Ensure Better Overseas Payment Processes with a Third-party Digital Platform
Ecommerce transactions can move at light speed. Online customers—especially those overseas—expect the same speed, convenience and efficiency when ordering and making digital payments—or they will execute their option to shop elsewhere.
The best features of overseas digital payment platforms.
The speed, convenience, and transparency your business needs is available with digital payment platform providers. These platforms use sophisticated and secure computer programmes as well as offering instant access to global payment networks—banks, credit unions, credit card servers, etc. — while leveraging automation to do what humans cannot do efficiently.
The best digital payment platforms employ resource management software that:
Autofill’s personal data based on a previous purchase
Checks personal information for accuracy before a payment is submitted
The foregoing features and functions are what makes overseas customer online payment solutions efficient and transparent. They not only support and promote a foreign exchange payment process to enhance your customer experience, but they also allow you to leverage your cash flow to grow your business.
2 reasons you need to sign up for a third-party overseas payment platform.
What you do best is marketing, selling, and developing products and services to remain competitive. You know the value of budgeting and keeping costs within margins. Wander from that path, and you are getting into the swampland of crippled cash flow and ruined profit margins. You need a third-party overseas payment platform for two reasons:
You can execute foreign exchange payments through a bank but be prepared for additional foreign exchange fees (up to 5%) along with accepting exchange rates effective at the time of the transaction.
As a small business in Canada, you don’t have the infrastructure for foreign exchange currency risk management. You are, therefore, at the mercy of exchange rates and bank transaction fees mentioned in reason one above.
On the other hand, for the reasons outlined below, a third-party payment platform allows you to concentrate on the core of your business. You can focus more on customers and worry less about rates of exchange damaging your cash flow.
Put a lock on customer retention with payment flexibility.
Provide the best buying and payment experience and your customers will become loyal and continue to return. The key to the best customer experience is payment flexibility, not only for local customers, but for overseas buyers and suppliers. Your customers want the best value for their Pounds or Euros. They don't want the hassle of managing currency rate fluctuations or paying bank fees.
How a third-party payment platform is a key to transparency and flexibility.
A third-party payment platform service gives your overseas clients the same opportunities as your local customers. Specifically, with a third-party payment platform you can:
Offer more competitive global pricing
Leverage the global payment process to make payment transfers when foreign exchange rates are optimal
Pass savings in foreign exchange rates to your customers
3 ways a third-party payment platform opens the door to building trust.
A third-party payment platform builds the foundation of trust necessary for customer retention. Specifically, the platform:
Provides efficient and transparent payment options for foreign customers
Ensures that payments to your cross-border suppliers arrive on time, freeing up business capital
Reduces the number of payment failures, which result from inaccurate data input
Our platform can help protect your overseas cash flow.
Learn more about how our third-party payment platform can help you retain your local customers and expand your international business. Contact us and we will show you how foreign exchange currency risk management can protect your business as well as increase your profits.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
MTFX is in the process of migrating our online dealing system to a newer version which offers more functionality along with an updated look and feel. While we complete our migration, both versions of our online dealing platform will be accessible.