As the year comes to a close, what is the state of your payments program? What items will you place on your checklist of things to accomplish in 2020? What problems, if solved, would enable you to most effectively pay out recipients and business partners worldwide?
Every payout solution is different! Review our 2020 Payments Checklist below and see if any of these items is on your own list:
Simplify your payments timeline
Why complicate life when sending funds to your recipients’ bank accounts? If you’re using multiple banks to send bank wires around the world, the year 2020 might find you considering how to consolidate your payments through a single robust payments provider. After all, when you're juggling a complicated payments timeline with multiple banks, the margin for error may increase. Managing those transactions and relationships is complicated! It can make sense to streamline your payment timelines with Local Bank Transfers that efficiently send funds into your recipients’ bank accounts in most, if not all, of the markets you need to reach.
Move closer to real-time payments
“Real-time payments” is a huge catch phrase in payments. Key to moving closer to real-time payments is seeking out a payment provider who owns its network and all of the bank and payout partner relationships in it. Direct integrations between your payments provider and the banks will enable your payments to arrive more quickly and efficiently by eliminating middlemen. What’s more, a payments provider with such a network will be able to provide statuses to enable you to track all of your transactions, eliminating the stress of wondering where your money is.
Pay people the way they want to be paid – direct to their bank account
If you like the convenience of having your paychecks sent straight to your local bank account, shouldn't your recipients enjoy the same benefit? Many might think that an e-wallet satisfies the needs of recipients, but the truth is, e-wallets are inefficient. When recipients are paid into an e-wallet, in order to move the funds out of the cloud and into their bank account, they will incur additional fees.
Reduce fees by employing an alternative to bank wires
If you’ve been relying on bank wires to send funds around the globe, you’ll be amazed at how making the move to a technology-based solution can reduce fees. When your business is making payouts, reducing the intermediaries involved also reduces fees. Local Bank Transfers are a payouts structure that skips the middlemen and instead, delivers funds directly from a company's bank account into the bank account of the recipient. This way, you save on extra and unnecessary middleman fees.
Ready to look into how Transpay can help you check goals off your payments list?