Qualities to look for in a business money transfer provider
Photo by Tech Daily on Unsplash
Choosing a money transfer provider for your business can be a complicated process. There are so many providers out there, and each has its own unique strengths and weaknesses. To make it simple, always look for the following features when deciding which provider to use.
Instant transfers
Providers that provide instant transfers will always offer the best service and value for money. Instant transfers can make a huge difference in business, as they allow businesses to transfer funds on the same day.
The ability to send and receive on the same day is crucial because many companies rely heavily on suppliers who expect payments on short notice; it is also essential if you need your funds quickly to settle an unexpected transaction or deal. In these cases, an instant transfer is exactly what you need.
Uninterrupted service
In most industries, there are times of the year when clients have their largest needs – think about the holiday season for retailers. Many providers recognize this and maintain service levels regardless of big volume days – but some do not. How a provider adapts to peak times is a good indicator of whether or not you can rely on them. Many providers do offer service level guarantees of this though, so always check for this information before signing up.
Payment speed
In addition to instant transfers, it’s important that your provider offers payment speeds that match your business needs. For example: if you need funds in 2 hours, make sure the transfer takes place within this time frame and confirm with the provider what their maximum turnaround speed is.
Multi-currency transfers
Photo by John McArthur on Unsplash
Offering multi-currency transactions will significantly improve your money transfer experience as well as the value you receive from your provider. As the folks at OANDA FX payments explain, this means you gain a competitive advantage and increase customer satisfaction by pricing and accepting payments in the currency your clients prefer. Multi-currency means that you can unlock new markets and conduct trade without ever having to worry about getting a bank involved.
Multi-Currency transfers are very easy to set up, and payments can be sent in a few simple steps. The ability to transfer funds in different currencies is often difficult with traditional banks – so if you’ve never done it before, do not hesitate to try out a provider that offers this service.
Accepting payments online
With the emergence of eCommerce and other online payment methods, many providers now offer payment solutions that include receiving money for your products and services via popular platforms such as PayPal or Skrill (Moneybookers). This means you can increase sales by accepting online payments like this, without the hassle of working with a bank.
Quality customer service
Customer service is one of the most important attributes that your money transfer provider should offer; customer support should be available 24/7 and should include an easy-to-use online chat feature. If you’re sending large amounts or transferring often, you’ll want to know there is always someone there for assistance when you need it.
Service reliability
Many providers offer service reliability guarantees in their terms and conditions – but if not, this should be your number one priority when choosing a business money transfer provider. This means receiving a world-class customer experience whenever you contact them by phone or email. You can do research on previous customers’ experiences by asking friends within the business community who they use, or reading online forums. Most providers will display testimonials on their website, but it’s always worth checking out independent sources like the Better Business Bureau (BBB) for real feedback. This way you can get an idea of how your provider measures up in terms of service, reliability, and pricing.
Lowest fees
You should always make sure that you are receiving the best value possible by choosing a provider that charges low fees. If there is no transparent fee information on the website, then be sure to ask for this before signing up. Look out for any hidden fees and commission rates – these can really eat away at your profits!
Ease of use
The last thing you need when running a business is an overly complicated money transfer process. If you are sending multiple transfers or making payments online, there should be no reason for this to be overly time-consuming. The best providers will make things as simple as possible – so look out for any jargon and difficult FAQ pages.
If you want to choose the best money transfer business solution for your business, you’ll need to find one that includes all of these features. The top provider will offer instant transfers, service reliability guarantees, multi-currency capabilities, payment speeds tailored to your needs, and convenient ways to receive payments online. Always take time to compare providers in detail before signing up anyone particular though – many offer similar services, so look closely to find the best fit for your business.
