Local Bank Transfers are a payments structure that is well-suited to companies that are seeking a payouts method that can scale rapidly along with their business. Think of it like this – as your business expands, Local Bank Transfers are the payments structure that can take you anywhere you need to go.
Here are the top six reasons Local Bank Transfers just keep on growing:
Businesses often need to make regular, global mass payouts to their partners overseas and when paying on a mass scale, every penny counts. That makes it especially critical that your payouts provider ensure that there are no extra or hidden fees. Facilitating global mass payouts in a transparent fashion is increasingly critical and a reputable payouts provider that offers Local Bank Transfers will confidently tell you your costs upfront. Payout specialists who have direct relationships with their payout network can often provide this type of transparency and help you reduce uncertainties with fees.
Local Bank Transfers are built on the idea that there’s got to be a more convenient way of getting money into a bank account than what has been traditionally offered by the banking system. So, enterprising payment providers went ahead and created a new way themselves. What could be simpler than paying your recipients the way you would want to get paid? Just as you would prefer the convenience of being paid directly into your bank account, many recipients say they prefer having funds sent to their bank account -- as opposed to indirect methods such as prepaid cards or eWallets.
Although full transparency and convenience is of high importance in making payouts, time is equally important! Your recipients shouldn't have to wait several days or even weeks to receive compensation for work they’ve already completed. Sending payouts through eWallets or bank wires may not only take several days to process, but the funds might get lost in transit and become difficult to track. One of the best ways to compete as a business is to show your recipients that you value them by paying them on time and providing a seamless payment experience. The route that Local Bank Transfers take is more direct, bypassing middlemen to save time and money.
Hidden costs can to be a problem when you choose a payout specialist that works with a number of middlemen. For example, sending money with bank wires tends to be costlier, simply because each correspondent bank that acts as a link between you and your recipients charges a separate interbank fee. That's why the cost of your payouts keeps growing and growing. At times, you may not even know how many correspondent banks are involved and what fees each may charge. This can leave your business and its recipients with surprise fees that are much higher than anticipated. Minimize unexpected costs by being thorough in your assessment of your payout specialist and asking them some key questions on pricing. With Local Bank Transfers, you can avoid double conversion fees, correspondent banking fees, and differing pricing structures simply because the middlemen are eliminated.
Payout service providers that use bank wires or eWallet methods may have coverage limitations. But Local Bank Transfers are enabled by a carefully cultivated network of banking relationships that span the globe. What's more, if you choose a Local Bank Transfer provider with a far-reaching global network, it will enable your business to expand to hard to-reach markets without fear of adding third-party or intermediary complexity and cost to the payouts process.
Ability to reach emerging markets effectively
One key consideration when you are looking to expand to emerging markets expansion is payouts. Providing payment to your recipients in hard-to-reach markets can be tricky, especially in areas where currency conversion costs can be unpredictable and reconciliation time can take up to two weeks. It becomes even more daunting when factors like lack of coverage, hidden or added fees from bank wires or eWallets and compliance and fraud risk are added to the picture. Local Bank Transfers can be the ideal solution that can take tackle these challenges on your behalf and giving you the competitive advantage in emerging markets.