B2B Cross-Border Payment Solutions
Cross-border payments are financial transactions where the payer and the recipient are based in separate countries. They cover both wholesale and retail payments and a often settled between banks that are corresponding banking partners.
cross-border payments can often present many challenges as more institutions are involved in an international transaction than a domestic payment transfer, and they all want to be paid for their services. Sometimes, depending on the region, a single transaction may have to travel to three or more countries before being settled, this creates a lot of room for error.
We live in a global economy where the ability to make international transactions is essential to businesses as well as banks and other financial institutions.
What Are the Main Challenges of B2B Cross-Border Payments?
The main challenges of B2B cross-border payments include:
B2B cross-border payments are usually more expensive as they require more work from the involved credit card companies and acquiring banks as they need to convert between two currencies. This additional workload results in extra fees passed down through the payment chain.
The number of intermediaries involved in transferring money from one country to another, all of which charge fees for services provided. Regulatory costs will add up too
B2B cross-border payments via a traditional bank transfer usually take between 2 and 5 days to process. A very slow turn around time compared to virtually instant domestic payments. This is because so many entities are involved in the transaction. It is important for businesses to look at the possibilities of reducing the processing time in order to meet customer and supplier requirements.
As a business owner, you want to be sure that your money is safe when making international payments, as do banks. However, B2B cross-border payments frequently suffer from security breaches when completed via a traditional banking institution. This is due to the fact that every country abides by its own regulations and laws so the cross-border payment system is at risk of being hacked whenever money enters a country with soft security and access policies.
A Lack of Transparency and Inability to Track the Payment
When completing a B2B cross-border payment with a traditional bank there is usually no timely way to track the payment leading to a lack of transparency in the system. This is very important for businesses as they will want to ensure that there are no hidden costs within the system.
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For the past year, we have worked hand in hand with Payset Limited to assist us with numerous payments related services. At no one time have they failed me, and they have always been on time, making them one of our top reliable business partners.
How can Payset Help with B2B Cross-Border Payment Solutions?
With Payset you can access low cost, fast, cross-border payments in a variety of currencies through our network of correspondent banking partners.
Unlike traditional B2B cross-border payment solutions, Payset will allow you to track your cross-border transactions within our online portal, meaning that you will always have full transparency over your transaction and avoid hidden costs.
With Payset, costs are lower as the number of participants involved in the B2B cross-border payment is reduced, and there is no limit to the transaction value overall.
Payset also provides its users with low transaction fees and costs where possible meaning that business could save money.
Payset offers a B2B cross-border payment solution that is cheaper, faster and more transparent than traditional bank transactions.
With our Payset network covering a variety of currencies and countries you can your customers and suppliers can enjoy international payments as simply as a domestic bank transfer.
Get in touch
Get in touch with a member of our team to learn more about how our accounts can help you to budget whilst making B2B cross-border payments and how Payset could be your cross-border payment solution.contact us