Trading internationally has only become easier in the past decade as various online platforms, payment methods and communications technologies have launched to address the pain points businesses face when transacting globally. Many businesses, however, are still using outdated processes and have yet to realize that there are simpler ways.
For businesses that sell on platforms like Alibaba.com, collecting payments from customers overseas can be tricky when those transactions have to cross borders and need to change currencies. Traditional cross-border payment methods usually result in businesses receiving payments that don’t equal the full invoiced amount. This is often due to bank charges, FX markups, or simply translation issues and miscalculations.
TransferMate has been working to solve the headaches of making and receiving international payments since 2010. Using TransferMate’s platform, companies can invoice their customers with a secure link, enabling the customer to easily pay in their home currency and allowing the seller to quickly receive the full amount the same day/next day, incurring no incoming bank transfer fees.
TransferMate is now introducing our international payments solution to users of Alibaba.com. Last week, we announced our partnership, which allows users of Alibaba.com to sign up on TransferMate.com to benefit from preferential FX rates, quick transaction times and no wire transfer fees. Both companies that buy and sell on Alibaba.com can sign up for our service.
Our receivables solution allows TransferMate clients to reduce their days sales outstanding (DSO) while gaining control and visibility on invoicing and future cash flow. TransferMate also eliminates the need for administrative time spent on reconciling payments. With international receivables from TransferMate, users can save on average nine minutes of administration time for each payment received by eliminating reconciliation. For a company receiving 100 payments a month, that can equate to 25 admin days per year.
For businesses looking to make their current international trade practices more efficient or for those looking to break into a new market, streamlined cross-border payments can be a beneficial place to start. To learn more about our solution for Alibaba.com users or to register your interest, visit transfermate.com/alibaba or alibaba-na.com/transfermate.