How can you ensure you’re making the right choice when it comes to a payouts provider for your global business? Here, we share a series of questions that will help you get to the heart of the matter, whether it’s deciding on Local Bank Transfers or another payouts method. The goal is to understand whether a prospective payouts provider can deliver funds to your recipients in a way that’s secure, timely, cost-effective and convenient for your recipients.
What are your total costs?
Insist on a full rundown of costs. What are the transaction fees? How are exchange rates determined? Will the recipient also have to pay fees? Make sure to ask if you will be given a guaranteed FX rate. Some payouts providers may charge hidden fees. Check out this article to learn more about determining the real cost of your payouts.
Is your network direct or through third parties?
A good payouts provider’s network will deliver funds directly to your recipient, bypassing the middleman and saving time and money.
What are the most convenient payment options for recipients?
Know your recipients and the payment options they prefer. Offering flexible options will save you headaches later and build stronger relationships with your recipients. For example, being able to offer both Local Bank Transfers to recipients’ bank accounts and local cash pick-up is a competitive advantage when working with companies or individuals in emerging markets where bank deposits are not widely used or accessible.
Is the payouts provider licensed and regulated in my recipients’ local jurisdiction?
Ask about the markets where a payouts provider is active. You want to make sure that they have extensive capabilities in the countries where you are active as well as markets you have your eye on for future expansion.
What AML/Compliance measures do you take?
The payouts provider you choose should have a robust compliance program, and should be licensed in the appropriate jurisdictions, both in the U.S. and internationally. Leaving this potential headache to a trustworthy payouts provider means you can focus on mission-critical aspects of your own business. Check out our recent article on how a world-class compliance team can take the burden off your shoulders.
How long will it take before payments are received?
You’ll want a payouts provider who has the ability to process payouts instantly or within 24 hours. It should not take days to deliver a payment globally.
What customer service is provided?
If your recipients have an issue, you want customer service available in their country and in their language. Ask your payouts provider if they have 24/7/365 customer service, and how many languages its customer service team provides.
Through Transpay’s Local Bank Transfers, our company provides a simple and cost-effective cross-border payout method with direct access to markets that are hard to reach in payments terms. Transpay’s Local Bank Transfers bridge the gap in the digital economy by connecting individuals and businesses around the world.
Want to learn more? Check out our assessment guide to go deeper into how to make the right choice when it comes to a payouts provider for your global business.