International payments are a major pain point for small businesses. Why are bank money transfers so complicated?
While focusing on delivering the best work for their clients and partners, professional service agencies often don’t get the advocacy or representation they need. Responsibilities keep small business owners swamped and with only so much time, patience, and understanding to find the best wire transfer options. This is how banks are able to take advantage of hard-working entrepreneurs.
But believe it or not, there are options that beat the wait times and fees associated with bank transfers. And you don’t have to sacrifice trust and security in order to reap the benefits.
Why small businesses choose to outsource
Outsourcing helps small businesses in the professional services sector save money, connect with professionals, and develop their network.
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For these reasons and more, outsourcing is a convenient, and oftentimes necessary option for small businesses and startups as they develop their teams. For others, outsourcing isn’t only an option; it’s a reality.
Maybe professional services businesses choose to outsource marketing, administrative tasks, IT, HR, or customer service to name a few. Whether outsourcing domestically or internationally, you don’t want to be the cause of financial burden. It’s becoming increasingly important to get your partners on the same page. One kink in the chain can disrupt cashflow for all parties.
What makes international payments hurt so much?
Fees aren’t the only assault on international payments.
Small businesses also have to consider the timing, transparency (i.e. tracking), and security of their payments.
Connecting with international partners can be difficult enough due to the difference in time zones and currency exchange.
The good news in all this mess? McKinsey reports that, in order “to remain competitive, back-office costs for international payments will need to drop by 90% to 95%” due to the emergence of global payments options like Veem. With the rise of tech startups focusing on user experience, the pressure is on banks to optimize the process of sending money overseas.
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How to take back control of your business payments
The difference is that, unlike banks, digital payments processors offer more customer-driven services. In fact, they wouldn’t exist if international payments were simple and affordable.
Investing in the most modern technology allows you to sidestep the heavyweight, slow-moving institutions that are too complicated to adjust. Fintech (financial technology) companies use the most modern and user-friendly routes to send money. Many fintech companies work to integrate with your already existing finance tools. Veem is partnered with the best platforms to ensure the most efficient process to help our professional services clients go global.
Find a representative that understands local laws
Next, local regulations are tricky, especially when taking on employment laws and transferring money. When contracting, the laws are even more specific. That’s a good reason to invest in a country or regional representative. Veem’s local representatives smooth the process between international business partners so you don’t have to worry about local laws or currency exchange.
Check out our country guides to help smooth the transition when outsourcing.
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Make getting paid easier by looking into automating your invoices. Your payments processor should be useful for more than just transferring funds. Use automated requests and reminders for payments just in case your accounts receivable gets a bit behind. This way, your business relationships won’t suffer because of direct nagging. Something about an automated reminder comes off as a little less offensive.
Don’t settle for lack of visibility
Small businesses need to know where their money is at all times. In our current digital economy, there’s no excuse for untracked payments. Transparency should be on the top of your list in order to maintain healthy business relationships with partners and clients.
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Payments are a pain but they don’t have to be. Veem helps over 100,000 small business leaders send money conveniently, securely, and cost-efficiently.
Don’t let banks bully your small business. International payments don’t need to be so complicated, pricey, or time-consuming.
Veem prides itself on its ability to simplify and modernize the complicated and outdated process of international payments. We help businesses send and request global and domestic payments with just a click. You can track transactions in real-time and expect faster and safer payments compared to traditional bank transfers.
With today’s fintech solutions, international wire transfers are an issue of the past.
Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.