Ensure Better Overseas Payment Processes with a Third-party Digital Platform

Ensure Better Overseas Payment Processes with a Third-party Digital Platform
Last Updated: 19 Aug 2020

E-commerce 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 are available with digital payment platform providers. These platforms use sophisticated and secure computer programs as well as offer 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 

Below are the employ resource management software:

  • Autofill’s personal data based on a previous purchase
  • Checks personal information for accuracy before payment is submitted
  • Gives foreign customers real-time currency exchange rates 

The foregoing features and functions are what make overseas customers' 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.

Two 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 the 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:

  1. 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.
  2. 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 is a Third-Party Payment Platform 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.

Three Ways a Third-Party Payment Platform Opens the Door to Build Trust

A third-party payment platform builds the foundation of trust necessary for customer retention. Specifically, the platform:

  1. Provides efficient and transparent payment options for foreign customers.
  2. Ensures that payments to your cross-border suppliers arrive on time, freeing up business capital.
  3. 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.

Open an account today 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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