Breaking down barriers (and the borders) of international payments.
For U.S. companies that do business internationally, navigating complex and unpredictable cross-border foreign currency payments can take its toll on the nerves as well as the bottom line. Even those that are well-versed in foreign currency transactions often find that the premiums and fees to process their payments eat away at the value of their money and can delay the receipt of their payments.
But just as the world economy expands every day, so do payment solution options. And just as the world economy grows by way of an ever-expanding network, so does the ideal solution for cross-border payments.
What makes a solution “ideal”?
Companies conducting cross-border business often have many partners and vendors with which they need to transact. If each has different requirements for payment or operates in different currencies, a company’s finance team could be bogged down with manual transactions across multiple systems in both accounts payable and accounts receivable. Add to that, the company’s international banking partner might not offer the preferred payment methods of the partners or vendors, creating even more hassles. That said, one of the first requirements for an “ideal” solution seems to be: make it simple and seamless.
Making international payments simple and seamless might sound easier said than done, but sometimes the solution is as easy as using what you already have available – in a new way. Essentially, that’s what an ideal solution, like expanded cross-border payment functionality from Commerce Bank, has done. By using its existing Visa® business-to-business (B2B) network, businesses can send and receive frictionless, cross-border, foreign currency payments* over the Visa B2B Connect channel and directly into the beneficiary’s bank account.
By using a payment platform like this, companies not only eliminate the need for manual transactions, but transaction costs are also made clear and predictable. And the reconciliation process is simplified due to transparent network information. Security and reliability are also dramatically improved due to the closed, permissioned nature of the network itself.
Another intrinsic feature of the network is that it’s ever-expanding — extending its successful partnership from one banking institution to the next. This means it can support companies ready to become bigger and even more widespread across the globe without facing barriers on the borders of international payments.
Contact us today for more information on cross-border payment technologies from Commerce Bank.
*Currently available currencies include EUR, CAD, and GBP
