No matter how big or small your business is, money transfer is an everyday part of operations. You’re spending money on everything from marketing to materials, and money is coming in from every sale and deal you close. The ability to transfer money to wherever it needs to go is imperative, and can ease the headaches that can sometimes come with cash flow. Safe and reliable money transfer for business needs to be a top priority.
Most business owners reading this will think to themselves “I already have systems in place to transfer money.” Of course you do—that’s a cornerstone of business operations! The question is, are those systems efficient, transparent, and reliable? Chances are, you’ve had trouble transferring money in the past. If that’s the case, it’s important to explore beyond traditional bank transfers and cashiers’ checks. Here’s how to simplify money transfer for business for the new age of global commerce.
Before we dive into how to improve money transfers, let’s first look at how most businesses transfer money on a daily basis:
These three modes of money transfer are cornerstones for many businesses because they’re the norm. It’s easy to send a bank transfer from your checking account or wire money to a vendor through your bank. But just because they work doesn’t mean they’re efficient in the modern age.
Remember that time your bank didn’t process your funds transfer for an arbitrary reason? Do you recall the time when your recipient claimed they never got your money order in the mail? It’s happened to the best of us, and when it does, it puts a halt on your business. That’s money you accounted for in accounts payable, but now it’s in limbo and you can’t reconcile your books until it’s taken care of.
The fact is, traditional money transfers fail often. Here’s a look at some of the reasons banks stop payment or recipients aren’t able to access their money:
The fact is, traditional banking institutions need to protect themselves against fraud and/or liability. If they believe there’s even a small chance of either, they’ll shut down your transfer—even if it’s legit. When that happens, you’re left to deal with the consequences.
Businesses looking for the most efficient way to transfer funds around the world need to look beyond traditional banking options, at digital payments instead. Digital payment platforms like Veem offer a new way of transferring funds: one that’s transparent, efficient, and affordable.
With Veem, businesses set up a digital wallet and send funds to other wallets. There’s no banking information needed—only the email of the recipient. During transfer, both business and recipient are able to see exactly where the funds are and when they’ll become available. Moreover, if there’s any currency exchange, it happens at the lowest possible rate. Best of all, there’s no reason to think your transfer will get flagged or stopped for activity that’s valid.
As you consider cash flow and your balance sheet, make it a point to think about money transfer for business. Traditional means may keep money flowing in and out, but digital payments could facilitate transfers even more efficiently, to give you newfound control over your cash flow.
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