If by chance you were busy developing a business recently, you have definitely come across the need for making international payments.There are a dozen ways to transfer money internationally. From traditional banking transfers to of-the-moment apps, and online payment services.
A good payment service is the key ingredient for seamless customer experience. It will bring you closer to your customers and give you the opportunity to offer payment methods based on their needs.
Here’s what you need to know about international payment systems before sending money abroad.
Making international payments can maximize your chance of reaching new markets.This usually happens by hiring a payment service provider (PSP). Payment service providers usually offer a variety of currencies for customers to be able to have cross-board payments and do business on a global scale. Furthermore, they are in charge of security of the financial data and safety of their customers’ payment process. To add to that, some PSPs also offer transaction reports on a real-time or monthly basis. It’s important that the gateway you choose to integrate with facilitates a wide range of payment and settlement currencies to widen your chance of doing global business.
Security has always been an issue of concern with international payments. Usually UK bank accounts offer protection policies to reassure the safety of your money but that’s not the case with all money transfer systems. There is always a risk of losing your money with transfer systems that involve a third-party interference. To avoid fraud, you should always look for payment systems that are FCA authorized. FCA regulation or authorisation means that a consumer can trust the firm. It ensures that the firm treats all consumers in compliance with the strict criteria laid out by the FCA. As a result, consumers do not have to do extra research on the firm in making their final call.
There are several ways to make international business payments. Here we’ll go through and compare these options carefully to find the best fit.
Bank transfer is a method of transferring money electronically via a network that is administered by banks and transfer service agencies around the world. The parties are not involved in the exchange of cash physically, rather they are in control of the process electronically and sometimes even from different geographic locations. International bank transfers are initiated in one country and settled in another. In case of consumed time, international transfers take almost two working days. For international bank transfers having a routing or SWIFT code is a must. International bank transfers are very much safe compared to most ways of transferring money like checks. They happen in a short amount of time taking at most 2 working days. On the other hand, they are a good platform for hackers and frauds to easily target your money by a fake ID. In addition, it is difficult for the sender to pull money back after it has been transferred. Banks won’t always offer the best currency rate, and both minimum and maximum transfer limits may apply.
Choosing the best provider for your international transfer can prove to be tricky at times, especially with 2 or more choices available. MoneyGram and Western Union are among the largest and most well-known payment service providers of the world with a slight difference that MoneyGram is the world’s second biggest money transfer company, while Western Union comes in as the largest on the planet. Users can transfer funds either by having the payment delivered directly into their bank account, or collecting the money in cash by visiting an agent location near to them. To add to this, both MoneyGram and Western Union cover pretty much the entire globe with over 200 countries and territories, and MoneyGram listing 70 countries digitally.
For a close comparison between MoneyGram and Western Union visit: MoneyGram vs Western Union
Some people prefer using traditional ways for their payment process, others on the contrary are in search of a third-party who provides them with cost-effective and suitable options. A good payment service is one that brings you peace of mind, takes care of the entire electronic payment transfer process, provides a clear overview, and offers advanced technology, security, and support. The third party between a customer and a merchant is called a payment service provider. Each third party offers a variety of methods to its customers in order for them to be able to easily accept electronic payments. The key features of an accepted payment service are effectiveness, security and convenience. Payment service providers usually offer a variety of currencies for customers to be able to have cross-board payments and do business on a global scale. Furthermore, they are in charge of security of the financial data and safety of their customers’ payment process. To add to that, some PSPs also offer transaction reports on a real-time or monthly basis.
Choosing a payment service provider requires searching the market for the most cost-effective options.There are dozens of PSPs available, offering several features to the customers among which some of the bests are:
PayPax is a cross-board online payment provider, helping customers send, receive and accept payments in more than 50 cryptocurrencies and digital money. PayPax low and transparent fees, enables you to save money on foreign currency conversions and cross-border payments. Instead of leaking money on poor exchange rates, your clients can have the opportunity to exchange their money with mid-market exchange rates provided on PayPax along with an accurate and up to date currency converter which allows you to find out the exact amount of money before even starting to exchange. No matter where you or your business are located, using PayPax global payment system you can have a hassle-free experience of transfer, without having to deal with high and extra charged fees, minimum balance requirements, and strict regulations of a local bank.
Perfect Money is also another financial service allowing users to make instant payments and make money transfers securely throughout the Internet opening. Perfect Money users can now pay for goods and services with major cryptocurrencies using their shopping cart. You can also exchange your currencies to Perfect Money using your PayPax account exchange service.
PayPal Commerce Platform gives you a payment gateway and payment processor all in one, making it simple to start selling. There are no set-up or monthly fees for PayPal Commerce Platform. PayPal is the faster, safer way to pay online without sharing financial details, send and receive money or accept credit and debit cards as a seller.