Corporates, mobile money operators, and banking institutions who are looking to move funds across more territories are increasingly adopting the cross-border payments gateways to boost operational efficiency, minimise cost and increase profitability. According to The Bank of America, the amount of cross-border payments, especially in transactions, continues to grow rapidly for a variety of reasons. Global trade continues to expand, borderless e-commerce is on the rise, along with cross-border payments from business to consumer, the mobility of the workforce and the fact that more businesses are using foreign contractors and exporting globally. Global business especially rental online marketplace companies like Airbnb and Booking.com also contribute to the increasing volume of these payments.
Merchants are often worried about the expense and time involved in receiving cross-border payments, and navigating a variety of different regions to complete a transaction can seem like a complicated process. Therefore, it is important that merchants partner with a reliable and secure cross-border payment service provider to help mitigate these pain points. But also ensuring that they partner with a provider that has the best transactions and foreign exchange (FX) fees.
Here are 3 benefits of a cross-border payment gateway to expand your business you need to consider;
Offer multiple regional payment options to your customers
Irrespective of the territories in which you choose to operate, a cross-border payment gateway for your operations will enable you to accept payments from your customers in their local currencies and seamlessly settle in your preferred currency in real time. This will ensure you expand across borders and emerging markets.
It is important to note that it is worth exploring and understanding which payment methods are prevalent in these territories to ensure that your customer enjoys a good experience.
Make bulk payouts
This involves paying out to multiple payees such as suppliers, vendors or sub-merchants located in multiple countries on a regularly, thereby enjoying the benefits of a certain and consistent foreign exchange rates as well as faster payment time. An efficient cross-border payment gateway will enable you to automate highly scalable payments in multiple currencies, payment methods and to multiple countries.
Improve payment security
Leveraging a cross-border payment gateway can be impactful to your business by providing enhanced security as you move funds from one territory to another.. Payment security can make or break customer trust in your business. By integrating with a secure payment provider, you’ll enjoy the benefits of multi-factor security and financial regulation. You can be sure that customer data is properly maintained and protected at all times.
With a secure and easy cross-border payment infrastructure, businesses can solve their cross-border payment challenge. Enjoy a secure cross-border payments experience with Fliqpay, and give your customers a seamless experience. Fliqpay is safe, secure and licensed by the Financial Transactions and Reports Analysis Centre of Canada.