Whether you are an online marketplace for goods or services, affiliate program, direct selling platform, payment service provider, or online travel agency, there is one common denominator — your business might benefit from offering a Local Bank Transfer payouts option.
Unlike payment acceptance, for which there are hundreds of well-established service providers with clear points of differentiation, solutions for cross-border payouts are still emerging. Current service providers offer a wide range of options and each has it's own unique benefits and disadvantages. It's important to know how to differentiate among the options to learn what your company should offer.
How do you know if you need to offer Local Bank Transfers as an option to pay out your recipients?
Ask yourself this: Would your recipients appreciate having funds sent directly into their bank account? If the answer is "yes," then you should offer Local Bank Transfers as a payouts option.
Determining whether or not you should offer specific payouts option means taking time to understand where you and your company would like to go in the future and what the final objective is. If you feel comfortable, you might jump right in and offer the most variety of payout options. That can give you a unique competitive advantage compared to any of your competitors.
On the other hand, your business can also go with a less drastic option and offer one more way for your recipients to get paid. This can put your business in front of a number of your competitors that only offer one payout option and add to the list of your business's unique offers.
If you're still unsure of offering Local Bank Transfers, see if your business can relate to the statements below:
You are empathetic to your recipients' challenges in getting paid
Your recipients contribute to your business growth.
If you want to succeed, it's wise to value the success of your customers as well. Pay your recipients the way you would want to get paid - on time and with a seamless payout experience. Long-term success of a company rides on the notion of stepping into the shoes of your recipients. Once you have done that, you recognize the importance of reducing inconveniences and enabling faster and more cost-effective payouts.
You want a simple solution
Simplicity is the ultimate sophistication.
Why complicate your life any more than it is? When you offer bank wires as a method for your recipients, you are undoubtedly complicating the process. A bank wire solution deals with many intermediaries that not only slows down the process but adds unnecessary costs and fees. Ever heard of too many cooks in the kitchen? Think about it! Multiple intermediaries create multiple opportunities for errors, fees and delays. You may think making payouts simply, clearly, and reliably is unheard of, but you're ultimately thinking of Local Bank Transfers. Take the solution out for a test drive and watch recipients flock to it.
You need to cover a wide range of geographies as your business expands
Expanding to a wide range of geographies can be challenging.
Not only do you have to comply with the laws and regulations of your home country, but also the send country as well. The consequences of regulatory violations and fraud losses can be steep. Failure to comply with money laundering and terrorist financing regulations and monitor suspicious activity can result in fines and regulatory penalties that may compromise your ability to do business. If you choose a Local Bank Transfer provider with a strong and comprehensive network, your payments will be able to reach even the most challenging markets.
You want your own brand’s reputation to be enhanced – not your payment provider’s brand
Enhance the reputation of your business and expand the presence of your brand.
You want the recipient to identify a successful payment with your brand, not your payment provider’s brand. It's important to discuss certain needs with your Local Bank Transfer provider, including if they are willing to offer the service under your brand instead of their brand name. The answer should be “yes” because the payment provider should be looking out for the best interest of your business.
You want to lower your risk when making global payouts
De-risk your global payouts with Local Bank Transfers.
Reduce your global payouts risk by choosing a payouts provider that has an in-house risk and compliance team. Take the various banking requirements across countries and financial institutions and set that against a backdrop of a complex regulatory environment. The result is a potentially hazardous situation in terms of global payments risk. With Local Bank Transfers, your solution is able to continuously monitor the platform to protect customers from fraudulent activity and unusual transactions. A payouts provider who owns its network, with plenty of experience with compliance and risk management is the answer.
You’re expanding into developing countries
Global expansion is not an easy feat.
Expanding from local, familiar markets to the global marketplace gives expanding businesses access to a wider range of clients, fresh talent, and greater opportunities. However, every advantage comes with a disadvantage, and it’s vital to weigh up the pros and cons to fully understand what your business is up against. Often, you can improve operational efficiencies when you work with a single payouts specialist that has direct relationships with payouts partners, even in hard-to-reach markets. With the necessary bank partnerships in place, Local Bank Transfers are often the simplest and most direct route into developing economies.