Making overseas payments used to be complicated and costly. Even now, banks, building societies, post offices and the use of international money orders can be expensive and inefficient when it comes to making international money transfers.
New technology has changed all that. There are now many online international money transfer service providers, but most tend to be designed for individuals sending money, rather than companies looking to do business internationally.
Finding the best one for your business needs can be a minefield. Here’s what to consider when it comes to finding the right international money transfer service for your business.
Keeping costs down
Every business has to keep their costs low to succeed. And if you need to make a lot of overseas payments, fees can add up very quickly. Most service providers charge a transfer fee, either in the form of a fixed fee or a percentage of the amount being transferred. Depending on the number and value of the payments you make or receive, you’ll want a provider that can offer the best value for your business.
With some providers, charges may not end with the transfer fee either. Most international transfers require a Foreign Exchange (FX) transaction. Other international payment providers make their money through a large spread between the buy and sell rates. The difference can be significant between one service provider and another. On top of all this, your own bank, or the receiving bank, may charge a fee for funding/receiving the transfer.
All these fees can put customers off completely when it comes to buying from you, so it’s hugely important to make sure you use a service that keeps costs low for you, as well as your customers.
Functionality that meets your needs
Depending on your reasons for making or receiving international money transfers, it could be useful to have certain features or functionality built in. For instance, if you’re a business that’s taking a lot of payments from overseas, keeping the process as simple as possible for your customers could make a difference to the amount of business you do.
Speed of transfer and delivery methods can all influence whether a customer chooses you or one of your competitors. This is why, at KoalaPays, we’ve tailored our service to give you the widest choice of instant payment methods, including digital wallets, SWIFT transfers and SEPA transfers – in more than 20 currencies worldwide. We also offer dedicated bank accounts to make funding and receiving payments as efficient as possible.
Having information at your fingertips can be crucial when it comes to making vital business decisions. That’s why a KoalaPays account comes with a comprehensive range of reporting tools, designed to make it easier for businesses to gain valuable insights and manage their finances more efficiently.
Staying safe and secure
Security can be a concern for many when it comes to overseas money transfer, especially businesses. Fortunately, with KoalaPays, we’ve taken care of all that. Our systems have been designed to be fully PCI-Compliant, using all the latest fraud prevention technology to ensure every transaction is protected and secure.
We also understand that many businesses have multiple users using the account, so our accounts can be configured with shared users features and customised access options to meet the needs of your business.
It’s also important to ensure that any payment provider you use is authorised by the Financial Conduct Authority. KoalaPays is an FCA compliant EMD Agent which is an important step in becoming a credible merchant solutions provider.
Making overseas payments easy and convenient
Bureaucracy and paperwork used to be a real problem when it came to making international payment transfers. Here, at KoalaPays we’ve made it as simply as possible to open an account and once you’re up and running, making and receiving instant payments involves little time and administration on your behalf.
Everything can be managed online making it convenient and hassle-free to make regular payments, or to receive money instantaneously into your bank account, so you can keep cash moving through your business.
To find out more about opening a KoalaPays account that makes it easier for you to do business, click here.