Choosing a payout specialist is a difficult decision. Not knowing what questions to ask can have a negative impact on business and, with so much choice, it can leave you stumped when it comes to sending payouts to global suppliers, remote workers, and business partners in different parts of the world.
To help you make the right decision and successfully expand your business, we’ve put together a cheat sheet of questions to ask your payout specialist.
Does Your Service Have Multiple Payout Options?
Providing more payout options for your recipients can drastically increase loyalty.
While the payout solution you currently use might offer bank wires and e-wallets, some of your recipients may prefer getting paid by local bank transfer. By offering multiple payout options, you can prevent “platform leakage” and encourage successful platform loyalty.
If you want to build a strong future for your business, treating your payout recipients right and giving them a choice in how they receive their money is a huge step in the right direction.
Does Your Service Pay Recipients in Local Currency or USD?
Carrying out business globally brings all sorts of difficulties and, to fully support the global options you need, your payout specialist should provide payouts in all major currencies.
For example, if a recipient in the Philippines received their payment in USD, they’d have to convert it into Philippine pesos, which often means added conversion fees that cut into their payment.
Businesses that offer payment in a range of different currencies eliminate the need for additional conversion costs and help speed up the payment process.
Does Your Service Offer Transparent Pricing to Both Sender and Recipient?
Both senders and recipients are often at the mercy of excessive hidden costs when it comes to cross-border payouts.
So, when choosing the right payout specialist for you, make sure you check whether they willingly disclose all fees for both you and your recipients. Transparency within transactions – which includes the total amount sent, the total amount received, FX rates, and any transfer fees – means both parties won’t be hit with any nasty surprises.
Does Your Service Have an In-House Compliance Team?
A payout specialist that works in-house rather than outsourcing their team is more likely to understand the unique quirks and nuances of the payout industry.
An in-house compliance team will make sure all transactions follow a strong, global anti-money laundering program and monitor any suspicious activity. They’ll also navigate any challenging regulatory requirements and screen comprehensive sanctions so you can rest easy knowing everything is under control.
Does Your Service Provide Real-Time Transaction Statuses?
Transparency is key when making mass cross-border global payouts.
With transparency, your business can deep dive into each and every transaction so you and your recipients know the exact status of a payout at any given time. This status also includes the send amount, the receive amount, and any FX rates and transfer fees.
Transpay is a service from Transfast, a leading global payments company with more than 30 years of operating history. Transfast processes over $8 billion USD in annual payment volumes. Transpay provides businesses of all sizes with a scalable, secure, and fully compliant cross-border mass payout solution, making it easy to send funds directly to the local bank accounts of vendors, business partners, freelancers or others, reaching over 95 percent of the world’s bank accounts. To learn more, visit www.transpay.com.