How can exporters optimise their cross-border payments in 2023?
For exporters, tackling cross-border payments can be difficult due to various complexities and risks involved. But there are several strategies that can be implemented to enhance your global payments, decrease financial risk, and streamline your financial operations. This includes staying informed, partnering with an innovative payment provider, and diversifying to overall improve efficiency of your cross-border payments.
Introduce digital diversification
A focal point of an exporters global payments strategy is to diversify their payment methods, particularly in emerging markets where there is a reliance on cash or cheques as the most common use of payment. While this is favoured, it leaves exporters at risk of not receiving payments, or delays which can impact cash flow or shipping delays. Using electronic transfers and digital platforms which allow for faster, safer, and tracked payments can be a smart way to improve exporting.
An example we offer at Verto is our multi-currency wallets where funds in up to 50 currencies can be transferred instantly between Verto customers, allowing for peace of mind that the money arrives safely and promptly. Our digital platform ensures businesses can manage their money online, while getting real-time tracking of payments, because managing your cross-border payments should be simpler.
Staying informed to stay agile
For exporters, operating globally means keeping abreast of the economic and political environment of the jurisdictions they operate in is essential. Instability and currency fluctuations in emerging markets can lead to border problems, cash flow issues, and can cause delays to receiving money safely and on time. So being informed can help your business be adaptable and mitigate any potential risk. Some steps to do so may be setting news alerts on your computer or phone, working with local partners who can keep you informed, or working with a payments provider that has an understanding of these risks.
At Verto, we can help mitigate currency fluctuations for our customers with our marketplace which allows businesses to set their own FX rate and our competitive FX rates to always stay ahead of the market, as well as our multi-currency wallets where funds in up to 50 currencies can be held.
Implementing a helping hand
A step towards better payments may lie with who your payments provider is, especially as exporters can work in markets that they are unfamiliar with, and differing regulations which may leave risk of not being financially compliant. Moving away from traditional banks which may result in unreliable and costly transactions, so pivoting towards a trusted and innovative payments provider such as Verto. This can ensure exporters are provided with a variety of services like global compliance support, fraud prevention and detection, and currency conversion. At Verto, we allow our customers to instantly convert 50 currencies at competitive rates via our Exchange Now, or set your own preferred rates via our Marketplace so you can negotiate and execute trades at a price that suits you.
We ensure to keep your exporting business compliant by staying up to date with all regulatory changes, as well as doing thorough KYC/KYB and AML checks for all businesses we onboard to keep our ecosystem safe and secure. Furthermore, we aim to minimise touchpoints as your payments get from A to B to reduce the risk of fraud, alongside our tools and dashboard to help you track payments in real-time and manage your cash flow. Overall, Verto is equipped with all the necessary tools to ensure there will be smooth sailing for your exporting business.
There are numerous ways for exporters to optimise their cross-border payments, and Verto is here to help along the way. By implementing several improvements to your strategy, financial risk can be reduced, your payment methods can be diversified, and overall give your business more confidence and control over your cross-border payments.
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