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Ten tips for improving the speed, efficiency and transparency of your organisation’s international payments, including the tools and tech to focus on.

Top 10 international payment hints for businesses

Cambridge Global Payments August 16, 2018

Ten tips for improving the speed, efficiency and transparency of your organisation’s international payments, including the tools and tech to focus on…

 

  1. Use local payment networks

Whilst the SWIFT network is still one of the most common ways to send an international payment, look for ways you can leverage local payments networks such as SEPA and ACH. These can often be more cost effective and may provide better access to a number of affiliated clearing systems, giving you additional payment flexibility.

  1. Automate payments

Processing multiple international payments can be time consuming. When they’re available, file upload capabilities or APIs to extract files from your accounts package or ERP system can allow you take advantage of direct connectivity with your payments system.

  1. Use auto-verification

Make sure you have an international payments platform that auto-verifies bank details. Verification of your beneficiary’s banking or IBAN information can help drastically reduce the rate of delayed or returned payments.

  1. Store currency value

Paying and receiving in the same foreign currency? Securely storing value with your provider as a holding balance can help you avoid multiple currency conversions, saving you time and ensuring you always know the value you have saved.

  1. Fix the exchange rate

Currency markets can be volatile and adverse movements may affect your profit margins. In certain situations and for qualified parties, risk hedging tools may enable you to fix the exchange rate for a period of time, such as forward contracts and options.

  1. Consider paying in foreign currency

Paying an overseas supplier in GBP? Check whether you could get a better deal by paying them in their local currency. Many vendors prefer to be paid in their local currency, so in addition to improved supplier relationships, you could also experience cost savings.

  1. Use market orders to mitigate volatility

If you want to be able to automatically book currency deals at a particular exchange rate, ask your provider about market orders. Many businesses use them to protect against volatile currency market movements.

  1. Get a competitive exchange rate

The exchange rates offered by different providers can vary hugely, so make sure you’re getting a fair price. Foreign currency spreads, fee mark-ups and service charges can all affect your bottom line.

  1. Build a good relationship with your provider

Having a good working relationship with your international payments provider can save you time and money in the long run. Their expertise and currency market knowledge can help keep your payments operations efficient.

  1. Talk tech to your provider

Make sure your provider is working to harness more recent technologies, such as new payment rails. By staying ahead you can improve the speed, visibility and transparency of your international payments.

Talk to us about your international payments

If you’d like to talk about making your cross-border payments more efficient, speak with one of our specialists.

Have you read our complete guide to international payments?

 

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