In a fast-changing payments environment, many payments professionals are working to up their game and solve any issues that they’re still struggling with in their current payments program. Here are some of our favorite pieces of payments advice that will help propel your business goals forward.
Simplify Your Payments Processing with a Single-Point API Connection
With global payouts growing more common each year, payments providers like Transpay are helping to shift businesses away from manual processing to an embedded user experience. The benefit is minimal data entry requirements, as an embedded experience enables sending businesses to store recipient data and recall past payment details on demand. Transpay, for example, provides businesses with a single-point API connection to a global network for efficient and cost-effective payments.
Streamline Your Payments by Seeking Alternatives to Bank Wires
International bank wires are riddled with inefficiencies, manual processes and high costs that bog down the speed and success of payments. When you choose to work with Transpay, you’ll be able to offer a streamlined payments solution for your recipients, made possible by our proprietary Local Bank Transfer network.
Put Emphasis on the Recipient Experience
As it turns out, the golden rule of “do unto others” applies to payments, too. When you pay your recipients in the way you’d prefer to be paid – direct to your bank account – you engender positive relationships and build loyalty to your company.
Ensure that Essential Parts of the Payments Delivery Process Are Covered
When you work with a payments provider with a full-stack payments offering — including compliance, treasury and foreign exchange — you’ll take a huge step forward in your payments program. Because Transpay offers a full-stack payments solution, we’re able to manage every step of the payment delivery process, from currency conversion to customer service.
Pay Special Attention to Emerging Markets
Emerging markets are a thriving payment opportunity. For example, global freelancer platforms are seeing some of their highest payout volumes being sent to emerging countries like India, Bangladesh and the Philippines. Understanding this opportunity, Transpay has partnered with in-country banks in emerging markets around the world, making us able to handle cross-border payouts smoothly and speed up a once antiquated, timely process. This has important implications for business payments, as recipients are able to get paid quickly and cost-effectively, which can be a huge differentiator for any platform competing in the global digital economy.