The Pitfalls of International Payments and Compliance
When it comes to growing your business, exporting or importing and forging foreign partnerships, new markets offer the biggest potential for expansion. However, international trading has some challenges, which could stop a business in its tracks. To stay ahead of the competition, it’s vital to be able to send and receive international payments without delays or high charges. Added to this, firms need to ensure they don’t come a cropper of compliance laws.
Any payments that don’t comply with local banking legislation could be delayed or even rejected. Long payment delays could have serious impact on customer service levels, as well as compromising key business relationships and cashflow. So, what if I told you it’s possible to avoid the risk of falling foul of payment regulations?
Each country has its own rules concerning overseas payments and transactions. For small businesses, navigating the rules of every market can be a headache they’d rather avoid. Turning to the traditional banking sector could see businesses paying expensive transfer charges for a slow payment service that leaves them lagging behind the competition.
Unnecessary delays to funds clearing means goods aren’t received and service is tarnished, which has knock-on effects to a business, by jeopardising partnerships and the customer relationship. In a world where reputation is key, businesses can’t afford to have slow payments hold them back. And of course, international payments also involve hefty exchange fees, putting yet more expense on transactions, which might stall.
Choosing the right payment solution is vital for businesses looking to maximise on international trade opportunities. That’s why Banking Circle is the first choice for FinTechs wanting a fast, affordable service that focuses on security and compliance. There’s no need to struggle with international payments because Banking Circle offers its Members the capability to make and receive cross-border transfers in seconds rather than days. In addition, the costs remain low and security is covered within the secure cloud-based environment.
You may not be thinking about becoming a global player yet, but once your business has succeeded at home, it will be time to expand into new markets. The world is opening up, offering opportunities in China, India and different markets within Africa. Hesitate too long and your burgeoning FinTech business will be overtaken by the competition, making growth more difficult. Choose a payment process that can scale up with your business, safeguarding your reputation, profitability and future expansion.