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CareerSolutions > Virtuoso Cash Management > FPX
What is FPX?
Financial Process Exchange (FPX) is a National Internet Payment Gateway extended to local financial institution’s Internet Banking System to perform B2B, B2C & Collection transactions in real-time through MEPS.
It promotes transparency between the Seller & the Buyer in a buy sell transaction for not having to worry about having transacting accounts in the same Bank.
Benefits of using FPX
From a Buyer’s perspective
- Not credit card holder and yet able to purchase something online. An alternative to credit card.
- Real-time confirmation on payment status.
- Secure & reliable payment option.
- Make payment at any time from any location.
- Eliminate time for traveling and hassle for cash & cheque payments.
From a Seller’s perspective
- Direct credit of sales proceeds leading to effective cash management & forecasting.
- Guaranteed payment by Buyer’s Bank thus eliminating cheque returns or charge back in credit cards.
- Immediate confirmation of payment status.
- Greater market reach due to increasing and large number of participating Banks.
- Reduces business operating cost by allowing customers to pay online.
- Flexible reporting from financial institutions simplifies reconciliation process.
- An alternate payment option for customers who do not possess credit card(s).
How does FPX work?
