Global payments are experiencing innovation at an ever-increasing pace, driven by the demand and interest in moving payments across borders faster and more cost effectively. For payments professionals, there is a continual opportunity to learn, grow and understand the tremendous innovations in the payments landscape. The right payments provider can not only keep you informed but also ease the process of sending cross-border payments.
How can you discern which payments provider is best for you? Whatever your needs might be – whether that’s expanding to a new market or finding a provider who can solve for a particular currency – make sure you walk through these checklist questions to ensure that you select the best payments provider for your unique needs.
What are your biggest pain points?
Common cross-border payments pain points include slow speed, high cost, unreliability and lack of transaction transparency and communication during the process. Because cross-border payments often travel via the correspondent banking system, they can be delayed, and sometimes the amount you intended to send may not arrive due to hidden fees. When there are multiple banks involved, there might be added steps in the process, which can lead to higher costs and slower delivery times. Make sure you identify your biggest pain points and address them directly with any payments provider you interview.
Who has the best delivery method for your recipients?
Whether it be e-wallets or prepaid cards, multiple solutions have emerged to make cross-border transactions easier and faster. One of the most popular methods is Local Bank Transfers, sometimes also called direct bank deposits. Local Bank Transfers allow for transactions to be completed in a timely and cost-effective manner as payments are delivered securely and reliably to your recipient’s bank account in their local currency. Transpay, a leading provider of Local Bank Transfers, is focused on optimizing the flow of funds through our proprietary payments network. Make sure you ask your recipients about their preference for payments delivery, so that you can provide payments in a way that’s easy and convenient for them.
Which provider has the reach you need today and in the future?
A reputable payments provider will understand the ins and outs of delivering payments to recipients across the globe. The right payments provider for you will have a network that can help you grow your business to the next level. Whether you are looking to solve for M-Pesa in Kenya, send funds to Bangladesh or reach recipients in Indonesia, the right provider’s network can increase your reach and enable your business to pay recipients worldwide with ease. They will have the experience to suggest ways to work around your biggest challenges and any obstacles that you might currently be facing.
Make sure to ask in detail about any payments provider’s network reach to ensure you can reach the countries that are important for your strategy today, and in five years, too.
Who offers a payments product that includes best-in-class support functions?
The right payments provider will be able to assist you in managing the support functions related to paying globally, such as compliance and foreign exchange (FX). The provider’s FX and Treasury Management function should offer the funding currencies you need coupled with a large array of payout currencies. Large exchange volumes coupled with local expertise produce competitive FX rates, even in smaller or volatile markets. When it comes to compliance, a comprehensive compliance framework should be in place to ensure the integrity of all transactions. Ask about the provider’s compliance team and whether it conducts sanctions screening and ensures that every transaction meets AML, CTF, KYC and other state laws and regulations.
Our Local Bank Transfer specialists are ready to answer these checklist questions and more. To talk about your specific payments needs, contact our sales team.