4 Things SMEs must Consider While Choosing a B2B International Payments Partner In 2021
Whether you are a corporate or an SME, the process of cross-border financial transactions should not be a painstaking one. SMEs who are functioning with optimum resources cannot lose time dealing with complex infrastructures, a cobweb of brokers, systems, processes and multiple channels.
They need an integrated platform with a global reach and secured by world-class compliance systems. Here are the top 5 things SMEs must consider -
- The Option to send money anywhere in the world
Sounds aspirational? Actually, not! In today’s digital world, your clients, vendors, and suppliers can be anywhere across the globe. Apart from this, your b2b international payments provider must be able to facilitate select currency clearing across the world, e.g USD/EUR payments.
2. Compliance is Crucial
The last thing you want is to get stuck with legal complications arising out of a transaction. A good payment provider will have a solid compliance infrastructure that flags key issues and guide you with clarity. Furthermore, there are different laws in different regions. E.g — UK’s General Data Protection Regulation clearly mandates what has to be done with consumer data. These rules vary in China and other regions.
3. Accessibility to China
China is one of the major exporters in the world and trades with several countries. Often, companies are able to procure cost-efficient materials from suppliers in the region. Hence, it is important to partner with a payments provider who is connected to the local payment network in China. A lot of companies find it favourable to clear USD payments to the region and hence your b2b international payments partner should be equipped to do so.
4. Transaction fees and pricing model
It would be useful if your payments provider offers a space to discuss and create a customised pricing model for your organisation. While traditional players charge hefty fees, the entry of new-age fintech players like Harbour and Hills has opened up the industry in ways it benefits SMEs and other clients.
In conclusion, you must look for an international payments services partner who can provide an integrated platform with all of the above mentioned features and more. You can always reach out to companies like Harbour and Hills to understand the payments ecosystem and learn about the new-age practices that help them help their clients get the best out of a B2B transfer.