Cross-border payments can be complex. Platform businesses that want to take the next step forward in their payments programs often begin by examining the many diverse choices for sending payouts to their international digital partners across different countries and currencies.
The largest platform businesses – ad networks like Google AdSense, e-commerce marketplaces like Amazon, and service marketplaces like Upwork and Fiverr – are reliant on their international digital partners for their platform “supply.” As a result, as the platform economy grows, cross-border payments to these international digital partners also consistently grow. Some $8 trillion in cross-border payments were made to digital platform partners in 2018, and annual growth of 10 percent is projected through 2023.
Even while cross-border payments are growing, traditional payment methods have lagged behind. Pain points have been created when expectations of businesses and their partners for timeliness and cost efficiency haven’t been met by many traditional payment methods.
The quest to solve those pain points is the #1 reason why platform businesses decide to offer a broader range of payments choices to their international partners. Not only does expanding the range of payment offerings provide a platform’s international partners a payment option they desire, but it has the added benefit of increasing a platform’s payments methods redundancy.
Studies have shown that international recipients prefer to be paid by Local Bank Transfer. In the larger payments ecosystem, where payments methods often include PayPal, Prepaid Debit Cards, Paper Checks and Bank Wires, Local Bank Transfers fill the vital need to deliver funds direct to a recipient’s bank account in their local currency.
Local Bank Transfers are an ideal way to expand your payments offerings, and there’s an added benefit, too. Because Transpay serves over 140 countries, businesses often come to us when they’re looking to expand into new markets. With a single connection, we deliver scalability and flexibility, enhancing our clients’ payments capabilities. Once integrated, it’s easy for companies to expand their payments reach to align with their business needs.
Learn more about how Transpay can help your company achieve its goals and solve its payment dilemmas.