When thinking about diversifying payment methods in a company, it is necessary to analyze those currently available on the market, considering different audiences : with or without access to credit, unbanked or not.
An example of a payment method that reaches the unbanked population is money orders. They are essential tools for transferring money safely and efficiently, and work in conjunction with financial institutions.
In this article, we will explore in detail what a payment order is , how it works and when it can be an advantageous option for your business. Check it out!
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What is a payment order?
A payment order, or ORPAG, is a mexico whatsapp number data filled out by individuals or legal entities to allow third parties to withdraw funds from the bank , often without needing a bank account.
It emerged around 1760, driven by English banks that used checks, and in Brazil, it began to be used in 1845, to facilitate commercial negotiations and money transfers between countries and cities.
Although it is still used, the payment order is considered an outdated option. According to a report by the Central Bank, around 78% of the population already has access to banking services .
Thus, it is a document in the form of a form, with a series of information about the person sending the money. With this information, another person is authorized to receive that amount in a bank, even without a checking account .
How does the payment order work?
A payment order works as a how is user experience measured? of document, issued by the government or financial institutions . Its usability is similar to that of a check — anyone who buys an order can also request its cancellation.
Thus, it helps the unbanked population to receive money, without the need for a checking account . They can be used for both personal payments and to pay off debts, for example. They can be issued by institutions, subject to an issuance fee.
There are several types of payment orders for routine use, and they can be useful in different situations:
Payment order types
- International check : This is ba leads the most commonly used form of payment order. It is issued by the payer’s institution and sent directly to the recipient. It can be issued in the local currency, but also in more stable currencies, such as dollars and euros.