Leaving the world of wire transfers: payment solutions in 2019 and beyond

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Most organizations today rely on some element of international trade. One of the advantages of the Internet age is that a business can reach customers halfway around the world as easily as those in the same city. Problems that bothered businesses significantly just a few decades ago, like language differences and currency exchanges, are at least partially addressed by browser plugins that translate on the fly and services that help transfer content. money from one currency to another.

For small businesses or organizations that only occasionally do international transactions, the overhead costs associated with issues such as local and distance taxes, customs and excise duties, and exchange rates are rarely sufficient to that each case be given the special attention it may require. But on a large scale, international trade in goods or services becomes considerably more complex, or expensive, or both.

While the Internet has its democratic effects in that it can lessen divisions between nation states and the businesses and citizens therein, it has also leveled markets so that the customer or user of the Internet. service have online choices. If, to use the service X, a business or a consumer can use services or systems with which they are familiar quickly, easily and securely, so this will be their preferred option. And during the service Z could be better suited and even cheaper, if it is only accessible by jumping over various virtual obstacles, such as registering for an unknown payment system (plus confirmation of identity, address e-mail, financial details), then it will rarely be chosen.

There are many institutions that claim to be able to help with the processes involved in large scale trading. “Traditional” banks have platforms to help international payments overcome the complexities of currency exchange, tax jurisdictions and reconciliation. But this kind of transaction management isn’t really the core business of these organizations – and it shows. High service fees, a frank 19th century adherence to local office hours, and an inexplicable insistence on making parties wait for several “working days” when clear funds make using their services on a large scale impractical and inconvenient. expensive.

Wire transfer services, banks, and many much more modern payment gateways have also not been particularly quick to adapt to some of the payment trends favored by people and businesses that trade online. Recurring payments, subscriptions, leasing, and even the more traditional deposit plus balance transactions are often difficult to set up and maintain. Newer services capable of handling this type of setup exist, of course, but often charge fees that accumulate, in addition to others that accumulate throughout the process, such as a credit card surcharge, rate penalties. exchange rate or local taxes.

It is easy to resolve these complications if we consider a few fundamentals needed to simplify digital money transactions.

Every time money changes hands, build trust is a prerequisite. This means offering methods of exchange that are familiar to both parties: A Chinese company may not be willing to use PayPal on a large scale, instead having an existing relationship with Baidu Wallet or Alipay. Transparency, responsibility, and familiarity all count for a lot, so next-generation payment systems must be soft. If a place that business ties are to be forged with swears by JD Pay, or Yandex Money, or even likes cash on delivery, then the payment system should be able to adapt.

Here has Technical HQ, we envision three payment service providers that offer the kind of exchange framework that we consider suitable for commerce in 2019. While none of the ones presented below are ideal for every case, there are elements in each that we hope will meet the needs of your business or organization.

FLY WIRE

Flywire’s payment platform is immediately familiar to its end users as it is multilingual and able to offer payment methods that are locally known and featured in the local tender – the company operates in 240 countries and therefore supports 150 different currencies. Complex transactions are fluid and help build confidence on both sides throughout the process – there are no unexpected price hikes or mysterious costs added in later stages.

The platform itself helps generate trading returns, as it actively searches for the optimal exchange rates for international payments and the lowest possible bank or finance charges. From e-commerce sites for omnichannel retail, to payment and reconciliation systems used by complex institutions, Flywire has processed $ 12 billion to date for its 1,600 customers in education, travel and health, to name just three.

Complex installment payments, refunds, and payment models like monthly recurring charges, deposit and balance setups are all there; everything you need for quick and precise reconciliations. The philosophy of total transparency runs through the platform, with every step of receiving and sending currency being verifiable through a portal that provides detailed information in real time, right through to the progress of an individual transaction.

The platform dramatically expands the business opportunities available to businesses strategically, is more than capable of integrating with existing financial IT, and is as automated as you need it to be. The multilingual customer service staff, consisting of more than 400 employees (“Flymates”) in 13 offices around the world, are available 24/7 for business users and end users.

Learn more about the Flywire Trusted Platform here.

BANDAGED

Irish brothers Patrick and John Collinson are two of the world’s youngest self-made billionaires, having founded Stripe in their twenties and growing the business at an unprecedented and often emulated pace. Investors include CapitalG, Elon Musk, and General Catalyst Partners, among others, and the Stripe platform has attracted established startups and products to the fold. Their clients include Skype, Act Blue, Missguided, Made, and Dice.fm, and Stripe now has 25 offices around the world.

In addition to payment solutions, Stripe Atlas facilitates most aspects of starting a new Internet business, including business incorporation and basic banking operations; In addition, a range of courses are offered to the budding entrepreneur.

Source: Stripe

Stripe offers SDKs for Android and iOS in addition to its web portal options, allowing businesses running apps to seamlessly use payment facilities, which include one-off payments and subscriptions. The Company’s Radar uses what the company describes as machine learning algorithms to help protect against fraud and allows customers to review reported payments.

For subscription billing, Stripe offers meter billing, per seat pricing models, various add-ons and options for quick customer conversions, and allows multiple subscriptions per customer.

Stripe is, of course, fully PCI compliant and can protect payment details taken in 140 currencies (plus a few cryptocurrencies), ensuring that e-commerce is a fully global market for its customers.

GLOBAL PAYMENTS

At the turn of the millennium, the National Data Corporation renamed itself Global Payments Inc. It already had a significant stake in payment processing systems, having been established in 1967 and processing half of the MasterCharge payments of US banks in 1977. Today Today, the company employs approximately 11,000 people in 32 countries, processing 17 billion transactions per year for more than 2.5 million businesses worldwide.

This pedigree and deep experience means that Global Payments has developed a wide range of partners and capabilities (some through acquisitions and mergers), and therefore can, for example, accept as a medium of exchange 140 payment methods, from Apple Pay. , WeChat Pay, and Amex at QIWI and UnionPay.

There is a hosted payment service through which organizations can integrate the Global Payments portal into their own online platforms (iFrame, redirect, or Lightbox) and PCI DSS compliance, as well as local governance requirements are handled by Global Payments, and not by its service users.

For its clients who want sophisticated options that combine a steady flow of allowances or just the occasional one-off payment of virtually any size, the Global Payments platform can meet all but the most esoteric requirements.

* Some of the companies presented are business partners of TechHQ

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