Scaling your business internationally offers enormous growth potential, but the prospect of expanding into new markets can be so enticing that it’s easy to lose track of the nuances. Overlooking a critical step, like simple and efficient international payments, may lead to dire consequences.
Noncompliance, payment delays, and failure to meet regulatory requirements can be extremely costly, putting the whole endeavor at risk.
Executing transactions is far more complex than simply transferring funds across borders. This is why companies of all sizes should consider partnering with an established cross border payments specialist when expanding internationally.
“Businesses that operate across borders need peace of mind that payments will be delivered accurately and on time, every time,” says Frederic Simon, Head of Global B2B, and CEO of Convera Europe, S.A. “Reliable international payments, regulatory expertise and cost-effective, tailored FX solutions play a fundamental role in ensuring you succeed at scaling internationally.”
How to choose a strategic payments partner
The choice of B2B payment provider, the integration of fintech innovations and the way these solutions address compliance, security, and efficiency can significantly impact a company’s growth prospects in the global marketplace.
Success in today’s global payments ecosystem goes hand in hand with an expansive global financial network, a commitment to compliance, market insights expertise, currency risk specialists, seamless ERP integrations, and the APIs of a fintech.
Strategic partnerships with fintech providers utilizing the latest technology can significantly enhance a business’s global operations, ensuring greater efficiency, lower transaction costs and higher security, essentially making payments a strategic asset for international growth.
Key factors to consider when evaluating potential cross border payments partners
Reliable international payments play a fundamental role in ensuring you develop strong relationships with customers, suppliers, partners and even employees, which are all vital to the success of a business.
At the same time, companies must ensure that international payment processes don’t eat up resources or impact cash flow.
Here are a few points to keep in mind:
Currency fluctuation
Managing the fluctuations in relative monetary value is one of the trickiest aspects of scaling an international business; however, it can also be an advantage. Partner with an expert who not only monitors daily shifts in the global marketplace but also enacts a strategy that can help you withstand currency fluctuations.
Global network and expertise
Choose a provider with strong international experience and a well-established network of payment channels across multiple regions. Convera, for example, has over 60 global banking partners and offers access to more than 140 currencies across 200 countries and territories.
A reputable provider should have a broad network of banking — and nontraditional financial — partners worldwide and the ability to make efficient global payments seem like simple local payments.
Compliance
Ensure the provider has a solid understanding of global — and local — regulatory standards and offers compliance tools to help protect your business. Licensed partners can manage a comprehensive and pressure-tested global risk and compliance program that holistically addresses potential risks such as money laundering, terrorist financing, fraud, sanctions, and other misconduct.
Platform integration
Your partner’s payment solution should be compatible with a wide range of accounting and ERP platforms. To help you scale overseas, these insights will seamlessly save time and resources when managing remittance, refunds, and cash flow forecasting.
Transparency
Opt for a provider who is upfront about transaction fees, costs, and timelines, ensuring there are no hidden surprises.
Reputation
Research the provider’s track record in the fintech space and seek testimonials or reviews from other businesses that have successfully implemented similar B2B cross-border payment solutions.
Accelerating business growth with international payments
By selecting the right cross border payments partner, businesses can unlock new global revenue streams, optimize transaction approval rates and provide secure, transparent payment solutions to customers and contractors. Whether it’s managing currency fluctuations, ensuring compliance or adhering to regulations, experts in the field can offer businesses a powerful tool to future-proof your global operations and accelerate growth.
When executed with the help of an experienced and innovative partner, these modern transactions also go a long way toward building relationships with customers, suppliers, partners and employees.
“There’s a lot to consider when choosing the right payments partner for your business,” Frederic explains. “But when you make a leap from traditional banking to an innovative cross-border payment provider — such as Convera — you’re adopting a powerful tool for long-term growth.”
Each cross-border payment represents more than just a transaction. It’s an opportunity to drive growth, reduce costs, and strengthen business relationships — all critical steps in scaling a business internationally.
Make sure to partner with a dedicated and forward-thinking payment provider that can help you navigate the nuances of the global economy and hit your cross-border growth targets.
Want more insights on the topics shaping the future of cross-border payments? Tune in to Converge, with new episodes every Wednesday.
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