“The industry is growing internationally, and I’m having a hard time keeping up.”
This was one comment I heard over and over from affiliate networks and platforms at recent Affiliate Summit events. Central to those challenges? International payments. Here we’ll try and tackle a few of those top questions and pain points.
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B2B payments are known to be inefficient and expensive. There is an immense need for streamlining settlements and reconciliation of business commerce. At present, the major challenges are international B2B payments, working capital optimization, zero cash visibility and friction in buyer-supplier relations.
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By 2020, some 940 million cross-border shoppers are expected to spend $1 trillion on eCommerce, or online payment, transactions.
For marketplaces, this growth in cross-border trade means processing, accepting and making mass payments in multiple currencies, which comes with a host of complications, ranging from currency conversion to making high-cost wire transfers.
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Transpay is a B2B/B2P (business-to-persons) cross-border payments platform specializing in supplier payouts to emerging and challenging markets. The company’s platform is designed to enable transfers across its global proprietary network for global marketplaces, merchants and resellers, and serve as an alternative to legacy correspondent banking wires, digital wallets and prepaid cards.
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Trade is the life blood of civilizations and its flow has gone only smoother and faster with better infrastructure. One area that is drawing attention in 2017 is cross-border payments. Several factors are bringing this topic forward. Firstly, more consumers are traveling overseas markets and buying goods to bring home. Second, consumers are discovering the convenience of buying overseas from the comfort of their home. In both cases, this is highlighting the issue of cross-border payments in order to facilitate commerce.
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Merchants engaged in cross-border commerce and logistics continue to produce solutions and products aimed at helping merchants strengthen relationships with their consumers and improving the pace of global business.
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Acting as digital trading posts, online marketplaces provide businesses and freelancers with platforms to buy/sell services and goods. Whether it’s Uber, Etsy or Upwork, the result is a direct-to-consumer channel that brings new income and exposure to people around the world. In fact, the effect of online talent marketplaces alone has the potential to add $2.7 trillion to global GDP by 2025, according to McKinsey.
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Transpay, known as a B2B and B2P cross-border payments outlet, recently announced that its services had branched out to include direct-to-bank deposits in Morocco.
Read MoreLearn how Transpay's cross-border mass payment platform can help your business reach new markets, offer real-time payouts in local currencies, and save your business up to 90% in fees.
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