Growing your business to be an international success can take years of hard work and dedication. Once you have a foot on the global stage, the realisation that you may need to make international payments may present a challenge.
This can be a huge part of business so being able to streamline this process as much as possible is integral to your success.
The challenges of international money transfers
Being able to transfer money to different territories is essential for fulfilling billing obligations, hiring more talent and other business operations.
However, this simple payment often comes with challenges. High fees are a common issue, with businesses having to factor in additional fees to their financial planning each time. Another factor to consider is exchange rate fluctuations as this can affect how much you end up paying overall.
Slow transfer speeds can often cause problems too. If you don’t plan accordingly then it may result in the payment being late even though you sent it on time. This can result in penalties and difficult business relationships.
Key features to look for in a business money transfer solution
If you are in the market for a new way to make money transfers for businesses then keep an eye out for certain features.
Low fees are an obvious benefit for organisations. Although it would be nice to eliminate these fees completely, that isn’t on the horizon at the moment so look for low fees that you can justify. You should also look for multi-currency support so you can keep payments in one place.
Transfer speeds are important as well, ensuring your bills and payments get made in a timely fashion, and keeping your reputation intact.
How businesses can reduce costs on international transfers
Reducing costs is a large part of streamlining processes, but you don’t want to compromise on the quality of the service.
Bulk transactions will save you from multiple fees, even if the bulk fee does increase. Although these may seem like small savings, they will add up across the year, giving you more profit to invest elsewhere in your company.
See if you can negotiate better exchange rates. If you can, you will spend less per transaction, saving further money.
Future trends in business money transfers
As technology develops, the future may be very different for business money transfers. AI-driven payment systems will be able to automate the payment process as well as speed it up, leading to fewer delays and manual interventions. Speed is a potential feature of blockchain technology too. Like AI, it is not restricted by geological locations so payments can be made quickly and in real-time.
Also Read: Managing international payments for freelancers and remote workers
