For a growing business looking to scale globally, international payments are essential for the smooth running of business operations. However, handling international payments comes with various difficulties that companies must navigate. These challenges range from fluctuating conversion rates to dealing with local regulatory and compliance requirements.
Businesses need to optimise their handling of international payments to save costs, improve productivity, and scale globally.
This blog looks at four ways businesses can optimise their international payments.
Mitigating rate volatility and optimising cash flow
Currency conversion rates fluctuate constantly and can be highly volatile during significant economic or political events. For businesses that work across multiple countries, keeping on top of currency markets to exchange at an optimal time can cause a headache. A multi-currency account enables users to hold funds in multiple currencies from a single platform, removing the need to immediately convert funds from international payments at a potentially unfavourable rate. Holding multiple currencies on one platform allows businesses to convert funds at a preferable time, helping to minimise the impact of adverse currency movements and reduce overall FX costs.
Prioritising global coverage in payment partners
Businesses could save valuable time and resources by partnering with a payment services provider that offers access to a broad range of currencies without the need to establish local bank accounts in each country. Handling transactions in multiple currencies becomes more manageable, allowing businesses to focus on strategic growth rather than administrative hurdles.
Companies with ambitions to grow globally should prioritise finding a payment partner with a global reach when making international payments.
Minimising errors and preventing unauthorised payments
Payment errors and unauthorised payments can disrupt a business and cause delays in operations while investigation and remedial actions are carried out. Businesses should seek out payment partners that provide sophisticated user-permissioning and controls to minimise the risk of transaction errors and fraudulent or unauthorised payments.
Monitoring payment fees to keep costs lean
Keeping costs to a minimum is a priority for any business. By using a payment services provider that provides a single multi-currency account, businesses could cut down on costs that would typically be associated with holding multiple accounts in different jurisdictions.
Scaling operations for business owners can be challenging. The key to success is saving time and resources while focusing on the customer. The visibility of cash flow and the ability to send and receive payments seamlessly could provide business owners with peace of mind as they grow. IFX Payments solutions can help businesses optimise their international payment systems while ensuring more transparency across their financial operations.
IFX Payments’ platform, ibanq, offers a comprehensive solution for businesses looking to streamline and optimise their international payments processes. With the ability to manage over 100 currencies from a single platform, companies could mitigate the risks associated with currency fluctuations by choosing when to convert different currencies and improve cash flow management. ibanq eliminates the need for multiple local bank accounts, saving time and resources while simplifying international transactions. By leveraging the capabilities of ibanq, businesses could achieve greater efficiency, reduce costs, and focus on scaling their global presence.
