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A dedicated money transfer service makes it easier to incorporate online B2B global payments into your business model. When you leverage technology, you also leverage profits.
Modern technologies have birthed many proud achievements, including simpler international business-to-business transactions. This has dissolved the barriers once faced by traditional businesses since issues like complicated payment processes and slow transaction times no longer have to apply.
Companies in any industry or market can increase sales, reduce costs and remain competitive by taking advantage of faster and more transparent payment systems. This guide explains how to make the most of B2B international transfers to make your money go further.
There are several international money transfer options for businesses to consider. At first glance, banks might seem like the obvious option. However, banks don’t offer B2B payments as a dedicated service.
Their primary focus is financial products like loans, credit, and online spending. They don’t handle international transfers in bulk, so they boost profits through expensive transfer fees and high exchange rate markups.
The better alternative is a money transfer service like MTFX. You can rely on foreign exchange specialists to provide a specifically tailored service that meets your business needs.
A dedicated money transfer provider is also the fastest and cheapest option for international business transfers. The competitive exchange rates and lower fees will help ease the pressure on your bottom line.
Again, a money transfer service is the best way to accept international payments. Using an MTFX online account, you can now offer more payment options and ensure that your customers pay in a way they’re familiar with. MTFX’s suite of global payment options includes multi-currency functionality, so you accept payments in different currencies in one place.
It’s the cheapest way to receive international payments because you can simplify reconciliation and receive funds without needing multiple foreign bank accounts, which helps cut costs.
In addition, accepting local currency payments when engaging in international trade reduces charges for customers and improves customer conversion and loyalty rates.
Using a dedicated international B2B transfer service makes sense for several reasons. When you’re running a business, every dollar expense counts. You also have to maximize time efficiency because time is money.
With a leading money transfer service like MTFX, you can enjoy the best of both worlds with bank-beating exchange rates, low transfer fees, and faster B2B payments. MTFX offers tailored services, meaning you’ll have currency specialists committed to securing the most favorable foreign exchange deals for your business. You also get more value with each transaction with features like currency updates, rate alerts, and currency options.
Foreign exchange deals carry risks because the market is volatile. Exchange rates don’t stay the same, and your payments could be affected by poor currency conversion rates and high exchange rate markups.
The first thing you can do to shield your profit margins is to use a B2B international money transfer specialist like MTFX. You need a business-friendly service that can help you capitalize on the best rates for current market conditions while warning you about any risks.
You can use forward contracts and market orders to hedge currency risk and protect against currency fluctuations. A forward contract lets you lock in a desirable rate for future scheduled payments.
With a market order, you can target a specific rate and make the exchange once it’s reached. You can also control downside risk by choosing a lower acceptable rate to trigger an exchange and protect against significant losses if there’s a downswing.
A low-fee international money transfer is ideal when choosing a B2B international global payment solution, whether you’re making once-off or mass payments. Sending large sums of money overseas is the norm in the B2B sector, and the frequency of these high-value transactions is also high.
Therefore, it’s worth seeking an international business payment provider that matches the mid-market rate and has a more competitive fee structure without compromising on speed. In addition, transparency is key, so you always know whether the cost matches the amount transacted.
If your company is looking to optimize international payments and maximize profits from global commerce, MTFX can help.
Open a business account with MTFX and benefit from simple and convenient B2B international transfers.
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