Collection account – Incompass FX

The Global Collections account

For individuals and companies with a need to receive international payments from the US or Eurozone.

The challenge – too slow and too costly

International wire transfers are slow, expensive and error-prone. Your US and Eurozone clients would much prefer to pay you in their local currency and remove the costs and inefficiencies of international payments. You would prefer to receive the funds more quickly.

The solution – Global Collections

As the holder of a Global Collections account, we are able to issue you International Bank Account Numbers. In effect this creates a local Euro or USD bank account for your clients to be able to transfer into. Eliminating the need for international transfers.

*The USD transfer must be done via the ACH - Automated Clearing House.

*The Euro transfer must be done via SEPA transfer.

How it helps you

The Global Collections account allows you to collect money from your US and Eurozone customers as easily, fast and cost- effective as possible. In fact, it turns an international payment into a local one.

When you register

As you go through the registration process you will be asked to select which type of account(s) you require.

The options include:

Payment account
Collections account
Payments and collection account

The Global Collections account is for those with a need to collect payments from third parties based in the US or Eurozone.

In the case where you receive payments from other locations, you would need to open both the payment and collection accounts.

The Value Adds

For you.....

Receive money faster - funds show same day or next day (subject to scheme cut offs).
No banking fees, no big FX fees.
Receive the full amount invoiced - reconciliation is easy.
Benefit from a local bank account in another country without the hassle of opening one.
Easily expand globally and capture more business.
View the sender details - reducing risk and aiding reconciliation.

For your customers.....

Avoid expensive, confusing international payments.
Pay locally in the local currency.

How the Global Collections account works in Europe

We issue Euro-denominated International Bank Account Numbers (IBANs) to you. You can use these IBANs to collect funds locally from your European-based customers.
You can then convert the Euros to other currencies at agreed rates and send the funds back to your bank accounts or make payments to other parties.
EUR: Only EUR via SEPA Credit Transfer (SCT) will be accepted. Wire Transfers will be rejected.

EUR client cut-off times

SAME DAY - Funds must arrive before 07:30 GMT (08:30 CET)

NEXT DAY - Funds arriving after 07:30 GMT (08:30 CET)

How the Global Collections account works in the US

We issue Virtual Account Numbers (VANs) to you. You can use these VANs to collect funds locally from your US-based customers.
You then have the ability to convert the Dollars to other currencies at an agreed rate and send the funds back to your bank accounts or make payments to other parties.
US: Only USD via ACH will be accepted. Like above, Wire Transfers will be rejected.

USD client cut-off times

SAME DAY - Funds must arrive before 14:30 GMT (09:30 EST)

NEXT DAY - Funds arriving after 14:30 GMT (09:30 EST)

The Global Collections account

For individuals and companies with a need to receive international payments from the US or Eurozone.

The challenge – too slow and too costly

International wire transfers are slow, expensive and error-prone. Your US and Eurozone clients would much prefer to pay you in their local currency and remove the costs and inefficiencies of international payments. You would prefer to receive the funds more quickly.

The solution – Global Collections

As the holder of a Global Collections account, we are able to issue you International Bank Account Numbers. In effect this creates a local Euro or USD bank account for your clients to be able to transfer into. Eliminating the need for international transfers.

How it helps you

The Global Collections account allows you to collect money from your US and Eurozone customers as easily, fast and cost- effective as possible. In fact, it turns an international payment into a local one.

*The USD transfer must be done via the ACH - Automated Clearing House.

*The Euro transfer must be done via SEPA transfer.

What problem does it solve?

On average, companies write off 1.5% of their receivables as bad debt – for a $50M company, that equates to a $750K expense each year. In the UK, 50% of businesses receive late payments from customers overseas.

Global Collections helps alleviate the problem of delayed and overdue payments from overseas by using local accounts to collect money.

What does this mean in practice?

You get paid by your overseas customers faster.
Your customers can pay invoices locally, in their home country rather than using slow, expensive international wire transfers.
The money is available quickly (same or next day) and can be converted into any of our 35 currencies before being paid back to you.

What the Global Collections account does

The Global Collections account gives you local accounts to speed up payments in the US and the Eurozone, all without the need for opening up a local bank account.

As the holder of a global collection account, you will be able to collect USD or Euro payments without incurring fees and ultimately, receive money more easily.

Please note our minimum transaction is the currency equivalent of 1,000 GBP.

When you register

As you go through the registration process you will be asked to select which type of account(s) you require.

The options include:

Payment account
Collections account
Payments and collection account

The Global Collections account is for those with a need to collect payments from third parties based in the US or Eurozone.

In the case where you receive payments from other locations, you would need to open both the payment and collection accounts.

The Value Adds

For you.....

Receive money faster - funds show same day or next day (subject to scheme cut offs).
No banking fees, no big FX fees.
Receive the full amount invoiced - reconciliation is easy.
Benefit from a local bank account in country without the hassle of opening one.
Easily expand globally and capture more business.
View the sender details - reducing risk and aiding reconciliation.

For your customers.....

Avoid expensive, confusing international payments.
Pay locally in the local currency.

How the Global Collections account works in Europe

We issue Euro-denominated International Bank Account Numbers (IBANs) to you. You can use these IBANs to collect funds locally from your European-based customers.
You can then convert the Euros to other currencies at agreed rates and send the funds back to your bank accounts or make payments to other parties.
EUR: Only EUR via SEPA Credit Transfer (SCT) will be accepted. Wire Transfers will be rejected.

EUR client cut-off times

SAME DAY - Funds must arrive before 07:30 GMT (08:30 CET)

NEXT DAY - Funds arriving after 07:30 GMT (08:30 CET)

How the Global Collections account works in the US

We issue Virtual Account Numbers (VANs) to you. You can use these VANs to collect funds locally from your US-based customers.
You then have the ability to convert the Dollars to other currencies at an agreed rate and send the funds back to your bank accounts or make payments to other parties.
US: Only USD via ACH will be accepted. Like above, Wire Transfers will be rejected.

USD client cut-off times

SAME DAY - Funds must arrive before 14:30 GMT (09:30 EST)

NEXT DAY - Funds arriving after 14:30 GMT (09:30 EST)