When conducting business overseas, companies of all sizes can be hampered by slow payment times, high costs and limited transfer options, according to an update from Paysend.
However, these barriers are “particularly cumbersome for SMEs, which have fewer resources in terms of workforce and cash to spare.” To thrive, young companies need space “to focus on growth and access to international markets rather than a lengthy financial administration.”
So why, in today’s digital and globalized landscape, “do SMEs still face inefficient processes when doing business internationally?”
In Paysend‘s recent survey of 255 UK SMEs, 4 out of 10 respondents “highlighted the significant challenges posed by currency exchange rate fluctuations and fees associated with making international money transfers.”
Additionally, 3 in 10 said barriers to doing business overseas “existed due to settlement times, payments accepted from a limited number of countries and the slow administrative process to start accepting international payments.”
Paysend believes it’s time “to remove the complexities and difficulties of making international payments for the SME market.”
At Paysend, they want SMEs “to have access to a more efficient and transparent method of completing cross-border transactions.”
That’s why, in August 2022, they announced our partnership with Currencycloud, which claims to be leader in simplifying business in a multi-currency world, “to open up global business for UK SMEs, enabling them to reach more customers.”
With Currencycloud, Paysend have “expanded cross-border payment possibilities for [their] Paysend Business customers, with access to multi-currency accounts and international payment functionality through SWIFT.”
UK SMEs will “experience 15 additional local payment rails, gaining the option to move money without hassle to over 180 countries.”
Access to 15 local rails “allows users to send funds to approximately 30 countries using SEPA, ACH, FP and more, reducing administration and cost burdens.” Additionally, entrepreneurs can leverage Currencycloud’s APIs “to receive funds via SWIFT with a more extensive global coverage.”
By adding multi-currency and international payment capabilities, Paysend Business has evolved banking capabilities in the UK “to allow clients to hold and convert funds in a broad range of currencies.”
Users can now “send and receive transfers internationally via SWIFT and local payment rails quickly and easily, with FX transfers converted from one currency to another through Currencycloud.”
By employing their single, centralized platform, small business owners “can grow and scale their companies quickly, smartly and securely.”
Users benefit “from cost-effective acquisition and settlement payment solutions, including next-day settlement, multi-currency accounts, payouts to cards and instant payments.”
Through our platform, SMEs can “accept payments online from all major debit and credit cards (Visa and Mastercard) in over 38 currencies globally, including payment gateways Apple Pay and Google Pay, and in over 190 countries at any time.”
Paysend says its priority is “to bring these payment capabilities together under one roof, enabling SMEs to become more flexible, diversify their supply chain and be more cost-efficient in their operations.”
SMEs no longer need “to navigate a fragmented market of different financial providers to meet their international payment needs.”
Instead, Paysend is “enabling them to focus on growth, serving their customers and developing their offerings.”
At Paysend, they claim to be “committed to making life easier for business owners. Thanks to our partnership with Currencycloud, UK SMEs are better equipped to scale quickly and make global expansion a reality.”
Importantly, they also aim to “provide a simple, low-cost fee structure and personal account manager to support any enquiries in real time.”