How to Save Money as an SME Engaged in Cross Border Paymentsby Simran Kashyap Hi Everyone, I am Simran. I love to read and write
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:
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.
Created on Nov 10th 2021 05:13. Viewed 131 times.