For home-based business owners managing a range of daily operations from conference calls with clients to updating QuickBooks records, there leaves little time to consider strategies for expansion. In order to compete with the big dogs, small businesses must prioritize tapping into international marketplaces. Attaining online services to help streamline the various “departments” you’ll oversee (from increasing production, making deliveries on time to translating product languages, etc.) is key to maintaining a stable growth when expanding overseas.
Whether a sole trader or a small business with global partners, money transfer services can help businesses manage financial transactions in a secure and efficient manner. Marketing your services thousands of miles away can be daunting when considering scam artists and fraudulent companies looking to take advantage of unsuspecting hopeful startups. By utilizing a money transfer service, you’ll receive the protection of a company that oversees the process and be able to cut out faux clients whom will balk once discovering your business has a secure payment method.
Make sure to do proper vetting when researching online for a suitable money transfer service. The main notable websites trusted by the public will surely provide a satisfactory service and keep your orders secure, but there are many other services available with lower costs. For instance, eBay sellers will pay 4% on getting foreign currency transfers from abroad using Amazon’s currency exchange, but the services that “http://moneytransfercomparison.com/” reviews will let them do it for 25% of the cost. Ecommerce businesses can especially benefit from a money transfer service with low fees when their sole income is provided by online orders.
Top money transfer services include easy sign-up processes to get businesses registered and approved quickly. Exchange rates tend to vary per service, but consider what is most important in your business goals. Can you accept a longer period of waiting time to transfer funds? If your service is not time-sensitive for customers and they are willing to wait for their payments to transfer, you can pick a service with a competitive exchange rate and no fees; it may take up to a week or more to process the transaction. If your product needs to be purchased and delivered within a day, other services may spike up the exchange rate and charge a fee as a result of this time-saving advantage.
Many services have staff on site 24/7 to answer questions, help with technical issues and personally notify you when there are upcoming lower exchange rates and deals. Some sites save payment information (through secure encryption) for consistent customers so they will not have to re-enter their information during each purchase.
Further, many money transfer services have invoicing templates that you can use to bill customers, squashing the need to manually create PDF invoices, which is time-consuming and can be aggravating for both parties, as the customer will have to download and keep track of the document. Depending on the extent of your client list, having to generate hundreds of PDF invoices per month will clog your storage and become arduous when having to sift through folders to find the correct invoice. Having each invoice stored in your online account will make it easy to track whether they have already been paid and the status of the money transfer currently in progress.
A money transfer service eases the diversification process for a business. Small business owners can have peace of mind when going global knowing that their finances will be handled quickly and securely, so they can focus on adapting their product to new cultures, targeting new customer groups in other countries, setting up online promotions and attaining manufacturing and distribution partners to work with. Whether working autonomously out of your garage or with an in-house team of employees, any business size can benefit from utilizing a money transfer service.
