Cross-border payments are highly efficient, but managing international business payments comes with challenges.

In this blog, we will discuss the common problems surrounding international business payments and how PayAlly can minimise the risks associated with cross-border payments.

Why international business payments can be problematic

Making business payments can be stressful, especially if you send large amounts of money or need to make an unplanned urgent payment. The process becomes even more challenging if you need to make cross-border payments.

Typically, the process of sending money internationally is to either go direct, bank to bank, or through a payments institution. These solutions might sound simple, but they come with their own challenges.

Large banks with a global network present themselves as the ultimate payment solution for businesses operating internationally. The problem is, many businesses do not receive the level of service they expected as banks typically only offer a VIP service to high value customers.

Banks rarely offer SMEs a dedicated account manager which means they are directed to call centres or chatbots when an issue arises. This can lead to delays and customer frustration. For that reason, traditional banks are often more suited to large organisations.

Sending money to an overseas bank account from your business bank account is traditionally one of the most expensive and inefficient ways to transfer money. You will have no control over the exchange rate fees, banking transfer fees, and the timeframe for the international transfer. In addition, you will have to arrange the international payment yourself, a process that is often complex and time-consuming.

How to keep your money secure during international transfers

Firstly, you must ensure that you have the receiver’s correct and verified business details. There has been a 30% rise in financial crime and fraud in the UK in the past year alone, so it is vital to protect your business by ensuring you are sending money to a legitimate receiver.

Ensure the company you choose to use for your international transfers is reputable and secure. Keep in mind that the cheapest company is unlikely to be the safest, so do your research and partner with a credible transfer provider.

Finally, check that your payment has arrived safely at the receiving account.

You must also protect your personal and business data. Trustworthy transfer companies or bank representatives will never ask you for your online accounts’ private passwords or security details.

PayAlly makes international business transfers seamless and secure

PayAlly provides a secure and reliable way to make international business payments while minimising the risks associated with global transfers.

With PayAlly, you have access to a dedicated account manager with expertise in global payment transactions and local regulations. Your account manager is available 24/7 and can assist with finding the most competitive exchange rates, managing international transfers, and supporting any other queries relating to your PayAlly account.

Our account manager will also ensure that your transfer process runs smoothly. If there are any issues throughout the transfer process, they will ensure that any problem gets resolved quickly. Our experts partner with you to create a fully flexible and tailored solution that suits your business requirements and international transfer needs.

We have a global network of transfer partners that allows us to transfer international payments quickly and securely, saving time and money for your company.

Another great feature is that all of your international payments can be managed via your account on the PayAlly online web portal. Whether you need ad-hoc transfers or are moving significant amounts of money daily, we can provide you with a customised payments solution that supports your strategic business goals.

Find out how to make PayAlly your global payments partner