How E-Commerce Sellers in Vietnam Collect USD Payments from Foreign Customers and Convert Locally

Introduction

Getting paid in US dollars in Vietnam is not a problem, but it's a great convenience if you know how to do it. Let's assume you are an ecommerce seller, have an online business, or work on projects with clients from another country. By this, you will need a USD-receiving account in Vietnam for safe and easy financial transactions. Therefore, this article introduces you to - How E-Commerce Sellers in Vietnam Collect USD Payments from Foreign Customers and Convert Locally, introduce the potential available in the market, and finally, discuss the benefits of using TransFi's payment solutions to affect your USD payouts quickly and cost-effectively.

International payment gateways Vietnam

Vietnamese sellers have several options for facilitating cross-border payments:

Payment Gateways: These services integrate with a seller's website or app to securely process payments. Popular options in Vietnam include:

Transfi Bizpay: Facilitates the integration of popular Vietnamese e-wallets (MoMo, ZaloPay, Moca) and local bank transfers, and also supports transfers in stablecoins and digital assets.

MoMo: A widely used e-wallet in Vietnam with a large user base. It can be integrated by international merchants through platforms like Tazapay, allowing access to over 31 million Vietnamese users.

ZaloPay: Another popular e-wallet integrated with the Zalo messaging app.

VNPay: A major payment gateway supporting various methods, including QR codes (VietQR) and bank transfers, playing a key role in Vietnam's national payment infrastructure (NAPAS).

9Pay: Offers diverse payment solutions and integration options for businesses.

PayDollar Vietnam (AsiaPay): A regional provider with strong security features, supporting various digital payment methods like credit/debit cards, bank accounts, and e-wallets.

Stripe & Adyen: Global platforms that also operate in Vietnam, enabling the acceptance of international card payments.

PAYCLY: A payment service provider that supports multi-currency transactions and various payment methods, including e-wallets, bank transfers, and cryptocurrencies.

NAPAS: The domestic payment scheme in Vietnam, mainly for local debit cards but also processes international cards.

Integrations and Merchant Accounts for Vietnamese e-commerce sellers

API Integration: For websites and apps, sellers typically use the provider's APIs to connect their systems to the payment gateway.

Plugins/Extensions: Many e-commerce platforms (e.g., WooCommerce, Magento) offer plugins for easy integration with popular payment gateways.

Payment Links: Some providers offer payment links that sellers can share with customers for online payments without a full website integration.

Merchant Account: Sellers need to register for a merchant account with their chosen payment gateway or platform, which involves providing business details and completing a verification process (KYC).

Important Considerations for Vietnamese Sellers

Local Payment Preferences: Prioritize payment methods popular with Vietnamese consumers, such as e-wallets and QR codes.

Security: Choose payment gateways with robust security measures and fraud protection.

Multi-currency Support: If selling internationally, ensure the platform supports multiple currencies.

Compliance: Stay informed about the evolving e-commerce and payment regulations in Vietnam to ensure compliance.

Transaction Fees: Compare the transaction fees and foreign exchange rates of different payment providers.

Ease of Integration: Select a platform that integrates smoothly with your existing e-commerce setup.

By understanding these options and regulations, Vietnamese sellers can effectively navigate the landscape of cross-border payments and expand their businesses globally.

Best way to collect and convert USD payments in Vietnam

For Vietnamese sellers looking to collect and convert USD payments, Transfi Bizpay is the most relevant platform with several features and benefits. Here's how it can be used and what it offers:

Transfi for Collecting USD Payments in Vietnam:

USD Receiving Account: Transfi enables Vietnamese freelancers, remote workers, and businesses to receive USD payments without needing a traditional bank account with high initial deposit requirements. This can be done online, offering convenience.

Multiple Payment Methods for Senders: Senders can pay you via various methods, including bank transfers and Transfi's Payouts service, which aims for fast and secure USD transfers.

Effortless Cross-Border Payment Collections: Transfi is designed to simplify the process of receiving international payments, addressing the complexities of different regulations, payment methods, and exchange rates.

Global Payment Collection, Simplified: Transfi aims to provide a smooth payment solution for businesses dealing internationally, ensuring a secure and frictionless experience for both the seller and the customer.

Integration with Local Payment Methods: While focusing on USD, Transfi also integrates with popular Vietnamese e-wallets like MoMo, ZaloPay, and Moca, as well as local bank transfers. This allows for a comprehensive payment ecosystem.

Payment Links: Transfi offers payment links, which can be useful for receiving USD payments without needing a full website integration.

Transfi for Converting USD to VND:

Multi-Currency Support: Transfi supports multiple currencies, including USD and Vietnamese Dong (VND). This suggests the capability to hold balances in USD and potentially convert them to VND.

Global Multi-Currency Account: Transfi offers a "Global Multi-Currency Account" that allows users to receive payments in major currencies and convert them to VND.

Competitive Exchange Rates and Low Fees: Transfi highlights its low fees and competitive exchange rates for cross-border transactions and currency conversions, potentially offering savings compared to traditional banks.

Stablecoin and Digital Asset Transfers: Transfi also supports transfers in stablecoins and digital assets, offering an alternative way to manage and potentially convert funds.

Transparency: Transfi emphasizes transparent pricing with no hidden charges on pay-ins and payouts.

Transfi's Specific Features:

BizPay: A product designed for effortless global payments, offering features like AI-based dynamic routing, access to numerous global payment methods, an AI-enabled risk engine, and a developer toolkit.

Payouts: Enables making payouts in over 100 countries using various currencies and local payment methods with real-time updates.

Collections: Allows sending payment links and settling in fiat or stablecoins.

Wallet: A multi-currency wallet for storing and managing balances across fiat currencies and digital assets.

In conclusion, Transfi is a viable option for Vietnamese sellers looking to collect USD payments and convert them to VND due to its focus on cross-border transactions, multi-currency support, integration with local payment methods, and emphasis on lower fees and efficient transfers. Sellers should explore their specific needs and compare Transfi's offerings with other available payment gateways and platforms to find the best fit for their business.

Conclusion

If you’re dealing with an e-commerce platform in Vietnam looking for an easy, secure, and cost-effective way to manage payments from clients across the world, Transfi Bizpay is the ideal solution. With virtual accounts in major currencies, you can receive funds without worrying about bank delays or high transaction fees.

When choosing the right platform to Collect USD Payments from Foreign Customers and Convert Locally in Vietnam and carry out other finance operations, users should consider factors such as integration compatibility, processing fees, supported payment methods, security features, and the reliability of customer support. The best platform for you will depend on your specific requirements, such as the volume and frequency of transactions, the countries you're dealing with, and your budget. Checkout Transfi’s Bizpay for easier transactions, faster payouts and collections and simplified transfers.

Frequently asked questions (FAQs)

What are the important things to consider for e-commerce sellers in Vietnam?

Local Payment Preferences
Security
Multi Currency support
Compliance
Transaction fees
Ease of integration

What are some of the efficient payment platforms for e-commerce sellers in Vietnam?

Transfi
Momo
Zalo Pay
VNpay
Stripe and Adyen

How can e-commerce sellers accept and convert payments to local currency from international clients?

E-commerce sellers can receive and convert international payments through various online platforms such as Transfi. Transfi is a viable option for Vietnamese sellers looking to collect USD payments and convert them to VND due to its focus on cross-border transactions, multi-currency support, integration with local payment methods, and emphasis on lower fees and efficient transfers.

What are the integrations and Merchant Account options available for Vietnamese e-commerce sellers?

API integrations
Plugins/Extensions
Payment links
Merchant account

Why is Transfi one of the best platforms to accept cross border payments for e-commerce platforms?

Easy scheduling and managing
Low fees and transparent pricing
Realtime global access
Integration with payment platforms
Variety of payment methods
Security and legal compliance

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Effortless Cross-Border Payment Collections

As the world becomes more interconnected and businesses engage in global trade, the seamless collection of payments from across the globe is increasingly important. Whether you're an eCommerce merchant, a freelancer, or a global enterprise, TransFi’s Collections make collecting payments from customers and partners worldwide not only easy but also secure and efficient. TransFi eliminates unnecessary delays and currency exchange complexities, ensuring your funds are always readily accessible. Our Collections product provides a fully compliant, scalable payment infrastructure with support for over 50 currencies, offering instant settlements in stablecoins or other fiat and digital currencies.

By using TransFi’s Collections, businesses can provide their customers with easy-to-use and familiar local payment options. Our Collections product not only automates business payments but also streamlines global transactions, ensuring the utmost efficiency and reliability for businesses worldwide.

Global Payment Collection, Simplified

Due to differences in regulations, methods of payment, and currency exchange rates, international payments can be difficult to manage. TransFi Collections overcomes these barriers by providing a single platform for companies that allows for multiple methods of payment, such as bank transfers, e-wallets, and stablecoin settlements. This enhances operational efficiency and reduces manual work by allowing businesses to track, manage and reconcile payments through a single dashboard.

TransFi allows businesses to automatically generate and manage invoices, attach supporting documents, and issue reminders to customers to foster effective collections. This proactive approach reduces payment disputes and delays, all while improving cashflow and financial management.

Seamless Payment Collection Experience for Businesses and Customers

TransFi Collections is designed to give businesses an efficient and smooth payment solution with the assurance of a secure and frictionless customer experience. Through our platform, businesses can accept payments in local currencies and convert automatically to stablecoins or fiat, making the hassles of currency exchange a thing of the past. With rapid and trusted settlement, businesses do not have to wait for slow international banking processing times anymore, gaining quicker access to funds. Our APIs can also be incorporated directly within the platforms of businesses, minimizing manual intervention and facilitating payment processing. TransFi Collections also provides real-time insight into transactions using different analytics and reporting tools, empowering businesses with key insights. No matter your requirement, be it managing recurring payments, processing single invoices, or dealing with bulk collections, our solution automates payment workflows to reduce administrative efforts and maximize efficiency. By simplifying the payment processes for both companies and their clients, TransFi Collections optimizes financial operations so that firms can concentrate on development and customer satisfaction without worrying about delays in settlement or complicated integrations.

Benefits of Partnering with TransFi for Cross- Border Payment Collections

Collaborating with TransFi for cross-border payment collections guarantees an efficient and seamless process for companies across the world. With borderless payment collection, companies can receive payments anywhere in the world without having to go through different banking networks or paying high conversion charges. TransFi Collections allows companies to collect money from foreign customers through local payment channels, thus providing greater reach and conversion rates. Real-time settlements remove the delays of traditional banking and allow payments to be made in stablecoins or fiat instantly, providing continuous cash flow. Automated invoice processing streamlines payment processes, saving manual labor and boosting efficiency by creating invoices, adding required documents, and sending timely reminders. Scalable API integration enables businesses to seamlessly integrate TransFi Collections into their current platforms, making global payment collection scalable and efficient. Advanced security and compliance provide the assurance that all transactions are encrypted, secure, and regulated to the highest standards. TransFi Collections is not merely a payment gateway but a full suite of solutions empowering businesses with scalable, compliant, and efficient payment collection services. Whether you collect payments from suppliers, freelancers, or international customers, our platform provides timely, cost-saving, and secure transactions. Step into a digital future of payments with TransFi and feel the force of borderless, seamless collections.

Empower Your Business with TransFi Payment Collections

TransFi Collections is not only a payment gateway but a complete solution that empowers businesses operating across borders with secure, cost-effective, compliant, as well as scalable payment collection tools. From payment collections for goods and services to e-commerce transactions, TransFi Collections provides effortless, secure, and instantaneous settlements.

With TransFi, businesses can experience the future of digital payments and the power of borderless and hassle-free collections. Our user-friendly dashboard facilitates seamless transactions and allows businesses to collect payments against goods and services, experiencing transaction speeds in seconds. Freelancers and influencers can also benefit from real-time transactions, enhancing the efficiency of their global payment collections. Using our secure and scalable stack, e-commerce businesses can achieve 90%+ conversion rates, 99%+ uptime, and low latency, ensuring enterprise-level performance.

Integrate TransFi Collections with your business and experience secure, seamless, and scalable payments that are not only efficient and reliable but also globally compliant.