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The pandemic has changed the way that we do business forever, and fintech, like MTFX, is monitoring and adapting to the impacts of COVID-19 in order to better equip businesses with the best strategies and tools to remain fiscally stable and better manage cash flow while doing business across borders.
No longer can SMBs settle for the expensive and time-intensive ways of sending money overseas with traditional legacy systems offered by banks and financial institutions. The phrase “time is money” is no truer than it is today.
To remain in business and to rebound from the impacts of the COVID-19 pandemic, SMBs need to utilize new and innovative technologies, giving them access to new marketplaces, all while simultaneously cutting costs.
Banks usually have less competitive foreign currency exchange rates than fintech due to their traditional banking systems. Fintech focuses on providing quick and easy money transfers while having the ability to provide low exchange rates and transfer options for every type and size of business. Fintechs are agile and can adapt to shifts in the marketplace quickly, thus, making them able to develop and launch innovative solutions on a dime, supporting a company’s expansion targets and the ability to grow their transaction volume – something a bank cannot do easily.
Some fintech is making seamless integration to the next level. The team at MTFX is first to market with an all-in-one seamless solution that can offer your business a set of products and services that integrate directly into your business's ERP and AR systems. This ability removes the need for manual intervention or payment reconciliation, reducing both time and costs for finance department staff. With this integration, powered by AI, machine learning, and biometrics technologies, you can reduce the number of overall payment failures, which result from inaccurate data input, that your business experiences, giving you a single view on all your company’s financial needs, transactions, and cash flow for better and more accurate fiscal planning.
New-age fintech solutions can reduce your business's FX exposure and improve your cash flow by having the ability to make payments and hold funds in local currencies that you can access at any time 24/7. Leaders in customer experience, like MTFX, 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 so you can grow your business in any market you require.
Agile fintech develops, both internally and through global network partnerships, an array of innovative payment solutions so you can provide your vendors and your end customers with payment choice and flexibility. This allows you to accept and provide many different payment types from customers as well as offer vendor-preferred payment types like pre-authorized debits, wires, EFTs, and credit cards. On top of this, fintech can also enable your business with next-generation digital payment solutions like mobile wallet payments through a simple API integration that banks and other third-party providers cannot offer.
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 the foreign exchange rate. Fintech can offer superior risk management solutions and hedging tools, compared to banks and financial institutions, including forward contracts and market orders that are customized specifically for your business needs.
Learn more about how a third-party payment platform can help you retain your local customers and expand your international business. Contact one of our market experts at MTFX and we will show you how foreign exchange currency risk management can protect your business while increasing profits.
Open an account with MTFX today and start enjoying fast, cost-effective, and convenient international money transfers.
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