Articles and guides

International payments used to be synonymous with SWIFT wires and waiting days for funds to arrive. Today, finance teams have a growing toolbox of payment rails to move money faster, cheaper, and with more control - but the choice has never been more complex.

FOR IMMEDIATE RELEASE

For medium to large businesses handling high volumes of transactions every month, payment gateway fees can significantly impact profitability. While these fees are an essential cost of doing business in the digital economy, understanding their structure and selecting the right payment gateway can save your company thousands—or even millions—of dollars annually.

Understanding the intricacies of foreign exchange can be a daunting task for any business. It is, however, important for any business that engages in international transactions. The exchange rate can significantly impact your profitability, especially for businesses dealing with large volumes of foreign currency.

The payment processing landscape is evolving rapidly, driven by technological advancements, changing consumer preferences, and a push for greater security and convenience. As we look ahead to 2024 and beyond, several key trends are emerging that will shape how businesses and consumers transact. Let’s explore the most significant payment processing trends to watch.

Long-term eCommerce success means optimising customer journeys and experiences before and while users visit your website and purchase your products. Below, we look at increasing traffic, and improving conversion and customer experience, providing you with a pipeline of new and returning customers to make your business thrive.

Note: this article does not constitute business advice. Please seek a certified consultant and exercise judgement for professional guidance.

Dealing with foreign exchange, or FX, comes with the territory of being an international business, which is why it is critical to understand how FX rates work if you want to get the most out of your cross-border transfers. 

If you are looking to scale your business globally in the modern economy, you need to ensure that your organisation has the infrastructure to accommodate growth.

Individuals and businesses alike are transferring money in different currencies to foreign bank accounts at an increasing rate. Global businesses, the rise of eCommerce, and the interconnectedness of the modern economy have made this a great convenience for many, and a necessity for some.

When selling products online, the first thing that comes to mind may be setting up an online store. Long gone are the days when you have to pay for expensive website developers. Instead, merchants now have a plethora of website-building platforms at their disposal to save them the time, money and the hassle of building an eCommerce store from scratch. 

The COVID-19 pandemic has fundamentally changed the eCommerce landscape. Consumer adoption of digital products and services, as well as online shopping, have exploded - leading to an increase of online sellers jumping to meet the demand. The Payment Service Provider (PSP) Program is part of Amazon’s continued efforts to be the safest and the most trusted store in the world for customers and sellers.  Participating PSPs must have appropriate risk and compliance controls in place and work with Amazon to reduce the potential for fraud and abuse.

If you’ve sent funds abroad or work in an industry that executes international payments, you know that most of these international transfers are carried out via the SWIFT network. And, while this process sounds fast, the acronym is proving to be a misnomer — SWIFT transfers tend to be anything but and often incur high costs.Spending time to educate yourself on the basics of SWIFT will not only help you (and your business) navigate the international payment ecosystem, but it will help lay the foundation in understanding how solutions like Currenxie are creating a better alternative for cross-border payments, awarding your businesses with more affordable options without you having to sacrifice security.

Even if you have the funding, capital, and ideas necessary to start an online business, you will still run into a few difficulties along the way — a primary one being that every market is highly competitive these days. Therefore, starting an online business comes with competitors from all across the world — not just in your locale. Conversely, this also implies that your customers belong to a global market which means there is a real potential for rapid, unlimited growth.

As we begin the journey towards a new normal, financial services are looking to the future. Markets are adapting to a post-COVID world and financial technology companies are evolving to meet these needs.

Global travel is still at an all-time low due to the ongoing COVID-19 pandemic, however, the demand for cross-border trade and global eCommerce has never been higher. Yet, one of the main factors plaguing most of the big and small businesses that make trillions of dollars in cross-border payments annually remains the expensive, restrictive and cumbersome traditional payment solutions.

Digital banking solutions are revolutionising the way businesses operate. By offering global entrepreneurs and brands access to an affordable, efficient, and streamlined banking solution, digital business accounts are nurturing a new era of global commerce.

It took COVID-19 just a few months to transform the world. And while the globe breathes a sigh of relief as a potential vaccine promises to bring some semblance of normality back into our lives, we’re still grappling with what the pandemic’s impact will ultimately be. However, if one thing is certain it’s that COVID-19 accelerated a digital transformation shift that was expected to take years.

eSellers understand the importance of providing a seamless user experience in their website or app, as well as the fact that a large part of customer satisfaction lies in eliminating barriers at checkout. In fact, according to a recent survey, with online payments fast becoming ubiquitous, customer experience is becoming the prime competitive differentiator.

When it comes to cross-border trading, access to trade finance is a crucial component for any entrepreneur if they want to succeed. Exporters expect to be paid upon shipment, while importers require cash upfront when goods are received, creating a time gap that’s threatened by the risk of non-payment.

Finding a banking solution for an eCommerce business can be challenging. Traditional banks are often slow, offer poor customer service, and there always seems to be a fee for something.

A company’s cash flow is the crux of its success. However, the global economy has taken an undeniable beating thanks to the COVID-19 pandemic, with smaller businesses hit particularly hard. Predating the crisis, 61% of small business owners admitted to struggling with cash flow with almost a third of them (32%) unable to pay their vendors, pay back loans, or pay themselves or employees. In light of the pandemic, it’s estimated that this number will likely surge.

While no one knows the full implications of the COVID-19 pandemic, it’s clear that it’s created a massive shift in human behaviour, including changing the way people work, learn, shop and socialise. The eCommerce industry has been one of the major beneficiaries of global lockdown orders, that has seen millions of people being forced to shift most of their spending habits online out of necessity.

Before the global pandemic hit, a recent survey determined that 85% of business owners believed that expanding internationally was vital for their company’s success. Conversely, the number of SMEs who don’t generate any income abroad was expected to decrease by more than 30%. And now, in today’s post-COVID world, expanding one’s business globally has become a strategic imperative for companies who want to ensure their growth and protect themselves against the risk of decline in domestic markets.

Many of today’s entrepreneurs know that speed is the key to start-up success. And while this notion has a lot to do with being the first to market, it also applies to novice business owners having the necessary resources to take their companies off the ground — starting with a corporate bank account.

As unprecedented challenges make it inconvenient for people to travel and meet, an increasing number of entrepreneurs choose to enter the online world to source, trade and sell their products and services. Here, we briefly detail some of the most relevant aspects to consider when setting up an eCommerce business in Hong Kong, the financial hub of Asia:

The advantages of eCommerce over traditional retail has drawn new and existing businesses for well over a decade, but in the face of challenges presented by COVID-19, adaption to online selling or a hybrid model has become a necessity for many.

Why cash flow is crucial  

Businesses born today belong to a global market.