In a world where millions of products and services are delivered across borders every day, it is critical for businesses to be able to make and receive global payments efficiently and securely, in a way that is cost effective and frictionless throughout the entire process.
However, in reality, the majority of businesses are still lagging behind when it comes to B2B international payments. Due to the challenges of operating across multiple countries, currencies and payment methods, businesses often opt to build on existing banking relationships in new territories, unaware that there are easier and cheaper ways to process payments globally. As businesses scale, more and more banking relationships need to be established. This adds to the cost of expansion, and is also incredibly time-consuming, which takes resources and focus away from growing the business.
Adding to the issue further, the traditional providers’ appetite for offering international B2B payment processing services is waning for all but their most profitable clients. Regulation, competition, and even terrorism are all resulting in the incumbents finding that offering these basic business banking services is becoming less attractive.Fortunately, there is a way to eliminate the need to maintain multiple banking relationships, and it offers better FX rates and faster payment processing times that take minutes to complete instead of days.