Businesses struggle with long processing and settlement time for international transfers and the hassle of looking for liquidity in another currency. Beyond the inconvenience associated with these problems, there is the much bigger issue of losing money due to late settlement time, high exchange rates, hidden fees, etc.
Of course, these losses can impact the bottom line. This is why businesses need efficiency regarding international transfers and cross-border payments. The World Bank believes faster, cheaper, and more transparent cross-border payment services will not only transform individuals' lives but also support economic growth, financial inclusion, and global development.
Here are four quick wins you can adopt to improve international payment efficiency for your organisation
Go Digital
While peer-to-peer payments are still common over channels like Telegram, they are unsafe. This year, Statista projects the total transaction value in the digital payments market to reach US$195.50bn. It is only right to join the right wagon. Making the switch to a digital platform like WeWire that keeps your funds and business information secure is paramount. Conducting cross-border payments under the appropriate regulatory and compliance requirements protects you and your business.
Go for lower fees and faster time.
Foreign exchange rates often fluctuate, which can impact the final settlement amount. However, you should be bullish on some things because they ideally should be stable: transaction fees and processing time. To get the best value for your money in a cross-border transaction, you need competitive rates, minimal fees, and quick settlement time. WeWire offers one of the best turnaround times in the market: 24-hour Turnaround time for offshore payments and instant deposits for local payments.
Explore multiple payment methods.
To create a more efficient international payment system for your organisation, avoid being limited to one payment method. Explore card payments, international transfers through the OTC desk, multi-currency wallets, etc. Choose the best method for your transaction based on its value and volume.
Go for a regulatory-compliant platform.
One of the lure of digital platforms for international transactions is the speed and promise of security of funds. The main barrier to global expansion is a perceived high risk of payment fraud. However, a recent survey by MasterCard showed that the fear of such fraudulent activity prevents more than 25% of SMEs from trying to make online cross-border payments. Verifying details like registration and operating licence for the entity facilitating the transaction will protect you and your organisation.
Efficient, safe and secure cross-border payments with WeWire
We understand what businesses need regarding cross-border and fx transactions: speed, reliability, deep liquidity, and funds security. Our solutions are built to deliver on these four things and give you a bird-eye view of all your transactions through our dashboard. Ready to make efficient international payments? Sign up HERE.
