Fact: doing international business isn’t always a cheap undertaking. It may be absolutely worth the reward, but going from local trade to global trade means that costs can quickly stack up.
Crossing borders means time and money, which is where fintech - financial technology that’s managed to keep up to date with modern business/payment methods - can really shine. Compared to the older, slower methods used by banks, international payment solution options like SWiM PAY is agile and efficient, constantly upgraded to match the current financial climate, and protected by cybersecurity that’s just as top notch as any used by the big global banks.
When it comes to sending money, reducing costs should be your number one priority - here’s how efficient international payment solutions like SWiM PAY will help.
Unlock faster, more agile payment
When it comes to efficiency and savings, big banks just aren’t up to scratch. They might have the reputation, built up over the decades before the internet when fast payment wasn’t an option, but all of that has changed.
Agile payments with reduced costs offer a range of benefits that banks often can’t provide, with speed being one big factor. These include:
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Streamlining: Delays always have knock-on effects. You might think waiting a little longer for a payment to clear isn’t a big deal - and that may be true if it’s one individual sending funds to another - but businesses are hit much harder by delays.
Juggling multiple sales and transactions is a production line that needs to move smoothly, which is where digital/e-wallets can shine. They can help to streamline your entire sales process, improving the cash flow and letting you keep moving on to the next task without monitoring for sluggish incoming payments.
Cash flow management is an often overlooked aspect of doing business globally, but it can balloon into a chore if you don’t have an efficient system in place. E-wallets have a ton of benefits, but perhaps the greatest is streamlining your operations, letting you make quick, decisive actions and reducing costs in the long run.
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Reduced fees for transactions: Speaking of knock-on effects, for businesses selling multiple products and services - especially small sales at a high volume - the cost of doing business globally has often been a deal breaker. Attaching a transaction cost for each and every small payment cuts into your profits each time, making it absolutely worth finding a more efficient way.
International payment solutions like SWiM PAY’s e-wallets tackle this problem head on, massively reducing costs over time with reduced fees. Whether you’re selling big ticket items or selling in bulk, they give you a better way to make international payments without constant stress over mounting fees.
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Scalability: Reaching new audiences across borders is the essential goal of any international business. But crossing borders means dealing with regulations, banks with differing standards and - most importantly - cash flow delays. When money doesn’t move as it should, this can lead to breakdowns in business relationships and unsatisfied customers, which means slashed profits and fewer opportunities to scale.
With efficient international payment solutions for business, everything changes. Scaling your business becomes so much easier with fast-moving funds, letting cash flow in and out without hassle or extra admin, keeping your supply relationships strong and giving you a key advantage over the competition.
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Customer Satisfaction: Speaking of satisfied customers, the people buying from you will be expecting efficiency, without the extra costs that come with border-crossing payments. Online business in the current year is a lightning-fast space where details are auto-filled and purchases are made in a few clicks, giving people the expectation of efficiency. Patience was a virtue back in the old days, but online business has more or less shattered that principle.
Fast, efficient international payments build customer loyalty and retention. How you handle someone’s money may be the key moment that decides whether you have a customer for life, or whether they’ll be closing the tab and buying from your competitor.
The Takeaway
By taking the time to understand your options for international payment solutions, you can reduce costs, scale your business and stay ahead in the global market.
SWiM PAY’s e-wallets and digital payments help you dodge hefty fees, letting you make and receive payments fast. Check out more info on our services, or check out our up-to-date foreign exchange rates to see how you can get the best exchange rate for international money transfer!
