Do you ever wonder if anyone else in your company “gets” what you do? Cross-border payments is a fast-changing and complex area and as a result, your colleagues might have a hard time grasping the challenges you face on a daily basis. So, if you’re on coffee number three when your colleagues are only beginning to ease into their day, that’s understandable! Payments may be a struggle at times, but it’s also one of the most rewarding fields you can be involved in. Here are three of the biggest payments struggles and how Transpay can help you solve them.
- You’re confronted by frequent hassles with payments that don’t arrive on time.
The whole world is changing as the global economy becomes more interconnected, and more and more businesses need to make regular, mass global payouts to their recipients around the globe. Facilitating these payouts in a timely, cost-effective, secure and transparent fashion is increasingly critical for business success. But what about delays in payments that result in complaints from frustrated recipients? Local Bank Transfers can go a long way toward decreasing those complaints, thanks to the fact that Local Bank Transfers travel on a proprietary global network built specifically to deliver funds around the world. Transpay’s self-owned network means that we have direct integrations with our global payout partners, and we know where your payment is, every step of the way. You'll always know the status of your payouts and can keep your recipients informed, thanks to the transparency afforded by our direct integrations with leading payout partners worldwide.
- You’re stymied by not being able to solve for a specific currency in an important market.
Local Bank Transfers are available to more than 140 countries via our network, which reaches over 90 percent of bank accounts worldwide. Local Bank Transfers uniquely satisfy your recipients’ expectations for timely and cost-effective payments while providing the most effortless way for recipients to have funds delivered in the local currency to a bank account, mobile wallet (such as the M-Pesa mobile wallet in Kenya) or for cash payout. With nine funding currencies and more than 70 payout currencies, our total of more than 600 currency pairs means you can reach your recipients in any of your key markets.
- Unpredictable exchange rates and unexpected fees create complaints.
Businesses can often be challenged by the uncertainty created by currency fluctuations when sending funds internationally. That uncertainty can make it difficult to achieve the goals you set for yourself in terms of profitability or other metrics. Thanks to our in-house Treasury function, Transpay is able to eliminate that uncertainty by offering guaranteed rates, so you know how much your Local Bank Transfers will cost. What’s more, our Treasury team is constantly monitoring rates to ensure that Transpay buys at the best rates and passes those on to you. It's one thing to offer guaranteed rates in a stable currency; it’s entirely another to offer the same guarantee in a currency that’s highly volatile, as is the case in many emerging markets. While it’s true that other payouts providers might offer guaranteed rates, few offer guaranteed rates across a broad range of currencies in the way that Transpay does.
Check out our new installment in The Ultimate Guide to Cross-Border Bank Deposits series to raise your payments expertise to the next level.