A balance is a statement of the amount that you have deposited and standing in an account. You can use your balance when, for example, ordering shipments in Shipmondo.
What is a balance?
Balance refers to the current amount of money or funds available in an account, whether it’s in a bank, an online payment service, or another financial platform.
It is composed of the difference between incoming and outgoing transactions on the account at a given point in time. Taking all income and expenses into account, the balance represents the remaining amount of money in the account.
If the balance is positive, it means there is a surplus, and you have funds available to use. Conversely, if the balance is negative, you have spent more than was available, and you owe money.
You are likely familiar with this concept from your personal finance on your bank account, where deposits and expenses occur regularly.
What is balance payment?
Balance payment is a prepaid method of payment where you deposit money into an account, which is later used to cover the costs of various services or purchases.
When you choose balance payment, you deposit money into a personal account, and this account functions as a form of credit that can be drawn from when you make transactions.
When you want to pay for a service or a product, the required amount will be deducted from your balance as long as there are enough funds to cover the costs.
There are many advantages to using balance payment, one significant benefit being that you don’t need to enter payment details every time you make a payment since the funds are already available in your balance.
Additionally, you are in a better position if there are any issues with a payment service provider since you can still make purchases using your balance.
Balance payment in Shipmondo
You can use your balance to pay for the shipments and additional services you purchase through Shipmondo.
You can take advantage of balance payment if you have many shipments every month, as it saves you from entering your card details repeatedly.
It is essential to keep an eye on your balance and ensure that there are always sufficient funds to pay for the desired services or products.
If your balance becomes low, it means you can no longer create shipments, and your customers won’t be able to book return shipments through your Shipmondo Return Portal.
You can top up your balance with any desired amount or set up an automatic top-up in Shipmondo to avoid having a low balance.
Alternative to balance payment in Shipmondo
In Shipmondo, you can always pay with a credit/debit card if you prefer not to use balance payment when creating shipments.
You can save your card details on your Shipmondo account, making payments faster and allowing you to spend your time elsewhere.
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