Unlock the Benefits of Faster Cross-Border Payments
In today’s global economy, cross-border payments have become an integral part of doing business. With the rise of eCommerce and the need for businesses to expand their operations globally, companies are now dealing with customers and suppliers from all over the world.
Slow and inefficient cross-border payments, however, can hinder a business’ growth and success. They create significant problems, such as cash flow issues, customer dissatisfaction and increased costs. They also result in undesirable outcomes, such as missed payment deadlines, delayed shipments and lost opportunities.
WIth so much on the line, how can global companies overcome these obstacles and reap the benefits of faster cross-border payments? Let’s explore.
The importance of fast cross-border payments
The speed in which cross-border payments are processed is important for a number of reasons:
If your company relies heavily on cross-border transactions to buy and sell goods and services, time matters. If payments are slow, your company becomes unable to pay suppliers, employees and other expenses in a timely manner - which then impacts your company’s cash flow and overall business efficiency.
Traditional cross-border payments use international correspondent banking coordinated by the SWIFT network. While generally reliable, this system greatly increases the cost of a bank to bank transfer as multiple parties will handle the transaction, each levying fees. Having the ability to collect and send payments using a local bank in each of your markets instead means that all of your payments are processed using domestic systems, which are not only faster but considerably cheaper.
If your business regularly deals with customers from different countries, faster payments can improve customer satisfaction. Why? Customers are more likely to return to a business that provides them with quick and easy payment options. Slow cross-border payments, however, more than not lead to frustration and dissatisfaction - leading to customers switching to a competitor.
Fast cross-border payments give companies a competitive advantage. By being able to offer faster and more efficient payment options than the competition, companies can attract more customers and retain existing ones - which can help businesses like yours increase market share and grow revenue.
Accelerating cross-border payments with Currenxie
Currenxie helps businesses streamline payment processes and improve their bottom line. Our range of payment solutions are designed to make cross-border payments faster, more efficient and more cost-effective. Benefits include the ability to:
Manage global payments from a single account
One of the key benefits of using Currenxie for global payments is access to multi-currency accounts. These accounts allow businesses to receive and make payments in different currencies, eliminating the need for companies to open separate bank accounts in different countries. This can be a time-consuming and expensive process, as businesses may have to pay fees for each account they open. With a multi-currency account, businesses can manage all their global payments from a single account.
Streamline and accelerate payment processing
Another key benefit of using Currenxie for global payments is access to fast and secure payment processing. Able to process transactions quickly and securely, our platform is designed to significantly reduce the time and cost associated with managing cross-border payments.
Access highly competitive exchange rates
In addition to offering multi-currency accounts and fast and secure payments, we also offer real-time exchange rates, enabling businesses to make instant decisions about foreign exchange transactions. This means companies can take advantage of favourable exchange rates and make quick decisions to optimise their cross-border payments. By providing real-time, mid-market exchange rates - more competitive than traditional banks - we help our clients reduce transaction costs and process payments more quickly.
Receive personalised customer service
Lastly, our personalised service and customer support team help businesses navigate the complexities of cross-border payments. Working closely to understand their unique payment needs, we in turn help companies get quick responses to questions or issues they may have, reducing the time it takes to resolve payment related issues.
In conclusion, there are many benefits to accelerating cross-border payments and companies like Currenxie can help your business realise the benefits and process payments more efficiently and cost-effectively. If you’re looking to achieve this or learn more, visit currenxie.com/apply now and sign up for an account today.