Money transfers are integral to any person that uses the financial services of banks or payment service providers.  It is no wonder that there are many types of transfers, such as ACH or wire payments. So, our team at Genome decided – why not explain what ACH and wire transfers are and the difference between wire transfers and ACH? Let’s get to the bottom of this right away! What you need to know about the ACH bank transfer The ACH money transfer is an electronic payment method made with the help of the Automated Clearing House network. This way, the

For many, their financial journey starts when they open a bank account – a gateway to multiple banking services. However, today we witness an abundance of banks and fintech companies, which is overwhelming for some when picking a new bank or financial provider.  Thus, some people need guidance when they choose a bank for the first time. And Genome is here to help! Our team is here to explain how to select a bank account depending on your needs, the types of accounts, and what features are preferable for these accounts. How to choose the right bank: 8 principal tips

When you sell products and services, you need to know your client base. It includes research on what payment methods they prefer. And, as it is an extensive topic, we will get to it country by country. So today, Genome takes a look at the most used payment methods in Germany so merchants know what to expect from their customers in this market.  What is a payment method? Before discussing the popular payment methods in Germany, let’s first dissect the term.  It is a payment option a client chooses to purchase goods or services either in-person or online. There are

Lately, our team has embarked on a journey of describing all the main aspects of financial services for companies. And now, it is time we explain how you make international money transfers for business. Interested? Read on and find out more – with Genome! What is an international money transfer? An international money transfer refers to a process of you using a certain transfer system to send funds abroad, as opposed to when you transfer money domestically – within your country. So, you can make personal as well as international payments for business. Usually, international transfer involves more than one

Virtual cards – another essential part of digitalization within the financial sphere. But what are these cards exactly, and how can they be used for your company? Genome is here with all the answers! Find out about virtual cards for business and how to order them in this article.  What are virtual cards for business? Before diving into the business virtual cards, let’s first take a look at virtual cards in general. Don’t be misguided by the “card” part of the naming – it is just a term and does not include a plastic card in its original form. Instead,

When you run a company, there’s a big chance that sometimes you will need to make multiple payments simultaneously. It may seem overwhelming, but the truth is that the banking industry has taken care of that. We are talking about mass payment solutions – tools that allow you easily instruct transfers in bulk. But how do mass payouts work exactly? Let’s uncover it all in this Genome article.  Why do you need mass payouts? Maintaining a company entails multiple processes, and making numerous transfers is one of them. For instance, you may need to send payments to your employees and

In 2021, the number of non-cash payments amounted to 114.2 billion in the euro area alone. Needless to say, our daily lives are full of transactions.  So, an important question arises: are you sure you understand the difference between a personal and a business transaction? Today, Genome’s team is here to sway away all the doubts you may have about what business transactions are.  Definition of a business transaction Generally, a business transaction is a broad term representing a process during which two or more parties exchange money, products, or services. The common denominator with all these transactions is that

For those of us with busy lives, it’s hard to imagine even a day without using a card. It allows us to pay for stuff – whether at home or outside efficiently.  But what if you need a card for your business expenses? Well, you can definitely get it! Let our team explain what debit cards for business are and how to get your perfect corporate card at Genome.    Business debit card – why would you need it? It is pretty simple. It is a type of card you can use to pay for expenses related to your company. For

The world of 2022 is fast-paced and filled with solutions for bettering people’s day-to-day lives.  One such solution is contactless payments, and we at Genome consider it to have a vital place among other essential technologies in the banking sphere. As you might have guessed, today we dedicate an article to this topic, explaining the contactless payments phenomena, its benefits, and its usage. What are contactless payments?  It is a method of payment that requires no contact with the point-of-sale reader when you make a purchase. Instead, you hold your phone or card near the reader to pay. Let’s make

If you live within the EU, IBANs are essential to your everyday banking experience, as you need an IBAN to send and receive money. But have you heard about virtual IBANs? Or maybe you are confused about how the virtual IBAN differs from a regular one? Today, Genome will answer all these questions! Let’s first brush our knowledge on what the regular IBAN is and then dive into the distinction between these two terms.  What is an IBAN, and why do you need it? It is an International Bank Account Number, using which you can make and receive international money