How to Save Money as an SME Engaged in Cross Border Payments

In the age of globalization, international trade is rapidly growing. Technological advancement has resulted in safe and efficient ways of online payments. Online payments are the new favorite tool of small and big businesses alike, because of their speed and seamless transaction. It ensures the business growth between the SMEs and their international business partners. Because of the currency changes and the hidden bank charges, cross-border transactions can become heavy on pockets. However, there are many ways through which SMEs can save money on cross-border payments.

The real cost of cross border payments with banks:

Following are the hidden charges that banks apply on the cross-border payments:

●       Hidden transfer fees: Banks levy charges behind every transaction as the exchange rate. You can save money on bank transactions by comparing exchange rates charged by banks and the actual exchange rates. You can also confer information regarding hidden charges from banks and the international payment specialist. B2B cross-border payments facilitated by reputed third parties eliminate these exchange rate, thereby making transactions almost six times cheaper than the bank charges.

●       Account maintenance: We require banks for our transactions and otherwise. Having an account in a bank can attract fees like account maintenance charges, annual fees, and the requirement to maintain a minimum balance all the time. It may look attractive and easy for transaction purposes but it does require sufficient deposits and bank holidays can also become hurdles sometimes. You can instead opt for the international payment specialist for the transactions to minimize the administrative overheads.

Why make the switch to an international payment specialist?

COVID 19 pandemic gave a boost to the businesses for going virtual. This increased the need for the B2B transactions. For small businesses, it meant stunted cash flow and high-interest rates. In times like these, stimulus packages weren't enough. International payment specialists help SMEs in this regard for maintaining cash flow and keeping the business floating.

Another positive of the international payment specialist is their responsive customer service. You can get issues like wrong beneficiary details or payment delays in a matter of seconds. Almost all businesses are eligible for the international payment specialist program.

An easy and cheap way- World account for businesses?

If you are new in the business sphere or an SME with trade relations with international buyers or suppliers, you can go for an international payments specialist. There are many trustworthy cross-border payment partners in India like Tazapay that will help you. You can create a multicurrency virtual account with international payments specialists. You don't have to maintain a minimum deposit or be required to pay conversion charges.