FX & International Payments
13 Jan 2022
SMEs make up 90% of businesses worldwide and the SME market in the UK contributes £2 trillion a year to the economy. SMEs also contribute significantly to international trade volumes – $35 trillion of trade is expected this year as the economy continues to recover. Yet despite the pivotal role SMEs play, they’ve traditionally had to navigate complicated and costly international payment systems. Corporate B2B payment platforms aren’t always viable for small business owners who usually have to rely on their bank to facilitate transactions.
If you’re a SME owner who carries out international payments, the following challenges might resonate with you. Fortunately, there’s a solution out there that’s making them a thing of the past. Before we explore it, let’s take a closer look at the challenges.
International payments are notoriously expensive due to unfavourable rates and high processing fees. These can harm an SME’s cash flow and pose a barrier to growth, especially when intermediary currencies that result in double conversion fees are used.
Processing international payments can take weeks, putting businesses at risk. In some instances, it’s not possible for items to be shipped until full payment has been received.
At a time of increased competition and when supply chains are already experiencing disruption, businesses need to be able to carry out international payments at speed.
When it comes to fintech, user experience is very important. Businesses need to be able to navigate international payment systems with ease instead of being made to jump through hoops before a payment reaches the recipient.
Lengthy processes and badly designed platforms distract business owners from what they should be doing: exploring new markets, acquiring clients and hiring talent.
Transparency is important for businesses, but it’s not always there in the international payments market. SMEs need to know when their payment has reached the recipient and what fees will apply without having to dig deep.
Companies who trade across borders shouldn’t be penalised, whether they’re large or small.
If you’re looking for more transaction transparency, quicker processing times and less expensive fees, you’ve come to the right place.
Powered by Wise, Funding Options is offering SMEs greater choice on FX and international payments. You can create an account to pay international invoices, vendors, and employees in 70 countries without subscription fees and without paying any hidden charges. Here’s what you’ll benefit from when you sign up:
You can use your account to pay invoices based on the real foreign exchange rate. It’s fast too, with 40% of payments arriving in the recipients account instantly. Transfers are approximately six times cheaper than traditional banks.
There aren’t any hidden fees, so you’ll never be unpleasantly surprised when you relieve a payment. To avoid paying high recipient and conversion fees, you can convert and transfer funds to one of your other accounts from your international one.
You might not be the only one who needs to pay for business expenses. Allocate cards to employees and pay in the local currency to save on conversion fees.
It couldn’t be simpler: all you need to pay a recipient is their bank details or email address. If you’re paying multiple recipients, you can do so using the batch payment feature which allows you to send up to 1,000 payments at any one time.
Your account will enable you to pay invoices in over 50 currencies and receive money into 10 currency accounts. It’s up to you how long you hold it in your account.
Are you ready to grow globally without the hassle of expensive international payments?Sign up today
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