<figure class="image"><img src="https://content.mtfxgroup.com/uploads/large_currency_conversion_7cb2e00ae1_16c7358fa6.webp" alt="Top-down view of a hand using a calculator next to an invoice form and a notepad listing amount, tax, and conversion—symbolizing international supplier payment calculations."></figure><p>When dealing with global suppliers, is it easier to pay them in their local currency or U.S. dollars? There may be no pat answer that applies to every country. In fact, many countries tie their currency value directly to the U.S. dollar, which can add stability to local exchange rates and speed up transactions.</p><h2>Advantages of Paying in Local Currency</h2><p>On the other hand, there are a number of advantages to paying your foreign vendors in their local currency. For example:</p><h3>Middlemen Take their Cuts:</h3><p>When you pay your foreign client in U.S. dollars, that money needs to be converted. That conversion takes place at the local bank, and everyone between you and the vendor takes their cut in transaction fees.</p><p>Then there are those irritating hidden fees, which everyone hates. In addition to the normal processing charges, there could be a conversion charge—and you can count on an exchange rate that will favor the bank.</p><h3>Conversion Takes Time and Irritates Customers:</h3><p>When the third-party institution converts the U.S. dollars, you are also looking at transaction delays and fielding impatient complaints. Paying in the local currency upfront can keep your business flowing on a reliable, even keel, keeping your suppliers happy with a faster cash flow.</p><h3>Fluctuating Exchange Rates are a Problem:</h3><p>Speaking of conversion rates, paying in U.S. dollars involves dealing with the volatility of exchange rates. From the time you are billed until the payment lands in the foreign bank account, the conversion rate differences could well eat into your profits.</p><p>As one safeguard against fluctuating <a target="_blank"  href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/">currency exchange rates</a>, your vendors, who also want to protect their profits, might pad their price quotes. That padding, of course, is in the vendor’s favor, so you’re paying more for your overseas products. Pay in local currency, and both you and the vendor know the exact price.</p><h3>Accounting Errors, Combined with Exchange Rates, can be Costly and Time-Consuming:</h3><p>Then there are those inevitable Accounting errors that take time to correct. With cross-border payments, correcting billing and payment errors can be time-consuming and costly. Sure, mistakes happen, but when correcting those mistakes includes complicated currency conversion—well, you get the picture.</p><h3>It's Easier and Simpler to Pay in Local Currency:</h3><p>Pay in foreign currency, and you can deal with problems without the additional headache of currency conversion. It’s a matter of simplifying reconciliation. If the mistake or dispute with a British vendor involves £10000 it’s simpler to just deal in pounds sterling rather than $13200, which one month ago could have been at an increased exchange rate of $13400.</p><h3>With Local Currency, there are Fewer Intermediaries.</h3><p>Your suppliers receive the funds faster. Using MTFX accelerates the process further with quick turnarounds, reducing the involvement of foreign financial institutions, and guarantees the best available <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rate</a>.</p><h2>How MTFX Solves the Problem of Paying your Vendors in Local Currency?</h2><p>With <a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a>, as a business customer, you can send payments directly to your overseas vendors in the local currency with a secure online platform where you can send money worldwide in over 50 currencies to over 200 countries.</p><p>MTFX guarantees bank-beating exchange rates that are lower than banks. Its benefits for your business include:</p><ul><li>A business portal to manage all transactions and import invoices from your business accounting software—Manage your international payments more efficiently and seamlessly with a <a target="_blank"  href="https://www.mtfxgroup.com/business/global-payment-solutions/multi-currency-accounts/">multi-currency account</a>.</li><li>A platform for online entrepreneurs who want better access to the global market— level the playing field by paying your overseas online customers in their local currency.</li><li>Automatic <a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-rate-alerts/">currency exchange rate alerts</a> to notify you when an exchange rate becomes more favorable—Don’t make that high-value deal without a timely heads up on currency exchange rates.</li><li><a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">Forward contracts</a> to lock in the desired rate for a future exchange—Stay in control of your business’s funds and protect against foreign exchange risks.</li><li><a target="_blank"  href="https://www.mtfxgroup.com/fx-daily/">Daily Market Analysis</a> and weekly Analysis from financial experts along with a monthly currency outlook—Stay current with timely updates and market intelligence in managing your currency accounts.</li></ul><h3>Let’s Get Started!</h3><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=the-benefits-of-paying-overseas-suppliers-in-their-own-currency"><i><strong>Open an account </strong></i></a><i><strong>with MTFX today in just a few minutes and enjoy competitive exchange rates, low transfer fees, and easy transfers, when sending money anywhere in the world.</strong></i>&nbsp;</p><h3>Popular Related Articles</h3><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/best-way-to-transfer-money-to-a-foreign-bank-account/">Best Way to Transfer Money to a Foreign Bank Account</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/invoice-international-clients-cheaper-faster-and-easier/">How to Invoice International clients - Cheaper, Faster and Easier</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/transferring-money-overseas-what-you-need-to-know/">Transferring Money Overseas: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/international-money-transfers-to-foreign-countries/">International Money Transfers to Foreign Countries: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/paper-cheques-still-have-a-role-in-the-digital-age-but-not-so-much-within-fx-transactions/">Paper Cheques Still Have a Role in the Digital Age--But Not So Much within FX Transactions</a></li></ul>

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The Benefits of Paying Overseas Suppliers in their Own Currency

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/medium_5_step_overseas_payment_a5b783232a_2117ec2dcf.webp" alt="fingerprint hero image"></figure><p>In an overseas payment transaction where you receive money from customers, the process is relatively straightforward. Your customers pay through a variety of methods and portals, and the money shows up in your account.</p><p>However, your outbound <a target="_blank"  href="https://www.mtfxgroup.com/transfer-money/">overseas payments</a> to suppliers, employees, etc., are more complicated. Your payments run a gauntlet of verification, foreign exchange filters, and compliance checks, which slow everything down and add additional costs of doing business.</p><p>You can either run that gauntlet on your own, or you can use a payment platform to automate and expedite your cross-border payments. The process includes the following basic steps:</p><h2>1. The Beginning, or the “Who”</h2><p>The payer has to collect all the necessary information on the payee or the beneficiary of the payment. That includes the person’s, or the company’s name, how they prefer to receive the funds, and where they are located. That will determine what country and currency in which they will receive the payment.</p><p>Then there is the added complication of how different countries identify their banks and what additional information they need as regards members’ accounts. For example, in the US, the payer needs to know the receiver’s bank routing number as well as the account number. Most of Europe, on the other hand, requires a single international bank account number for <a target="_blank"  href="https://www.mtfxgroup.com/business/global-payment-solutions/international-payments/">money transfers</a>.</p><p>The good news is that most internationally compatible payment systems account for those differences by altering required submission fields. That is where an automated third-party payment platform can help.</p><h2>2. Knowing What the Exchange Rate is</h2><p>Big banks offer an apparent convenience of static <a target="_blank"  href="https://www.mtfxgroup.com/">foreign exchange rates</a>. Those rates do not account for fluctuations in FX values, and the banks typically apply an inflation factor or “spread.” They make money on the spread, and they conceal those earnings in service and fee charges.</p><p>MTFX, on the other hand, updates <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rates</a> in real-time. Users can use the latest exchange rates to approve this stage of the payment before continuing with the transaction.</p><h2>3. When and Where the Payer Submits the Payment</h2><p>At this point, the payer is ready to press the “send” button. This last step involves the user’s close check of all the transaction-specific data. The data must include everything the overseas country requires as compliance details necessary for processing the payment.</p><p>This step is a summary of the transaction. It itemizes the reasons for the fund transfer—the goods or services being purchased—and it confirms the exact amount of funds required in exchange for the latter.</p><p>This review of transaction details represents the tally of charges and must take into account accompanying local taxes and FX exchange rates described above.</p><h2>4. Why Compliance Checks and Screening are Necessary</h2><p>This is a screening stage where the host bank or payment provider like <a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a> initially receives the payment. The screening includes checks that include region-specific tests, including safeguards against identity fraud, among other protections.</p><p>Compliance checks, while varying slightly from country to country, usually include cross-checking transaction information for consistency with existing records as well as verifying the identity of the beneficiary of the payment.</p><h2>5. The End: The Transaction is Finished</h2><p>This is the end of the transaction. Funds are paid to the beneficiary’s account.</p><h2>Not so Fast. There could be an Additional Waiting Period…</h2><p>Even when the agreed-upon funds arrive in the beneficiary’s account, some countries impose a break in the process before the account holder can actually access the money. Many banks in Asia or Africa, for example, commonly ask for additional proof of a transaction invoice before they execute the final transaction.</p><h2>Expediting the Process with MTFX</h2><p>The 5-step process described above can move at a snail’s pace or lightning-fast, depending on whether multiple parties perform the steps manually, or if it is automated and transparent.</p><p>For example, if you passively accept bank FX exchange rates as a cost of doing business, you might be paying additional fees if that bank has to outsource its currency exchange services. Service fees and ancillary charges could add as much as 7 percent to your payment.</p><p>On the other hand, you can automate and expedite your overseas payments through a payment platform like MTFX. From start to finish your overseas business process can be simplified and unencumbered by high costs, delays, and compliance complications.</p><p>To learn more about how our platform does that, <a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=5-important-steps-in-the-overseas-payment-process">contact us</a>. We’ll save you time, money, and headaches and help widen your overseas business footprint.</p><h3><strong>Popular related articles; </strong></h3><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/best-way-to-transfer-money-to-a-foreign-bank-account/">Best Way to Transfer Money to a Foreign Bank Account</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/invoice-international-clients-cheaper-faster-and-easier/">How to Invoice International clients - Cheaper, Faster and Easier</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/transferring-money-overseas-what-you-need-to-know/">Transferring Money Overseas: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/international-money-transfers-to-foreign-countries/">International Money Transfers to Foreign Countries: What You Need to Know</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/the-best-way-to-pay-your-global-workforce/">The Best Way to Pay your Global Workforce</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/paper-cheques-still-have-a-role-in-the-digital-age-but-not-so-much-within-fx-transactions/">Paper Cheques Still Have a Role in the Digital Age--But Not So Much within FX Transactions</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/still-using-a-bank-for-your-fx-business/">Still Using a Bank for your FX Business - Blog MTFX</a></li></ul><p><span style="color:hsl(0,0%,0%);">To ensure compliance, choose a platform that adheres to global AML and KYC regulations. Automated compliance tools and fraud detection systems can simplify the process and minimize risks.</span></p><h4><span style="color:hsl(0,0%,0%);">10. What are the benefits of using a multi-currency account for international payments?</span></h4><p><span style="color:hsl(0,0%,0%);">A multi-currency account allows businesses to hold and manage funds in multiple currencies, reducing conversion fees and processing times. It also provides flexibility for transactions with global suppliers and clients.</span></p>

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5 Important Steps in the Overseas Payment Process

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/medium_forign_exchange_market_9427391cf1_367b49976b.webp" alt="Two people analyzing financial data on a laptop screen, which displays colorful charts and graphs, representing foreign exchange trends and market insights."></figure><p>If you do business outside Canada, you need to know about currency foreign exchange or FX. If you are leaving FX rates and charges to chance, you are likely being overcharged.   &nbsp;</p><p>The good news is that where small businesses were once at the mercy of big financial institutions, modern technology has leveled the playing field in the world of FX. A basic understanding of how FX works will help you get a handle on your cash flow, keep more of your profits, and satisfy your overseas customers.&nbsp;</p><h2>The FX Market Is Huge &amp; Misunderstood</h2><p>The <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">FX market</a> is bigger than Wall Street and the U.S. Federal Reserve combined. It is the largest financial market in the world in terms of trading volume (about $6.6 trillion). Unlike Wall Street, it is neither regulated by governments nor well understood by laypersons. &nbsp;</p><p>As an “immaterial entity” it provides a platform to exchange, buy and sell, and speculate on the currency. Most of the trading in FX is purely speculative. The most spectacular example of FX dealing earning someone a fortune was George Soros’s famous bet against the British pound in 1992. He won the bet and profited over $1.25 billion.&nbsp;</p><h2>What Affects The FX Market And Currency Value</h2><p>Currency is just another tradable good. It obeys the law of supply and demand, and its value falls and rises based on a variety of financial, political, and psychological factors. Along with those intangibles, changes in the value of a country’s currency depend on what is happening both inside and outside that country.  &nbsp;</p><p>Bank interest rates, unemployment, inflation, and local monetary policy and regulation also affect the currency’s value.  External <a target="_blank"  href="https://www.mtfxgroup.com/tools/economic-calendar/">market trends</a>, the international situation, and a country’s international reputation among speculators and investors also pile on to make currency value volatile.&nbsp;</p><h2>Exchange Rates Fluctuate, But International Exchange Stays Relatively Static</h2><p>A line graph of the value of a currency would look similar to the ups and downs of the Dow Jones daily average. Nevertheless, big financial institutions usually offer a relatively static and stable exchange rate for international payments. They can do that by adding an inflation factor that absorbs the ups and downs of the FX market.&nbsp;</p><p>Nevertheless, the FX market is stacked against businesses doing cross-border transactions. Businesses, rather than money exchangers, take all the risks because large financial institutions are autonomous. They are not required to provide transparency and only operate in their own self-interest.&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><p style="text-align: center;"><a target="_blank"  rel="noopener" href="/#DynamicTable" target="_blank" class="btn cmn-register-btn cmn-blue" data-anchor="#DynamicTable">Check The Latest Currency Exchange Rates</a></p></div><p style="text-align:center;">&nbsp;</p><h2>The Ground Rules Are Changing, And The Tools Are There</h2><p>Returning to the good news, technological advances since George Soros broke the bank of England have leveled the playing field, and even the smallest business startups can get a handle on international FX.  The handle relies on getting a grip on understanding the FX system. &nbsp;</p><p>For the small business owner, the understanding begins with tapping into a stable and reliable payment process and finding a better international payment solution.  That solution will give small business owners more control over their revenue streams through real-time insight into currency exchange rates. That insight, in turn, will ultimately lower overseas prices for the customer and increase profits for the business.&nbsp;</p><h2>Are You Buying Or Selling Your Currency?</h2><p>When conducting cross-border business, you need to know whether your transaction involves FX buying or selling; i.e., what is the <i>base currency? </i>In FX trading, currency values appear in terms of a currency pair. The first currency in the pairing is the base currency. So the base currency determines the exchange rate quoted in a particular country. &nbsp;</p><p>For example: In trading <a target="_blank"  href="https://www.mtfxgroup.com/tools/currency-charts/?to=usd&amp;from=cad">CAD/USD</a>, the Canadian dollar is the base currency. The US dollar in this instance would be the secondary. Banks use those pairings to either bid on what they will pay for the base currency, or offer a selling price using the secondary currency. &nbsp;</p><p>So the difference between a bank’s bid and its offer to buy is the spread. The spread is the amount the bank will make on the deal. They influence that amount by bidding or offering on the low or high side, depending on how much they will save or earn. That difference hides in plain sight as the transaction fees, which accompany overseas business deals.&nbsp;</p><h2>The Key Is To Reduce The Spread</h2><p>Currency exchange rate fluctuations and opaque bank practices notwithstanding, you don’t have to be George Soros to gain control of your overseas cash transactions. You can trade at a <a target="_blank"  href="https://www.mtfxgroup.com/">lower fee</a> than offered by banks and FX brokers using a <a target="_blank"  href="https://www.mtfxgroup.com/"><strong>payment platform</strong></a><strong>.</strong>&nbsp;</p><p>Payment platforms have emerged as popular tools in today’s tech-savvy and consumer-oriented financial markets. Those platforms are an especially attractive option for businesses with finite resources and who would rather focus on making their product more competitive—without the encumbrance of keeping track of FX fluctuations and having to pass high transaction costs to their customers.&nbsp;</p><h2>Want To Learn More About Our Payment Platform?</h2><p>See how our payment platform can remove FX volatility from your overseas business cash flow. Contact us and we’ll show you how you no longer have to sacrifice revenue just to gain a better footing in your overseas markets. &nbsp;</p><div class="raw-html-embed"><p style="text-align: left;"><a target="_blank"  rel="noopener" href="https://online.mtfxgroup.com/register/?source_page=understanding-the-foreign-exchange-market" target="_blank" class="btn cmn-register-btn cmn-blue" data-anchor="?source_page=Understanding-The-Foreign-Exchange-Market">Sign Up Now</a></p></div><p>&nbsp;</p><p><strong>Popular related articles;</strong></p><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/4-steps-for-an-effective-hedging-strategy/">4 steps for an effective hedging strategy</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/5-steps-in-the-overseas-payment-process/">5 Steps in Overseas Payment Process</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/are-you-a-multinational-then-you-should-have-a-strategic-fx-management-plan-in-place/">Best Strategic FX Management Plan&nbsp;</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/the-keys-to-managing-risk-in-volatile-markets/">The keys to managing risk in volatile markets&nbsp;</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/money-transfer-checklist-a-few-things-to-consider/">Money transfer checklist</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/is-billing-foreign-customers-in-their-local-currency-better/">Is Billing Foreign Customers In Their Local Currency Better?</a></li></ul>

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Understanding The Foreign Exchange Market

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/medium_blogimgorangefreenpaid_179089f522_27290001ee.webp" alt="Illustration of a mobile phone sending digital coins to a wallet, with a green ‘PAID’ stamp on the left, symbolizing fast and easy international invoicing."></figure><p>You sell a great product. It does well outside your borders and your prospects for business expansion look good. </p><p>But you have a choke point in your payment process. Payments on your invoices are slowed, and sometimes fluctuations in <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange rates</a> pose a risk to the value of your product—and put repeat orders at risk.</p><p>Your overseas payment process may be the traditional method where you invoice in Canadian dollars or USD dollars, but your European customers shoulder the inconvenience (and cost) in navigating foreign currency exchange and <a target="_blank"  href="https://www.mtfxgroup.com/tools/mtfx-rate-calculator/?from=cad&amp;to=eur">conversion for their euros</a>.</p><p>That process forces your customers to figure out their local currency equivalency to the amount billed on your invoice. Then to settle the account they must pay you with an international wire transfer.</p><h2>Banks are Cutting into your Profits&nbsp;</h2><p>In between your overseas customer’s bank account and your business bank account, there are others taking their cut. That process is complicated as intermediaries add service charges and exchange rate fees. Consequently, fluctuating foreign exchange rates and payment processing fees at overseas banks reduce the number of funds you receive.</p><p>Your overseas customers shoulder the burden of additional cost and effort. That burden translates into the diminished quality of their experience with you.  Meanwhile, you take a concurrent hit when exchange rates go short and your budget projections, slide past the red line of profitability. Small businesses are vulnerable to cash flow glitches, and often fail when too much of the latter occurs.</p><h2>Global Collections are the Solution &nbsp;</h2><p>There is a way to handle your overseas business payments without hiring local talent to engage in bank negotiations and setting up multiple bank accounts.  It is called Global Collections.</p><p>Global Collections is an optimized accounts receivables solution. Here is how the process works, and why it is seamless:</p><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a> provides your company with local overseas account numbers in the locations where your customers reside.  We do that through international bank account numbers, in over 20 currencies.</li><li>Your overseas customers now have the option to pay you in their home currency. They pay your invoice immediately and conveniently. The burdens of currency conversion, and giving correspondent banks a percentage of the payment are lifted. You compete on a more even playing field.</li></ul><p>You provide this service to your customer without increasing your overhead. You do not have to do the legwork or pay someone to do the overseas bank negotiations in a foreign market. MTFX already has the technology and infrastructure in place.</p><h2>Your International Cash Flow Risk Management is now Under Control </h2><p>Now that you have streamlined your overseas payment process, you can get a better handle on your international cash flow and volatile exchange rates. As the local currency payments begin accumulating in your accounts, &nbsp;you can convert those funds to your own currency and shift them back home.  This is where a handy residual benefit kicks in Controlling FX transactions allows you to pocket optimal exchange rate margins, rather than charging your customers up to 4% in international wire exchanges. &nbsp;</p><p>So, the Global Collections feature accommodates both your customer’s expectations, as well as helps you maintain your own overseas cash flow on a flexible, even keel.&nbsp;</p><h2>Stop Stifling your Foreign Exchange Cash Flow&nbsp;</h2><p>MTFX is your full-service platform for <a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">risk management</a> in overseas transactions. Contact us and learn how our payment platform can expedite your overseas collections, give your customers flexible payment options, and eliminate exorbitant bank charges and fees.&nbsp;</p><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=how-to-invoice-international-clients---cheaper,-faster-and-easier"><i><strong>Open your account</strong></i></a><i><strong>&nbsp;in less than five minutes and</strong></i><strong>&nbsp;</strong><i><strong>we'll show you how foreign exchange currency risk management can protect as well as increase your business's profits.</strong></i></p><p><strong>Popular Related articles;</strong></p><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/managing-paying-income-taxes-abroad/">Managing Paying Income Taxes Abroad</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-exchange-rates-can-affect-your-business/">How Exchange Rates can Affect your Business?</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/global-collections-services-make-for-loyal-overseas-customers/">Global Collections Services Make for Loyal Overseas Customers</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/ensure-better-overseas-payment-processes-with-a-third-party-digital-platform/">Ensure Better Overseas Payment Processes with a Third-party Digital Platform</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/stop-wasting-money-paying-overseas-suppliers-in-us-dollars/">Stop wasting money paying overseas suppliers in US dollars - there are more cost-effective alternatives</a></li></ul>

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How to Invoice International clients - Cheaper, Faster and Easier

<figure class="image"><img src="https://content.mtfxgroup.com/uploads/small_mtfx_blog_post_28_10_2021_1_85e2665bc6_26207b6d6d.webp" alt="Mini shopping carts, cardboard boxes, and a glass globe on a laptop keyboard representing global eCommerce and international online payments."></figure><p><strong>Statista¹ estimates that nearly 1.2 trillion USD worth of products and services will be sold via B2B e-commerce websites by the end of 2021. According to Digital Commerce 360, B2B marketplaces generated $680 billion in 2018, and they expect revenues to increase to $3.6 trillion by 2024. To put it in context, that is about twice the value of Canada’s projected GDP for 2021.</strong></p><p>Old fashioned payment methods like cheques simply don’t work for the transaction volumes and models which take place on B2B eCommerce marketplaces. Online international money transfer is far better suited.</p><p>There is clearly a great deal of opportunity ahead for B2B distributors, manufacturers, and online service providers in niches like fintech. They simply have to determine whether the best way forward would be to operate their own marketplace as a host, or participate in other existing and emerging marketplaces.</p><p>Unlike B2C transactions, many B2B orders are often delivered in multiple incremental shipments instead of all at once. For companies buying products from <a target="_blank"  href="https://www.mtfxgroup.com/post/stop-wasting-money-paying-overseas-suppliers-in-us-dollars/">international suppliers</a>, payments for shipped goods can be scheduled in advance, in parallel to the shipping schedule.</p><h2>Operating a B2B Marketplace</h2><p>Merritt Hummer, a partner at Bain Capital Ventures recently wrote a TechCrunch² article declaring B2B marketplaces the next billion-dollar startups. The article acknowledges that even though the majority of <a target="_blank"  href="https://www.mtfxgroup.com/business/small-business/">B2B payments</a> are still made by cheques, that online payment services from companies like MTFX are quickly gaining ground. Cross-border online money transfer transactions clear faster than cheques, and they are subject to stronger controls to prevent fraud and money laundering.</p><p>According to the Digital Commerce 360 survey&nbsp;referenced above, 22 of 201 distributors surveyed plan to launch online marketplaces to compete with marketplaces from giants like Amazon, Alibaba, and eBay. This may seem like a low number on the surface, however 22 B2B marketplaces can represent thousands or tens of thousands of vendors, and millions of customers buying from those suppliers and service providers.</p><p>Online marketplace operators with global market reach can assist their vendor partners who have never sold internationally before and generate revenue through transaction fees. Conversely, marketplace vendors can benefit by leveraging the marketplace as a route to an overseas market which was previously inaccessible.</p><p>The volume and velocity of international transactions on marketplace portals exceed the pace of old-fashioned payment methods like checks or ACH payments. International money transfers can drive foreign exchange costs down for marketplace operators, customers, and vendors on <a target="_blank"  href="https://www.mtfxgroup.com/business/small-business/">imported goods</a> transactions.</p><h2>B2B Marketplaces for Services</h2><p><a target="_blank"  href="https://www.mtfxgroup.com/business/online-sellers/">E-commerce marketplaces</a> are mostly geared towards bringing together buyers and sellers of tangible products, yet there are many service-oriented marketplaces which have emerged for services like:</p><ul><li>Shipping and transportation</li><li>Digital services like software as a service (SaaS)</li><li>3D printing</li><li>Professional services like HR, IT, legal, and consulting</li></ul><p>Most marketplace operators charge their vendors setup charges and transaction fees for enabling e-commerce sales on their platforms. Some marketplaces charge their vendor partners monthly or annual subscription fees to showcase their services on the platform.</p><h2>E-Commerce Marketplaces Build Vendor Awareness and Reputation</h2><p>It can be challenging for new and even established manufacturers, distributors, and service providers to generate awareness and a strong standing in their niche. Without being “plugged in” to marketplaces where their customers can procure the goods and services they need to operate, many B2B sellers could find themselves at a disadvantage to compete from the outside.</p><p>According to the Digital Commerce 360 report³, 57% of the consumers that purchased products from a retailer’s website said they had discovered the suppliers they do business with on a marketplace website. This was a year-over-year increase of 5%, and a five-year increase of 30% since the first poll of its kind in 2016. This statistic comes from a B2C marketplace study, however experts from McKinsey⁴ report that price transparency on B2B marketplaces provides suppliers with great opportunities to connect with more buyers.</p><p>Marketplaces enable buyers to review the products they purchase online, enabling companies offering high-quality goods and services to rise above their competitors. Many product marketplace sellers conduct their first transaction or two with clients on the e-commerce hub and sell their wares directly to those customers going forward. Some B2B marketplaces act as affiliate partners and collect referral fees for sales generated by their hub, while others process transactions on behalf of their vendors as successful marketplaces like Medlity and PartCycle.com.</p><h2>B2B Marketplaces and International Online Payments</h2><p>Offering foreign and domestic business buyers the opportunity to purchase products from multiple product categories online from a single supplier offers benefits to buyers and sellers. B2B marketplace hubs offer customers the opportunity to consolidate their procurement operations. They can read reviews by their peers to ensure the quality of the products and services they buy are worth their investment.</p><p>About 30% of all online B2B sales this year took place on online marketplaces. For businesses planning to establish and run an online marketplace for a global audience, an online payment provider like <a target="_blank"  href="https://www.mtfxgroup.com/">MTFX</a> can enable fast, secure, reliable <a target="_blank"  href="https://www.mtfxgroup.com/business/global-payment-solutions/international-payments/">cross-border payments</a>. International payments can be made from the United States or Canada in over 50 currencies to 140 countries to overseas suppliers. Each marketplace vendor can be assigned their own secure account to facilitate secure, fast payments.</p><p>Import and export vendors can leverage forward contracts to minimize the impact of <a target="_blank"  href="https://www.mtfxgroup.com/tools/live-exchange-rates/">currency exchange fluctuation</a> on their product margins for incremental payments. They can also track high-value transactions in the event they wait for payment before shipping high-value or large quantities of products overseas.</p><p>Our platform can help you grow your profits. Learn more about how our payment platform can help you generate awareness for your <a target="_blank"  href="https://www.mtfxgroup.com/industry-solutions/online-sellers/">online marketplace sellers</a> and expand your marketplace presence globally. Contact us and we will show you how our foreign exchange currency <a target="_blank"  href="https://www.mtfxgroup.com/business/risk-management/forward-contracts/">risk management</a> and payment solutions can help you succeed in the competitive, high stakes realm of B2B e-commerce marketplaces.</p><p><a target="_blank"  href="https://online.mtfxgroup.com/register/?source_page=b2b-ecommerce-marketplaces---diversifying-international-payment-options"><i><strong>Open an account today</strong></i></a><i><strong>&nbsp;and see how our digital payment platform can improve your profitability and keep you agile and active in the global market.&nbsp;</strong></i></p><p><strong>Popular related articles;</strong></p><ul><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-do-i-send-money-outside-canada-mtfx/">How do I Send Money Outside Canada? – MTFX</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-to-save-on-overseas-money-transfers-mtfx/">How to Save on Overseas Money Transfers – MTFX</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-to-send-money-abroad-and-make-international-payments/">How to Send Money Abroad and Make International Payments</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/7-reasons-to-use-a-currency-specialist-to-send-money-abroad/">7 Reasons to Use a Currency Specialist to Send Money Abroad</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/how-to-send-a-large-amount-of-money-overseas/">How to Send a Large Amount of Money Overseas?</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/forward-contract-add-certainty-in-uncertain-times-for-import-export/">Are you an Importer or Exporter? A Forward Contract could Add Certainty in Uncertain Times</a></li><li><a target="_blank"  href="https://www.mtfxgroup.com/post/why-you-need-an-exchange-hedging-strategy-to-protect-business-profits/">Why you Need an Exchange Hedging Strategy to Protect Business Profits</a></li></ul><h2>Sources</h2><ol><li><a target="_blank"  href="https://www.statista.com/markets/413/topic/458/b2b-e-commerce/">Statista B2B E-Commerce Report</a></li><li><a target="_blank"  href="https://techcrunch.com/2020/11/04/b2b-marketplaces-will-be-the-next-billion-dollar-e-commerce-startups/">B2B marketplaces will be the next billion-dollar e-commerce startups</a></li><li><a target="_blank"  href="https://www.digitalcommerce360.com/2020/08/31/covid-19-drives-more-business-to-b2b-marketplaces/">Digital Commerce 360 B2B</a></li><li><a target="_blank"  href="https://www.mckinsey.com/capabilities/operations/our-insights/how-b2b-online-marketplaces-could-transform-indirect-procurement">How B2B online marketplaces could transform indirect procurement</a></li></ol>

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<p>MTFX’s rates are fair and transparent, which can save you thousands on your currency transfers. The rate you receive is based on the interbank market rate and, because we transact large volumes, we pass on the savings to our clients. Compare our rates to those of your bank and see what the difference really is. you will be surprised at how much you can save.</p>

Why are MTFX’s rates so competitive?

<p>We maintain a low, standard transfer fee of $15 for transactions less than $10,000. Any transactions over $10,000 will have no fees. Compare this fee with that of your bank, which will typically charge you $40-50 in transfer fees.</p>

What does MTFX charge to send money transfers?

<p>Dealing with MTFX is easy. Simply register with us online for instantaneous access to our online dealing platform. After you complete your registration, an MTFX currency specialist will call you to discuss your transfer and make sure the platform is set up and customized to meet your needs. For more information about our online platform, <a href="https://www.mtfxgroup.com/transfer-money/?_ga=2.192877219.829883386.1726729097-1644942358.1714661560">click here</a><a href="https://beta.mtfxgroup.com/transfer-money/">.</a> You can book your exchange rates with us 24/7, manage your beneficiaries, and send funds seamlessly from any device. We have made it that simple!</p>

What is the process of working with MTFX?

<p>Yes, MTFX supports both personal and business transfers, providing tailored solutions for a variety of transfer needs.</p>

What things to consider when buying overseas property?

<p>Yes, creating an MTFX account is quick and easy, giving you access to secure, efficient transfer options and additional services.</p>

What countries does MTFX support for property purchase transfers?

What documents do I need to transfer money for buying property?

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