Global Payments Are Time Consuming

Posted Under: News

As a business owner we know that you are focused on success. And success, for you, could mean anything from being able to financially provide for your family to becoming the best in your field to making sure you’re able to support the loved ones of your colleagues.

Hopefully, however, like us you created your business because you have a passion for it. Because it can make a difference to others who might be taken advantage of without your service or product.

If you happen to be a manufacturer, after setting up all of the components you need to get the business off the ground i.e. computers, accounting software, phone system, office space, banking facilities, and so on, you’ve probably turned your attention to the three areas that will either make or break your company:

  • sourcing your raw materials for the best price
  • manufacturing efficiently
  • finding and selling to clients

Naturally you’ll want to pay the cheapest price for what you import and you’ll want the supply chain to be plain sailing and fast. Turning raw materials into finished ‘quality’ goods as quickly as possible, while at the same time convincing potential buyers they need your product versus your competitor’s.

So, any disruption to the above could derail your goal.

When it comes to paying your global vendors it’s likely that you might have to go to the bank to complete a transfer form, or maybe fax or email the instruction to your bank both of which come with significant fraud risk, or worse still you have to sit on hold for 30 minutes each time.

Then there’s the promise from your bank that funds will arrive within 2-5 business days meaning you’re distracted, maybe subconsciously, worried about whether the funds will arrive and whether you’ll get the dreaded call from your supplier claiming non-receipt.

When that situation arises it’s yet another call to the bank who most likely won’t be able to get you an answer until they’ve investigated through the several banks that your funds passed through. More often than not the funds did arrive but with ‘lifting fees’ taken along the way and as a result the beneficiary was unable to reconcile the credit to their account with what they expected to receive.

You’ll only be too aware that this process can take several days.

Wouldn’t it be great if there was a better way to move money globally? One that takes less time out of your day and where payment is received much faster and without fees deducted?

That’s exactly what you get with most specialized FX global payment companies.

Often you’ll be able to pull funds into your FX account directly from the secure online platform, input a purchase or sale of a currency, and then enter your payment instruction. If you’ve made the payment before then the template is there for you to use each time and thus just a couple of pieces of data to add i.e. amount, value date, reference, and then you’re set.

All of this can be performed within the space of a few minutes. When the payment is sent to the beneficiary, more often than not there’s a direct route using SWIFT which allows you to track and trace the payment as you do with your Amazon packages, and some some currencies (typically EUR, GBP, INR) can be processed in near real-time to the beneficiary’s account.

When payments are that quick to input, you just freed up some time to focus on more business related projects.

When payments are received by your vendor without deductions and within minutes, you’ve removed another worry too and just freed up even more time.

Applying securely online for a GreenShootsFX multicurrency account takes just a few minutes, and your accounts are often open within 24 – 48 hours.

Take 30 minutes out of your year to be more productive and contact us at in**@Gr***********.com