The Ins and Outs of International B2B Money Transfer
January 15, 2021
Many businesses now make use of international B2B money transfers to help their organizations succeed. Leveraging seamless technology and transparent transfer of currency across borders brings a host of benefits to every enterprise. Businesses profit from increased sales capture rates, decreased operational costs, and long-term strategic value by incorporating this important process into their business model. But what exactly are B2B global money transfers?
International B2B money transfers are a secure tool businesses use to smooth out pain points and create value for consumers. The benefits of utilizing international money transfers range from securing advantage against marketplace competitors, to harnessing operational efficiencies.
Businesses that know how to make use of international transfers within their B2B network will have a leg up on the competition and be able to capitalize on every transaction. In a world where every advantage counts, utilizing B2B money transfers across borders is essential for growth and success.
The growing importance of B2B cross-border money transfers
B2B money transfers are an easy way to get payments processed across borders with less headache and fewer hassles. These transfers serve a variety of purposes: to pay vendors, to send wages to contractors, and to support other B2B functions.
Especially useful for businesses handling import-export trading, this type of B2B money transfer has emerged as the preferred method worldwide. This is due to an increased demand for enhanced technology and fewer barriers for international trade. There is also a greater need in today’s day and age for secure, private and transparent money transfers, along with greater protection of assets.
Example of a B2B international money transfer
Imagine you’ve contracted third-party manufacturers in Brazil to create a component of your product, eventually assembled in the United States. Traditionally, paying these manufacturers for their contracted work would take days and even weeks, and would be subject to excessive fees. Not to mention, your team would be responsible for understanding the legal and regulatory environment that accompanies this transaction.
Now, your company can transfer money internationally to the third-party manufacturers in Brazil digitally, transparently and automatically. This is a pertinent example that shows some of the benefits of cross-border money transfers, and there are many more.
B2B global payments benefit your business
The benefit of B2B international payments is that organizations can take advantage of faster, more transparent technology to capture more sales and facilitate long-term growth. With fewer barriers or complexity, businesses can decrease operational costs and overhead. This is true for every industry and market.
Easy and quick international money transfers unlock new opportunities previously blocked off due to barriers like long waiting times and manual currency exchange rates. Additionally, fast payments result in better customer satisfaction scores and client retention. This is important in an international B2B setting—the playing field is largely level, and companies need to stand out by differentiating themselves in every way they can.
The modern landscape of B2B transfers
Today’s B2B global transfers resolve many problems that previously plagued traditional businesses: slow transaction times, complicated processes and the prevalence of setbacks and mistakes when transferring money across borders and currencies.
In an international trade environment rife with complex regulation, it’s also important to adhere to the law, avoid fees, and remain compliant. Today, businesses that use modern technologies to take part in B2B money transfer across borders benefit from increased security and anti-fraud technology.
A business’s ability to grow fast can mean the difference between marketplace leadership and bankruptcy. B2B cross-border payments facilitate growth at the speed necessary for long-term success, without excessive overhead expense or investment. Modern payment systems allow businesses to focus on the core of their operations and remain strategically competitive by enabling simpler B2B international transfers.
How to make a B2B international payment
To capture efficiencies and new markets, organizations must make B2B international transfers part of their business model. But where do you start? And how can you make a B2B international payment? In this fast-changing landscape of B2B international transfers, it can be daunting to dip your toes in the water.
Luckily, for small and large businesses alike, there are options that won’t exceed your means. Sending money and tracking it online is increasingly integrated and accessible without a subscription or commitment. This makes it a great option for businesses looking to avoid bank fees or markups. There is little to lose from trying it out and witnessing the benefits first-hand.
Expand your organization today by incorporating international B2B transfers into your business model, and experience the benefits that come with facilitating global commerce.