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Do you need a new international payments provider? 5 questions you should ask for your business

Do you need a new international payments provider? 5 questions you should ask for your business

We all know that in order to be agile in today’s environment, working with a third-party fintech payment provider is your best option. When it comes to innovative fintech’s in the international payments space they are a dime a dozen. Even though tech companies are preferred to banks and financial institutions due to their speed to market and payment flexibility, there are only a few that have seamless integration, can really save you and your business money, while at the same time offering an all-in-one solution to satisfy all your businesses international payments needs.

When businesses turn to fintech’s they usually have to partner with multiple solution providers to ensure they have all their needs met, and this can become cumbersome, driving businesses to revert back to working with banks simply due to lack of management and complexity of their day-to-day business, even though, in the end it costs them more. The importance of the user experience and ease of use when integrating a third-party platform provider is just as important as saving costs.

When it comes to working with a third-party platform provider for your business, work with a partner that puts your businesses needs first and provides an all-in-one solution that protects your business from market volatility.

Consider these five questions when looking to move to a new payment platform provider

1) How competitive are your rates?

Banks usually have less competitive foreign currency exchange rates. They employ what is known as the mid-market rate in trading with other banks. The mid-market rate is not a rate they disclose or offer to customers.

Alternatively, some tech providers offer a discounted rate to begin with which can severely change over time. Ensure that when working with partners that have these agreements your “spread” for conversions is fixed and to also periodically review your transactions to ensure that your rates remain competitive as the market changes.

2) How do you keep my business transactions safe and secure?

Ensuring that any provider you work with is fully licensed and compliant with all local regulations in the countries they work in is essential.

Your payments provider needs to take compliance seriously. Review your partners policies and verification procedures for KYC, fraud, sanction screening and anti-money laundering to ensure they are iron clad and either meet or surpass industry standards.

3) How simple is it to order trades?

It is very important to know how to efficiently work with your solutions provider. Some partners will provide you with a single point of contact or an account manager that you can work with 24/7; others offer online-only assistance during particular working hours.

If you work in an industry or have a type of business that deals with a high volume of payments, working with a dedicated market expert may work best for you. Know what you need from your provider and ensure that their ways of working match your business needs.

4) How do I protect my business from currency risk volatility, especially in today’s climate?

Managing exposure to FX currency fluctuations is an additional level of due diligence any business owner needs to practice. Your cash flow is the lifeblood of your business and you need to protect it from unfavorable shifts in foreign exchange.

Ask a potential partner what risk management solutions and hedging tools they have available for you to utilize. Some important hedging tools that help manage market risk are forward contracts and market orders. Your partner should be able to offer these solutions in a customized way, with competitive global pricing, that is tailored for your business needs.

5) Can you take the challenges out of opening and managing foreign bank accounts?

Find a partner who was built to save your business money on overseas transfers while providing you low exchange rates and transfer options for your business. A strategic partner should reduce your businesses exposure and improve your cash flow by having the ability to make payments and hold funds in local currencies that you can access any time 24/7.

Working with a partner with in-country payment solutions can enable your business the ability to open and hold money in domestic multi-currency accounts across multiple currency types, removing the complexity of trying to open and manage multiple bank accounts across borders, saving your business time and money.

In conclusion

If you want to learn more about why MTFX should be your third-party payment platform provider contact one of our market experts. We will show you how foreign exchange currency risk management can protect your business while increasing profits.

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FAQs

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.
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.
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.
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.