In our hyperconnected world, platform businesses are increasingly relying on global digital “labor” – freelancers, sellers, suppliers and other business partners. One of best ways to boost the loyalty of these key partners is paying them the way they want to be paid. But is the promise of being hyperconnected carrying through to the way these important partners are paid? The answer is: Not necessarily. Cross-border payments continues to be a pain point in the relationship between platform businesses and their global business partners. In fact, some 68 percent of payment recipients say they are “dissatisfied” by their current payment options (Tipalti Global Publisher and Affiliate Payment Satisfaction Survey for Adtech 2018).
We know that navigating the waters of the digital economy while also understanding the options provided by the payments industry isn’t the easiest thing in the world, but if you’re reading this, we know you’re ready to dive in and see what’s ahead.
For a global platform business, improving cross-border payments can catapult you ahead of the competition and become a pivotal part of your success. From receiving payments from customers worldwide to paying out your valued business partners – freelancers, sellers, suppliers and other business partners – payments are a way to grow your platform business while building a community of loyal global business partners.
For this reason, it’s crucial to check in regularly to ensure that your payments offerings are up to date. As soon as you think you’re set with the options you’re offering, you can be sure that you’ll be thrown another challenge from the ever-changing demands of the digital economy and regulatory environment, or have the opportunity to take advantage of an innovation from the payments industry itself.
Here are five secrets for boosting your global business partner loyalty using Local Bank Transfers to your best advantage.
- Pay your global business partners the way they want to be paid! Transpay’s Local Bank Transfers enable you to pay global business partners direct to their local bank account, in their local currency, with ease, efficiency and transparency.
- Alleviate high costs and ensure the best rates thanks to Transpay’s in-house FX and liquidity management teams. Transpay offers simple and transparent pricing with an upfront markup and per transaction fee. With in-house treasury expertise and high exchange volumes, our FX rates are very competitive.
- Provide payment statuses with Transpay’s 24/7/365 support provided by local support teams in key areas.
- Ensure prompt delivery via Local Bank Transfers. Some 95 percent of our Local Bank Transfers are received within 24 hours, and more than 60 percent of those are received within an hour.
- Offer payments choice. Adding Local Bank Transfers is good for your global business partners as it provides choice – good for your business as it provides payment method redundancy.
To learn more, visit How to Solve the Payment Dissatisfaction Dilemma