To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
No matter what type of business or company you’re running, sooner or later, you will need a business account for this. Agriculture is no exception to this rule. Even though it may seem that this industry is more connected with actual farming and taking care of crops and animals. Nevertheless, there’s always a financial side to any agriculture business, and here’s when a reliable banking solution can make your life much easier.
Genome offers multicurrency (USD, EUR, GBP) merchant and business accounts for companies in numerous spheres, including agriculture. The quick and simple online onboarding process, advanced functionality, and low fees – all this and more you receive with Genome.
Why use a banking solution as a farmer
Agriculture is not only about working in the field or on the farm all day. Just like any other business or company, it has a financial side too, which is not less important. No matter whether you’re only starting an agriculture business or already have large experience in it, it’s best to manage all the expenses and earnings in one business account.
It allows you to keep track of and manage all company transactions, receive payments from contractors and clients, apply for loans and lines of credit if needed. With some providers, you can even issue invoices, which makes trade a much faster and easier process for everyone.
Genome brings to the table one more cool feature to make all financial operations for your agriculture business smooth and painless. With the special My Team feature, one can add different members to an existing account. It’s especially convenient for bigger companies or if you’re running a business with some partners or relatives. One can choose specific roles for each person within an account. For example, an accountant can see all the transactions, but cannot use a card. At the same time, your business partner doesn’t have access to the list of financial operations and can only make transfers from the account, etc.
Farming gone online
E-commerce is slowly but steadily taking over the world. This process also has a huge impact on agriculture businesses, because many farmers shift to selling their products online through websites or special platforms. Because of the current situation with Covid-19 and all the restrictions in different countries, not all owners of agriculture businesses can run or have the funds to invest in physical stores. For some companies, delivering their products straight to clients (especially if these are larger orders) after online purchase makes more sense.
To accept and process all online payments, you will need a banking solution that provides a merchant account. It’s an account where all the money from sales is pooled up before being sent to a regular business account. For even more convenience, you open both of these accounts with the same provider. In such a way, you will have all the information and functionality in one place with a familiar interface. However, it’s not a requirement, and you can go for two different providers instead.
With Genome’s merchant account, you receive much more than just basic functions. You can also add multiple accounts and even make use of our 7 plugins for the following e-commerce platforms: PrestaShop, OpenCart, WooCommerce, Magento, Drupal, Shopify, and OXID. We also offer merchant analytics – a dashboard with statistical data on all the payments that happen within the account. You can track the approve and chargeback ratios, payout dates, volumes, and many more indicators. Don’t forget that we support different currencies, such as GBP, USD, EUR, which is great for farming companies that operate internationally.
What are agricultural businesses?
Agribusiness can be divided into two broad groups: livestock and crop production. By rearing animals, one can further sell meat, wool, dairy products, etc. In the second case, farmers are growing crops, fruits, vegetables, and flowers.
What are examples of agriculture businesses?
The possibilities in this sphere are endless but depend, to a great extent, on the weather conditions, soils, climate, and many other factors that humans cannot control. Thus, the range of agriculture businesses will vary from country to country. Some of the most common examples are the flower business, poultry/dairy/mushroom farming, etc. However, there are also more unconventional and, consequently, more challenging categories such as snail farming and exotic vegetable cultivation.
Which agriculture business is best?
The success of any agribusiness relies upon many things, such as the region, demand on the market, economic situation, and so on. For instance, Holland is famous for its tulip farming, but the competition there is just huge. In Europe, sheepmeat production is currently the most developed in Spain, France, Romania, and Ireland. Italy is famous for its wine production, etc.
What business can I start in agriculture?
Here you’re only limited by your imagination. Analyze the market, do the SWOT (Strengths, Weaknesses, Opportunities, Threats), make sure that you have enough money to invest or will need to receive a credit line, and choose the agriculture business that will be the most profitable in a particular country. Finally, don’t forget about a safe banking solution for your business account and a merchant account (if you’re planning to receive payments by card or sell products on the website).