOG/2562/ThaiPDF/25620181.pdf
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