How to Overcome the Massive Global Payment Service Gap and Save
April 26, 2017
Many small and medium businesses are unhappy with the global payment service they get through a traditional bank or financial institution because the process can be both a tricky and trying affair, and that starts with the very first step of the process: getting all of the information that your bank needs.
What You Need
Your bank will need to know the names and addresses of the beneficiary and their bank, ABA number(s), Routing number(s), and so forth. And if a correspondent bank is involved, even more information is needed, and that’s regardless of the payment amount, whether it’s ten dollars or ten million dollars.
What You Pay
And speaking of amounts, what about fees? What exactly global payment service with your bank cost? There are fees paid by the sending party. There are fees collected by a correspondent bank. And then there are fees collected by the beneficiary bank. How much those fees and charges are is anyone’s guess, so an invoice paid for ten thousand dollars will most certainly not amount to ten thousand dollars at the receiving end—and this makes the assumption that the invoiced figure is denominated in the same currency as the amount paid.
The lack of transparency concerning fees and charges can cause frustration, especially when those costs can vary from instance to instance based on the amount and currency sent, and even the administrator(s) processing those payments.
What Service—No, Really, What Service?
Once the sender provides the sending bank with all of the information required (and has budgeted for some of the unexpected and unknown fees to accommodate for currency conversion, telex fees, and other processing charges), the sending bank will ‘send’ the wire. Now, this is where global business payments can get extremely frustrating because, well, what’s next?
The moment the payment is sent, the sending bank will register an ICN number.
Well, not quite. The sending bank will not receive confirmation once the payment is delivered. They will not receive feedback regarding fees. They will not know once the beneficiary’s account is credited. And they most certainly will not be able to offer support if the sender calls two days later in a panic because the receiver has not received payment.
Global Payment Service – The Right Way
Rather than wait for a service shortfall when you just can’t afford one, just Veem it! Veem is a fully digital, consistent and transparent global payment solution that is simpler, less cumbersome and less costly that traditional bank-to-bank transfers. With Veem, you can pay and get paid in over 60 countries without worrying about where your money is. All you need is your receiver’s email to begin. Go ahead—just Veem it!