Why should an IT outsourcing company need a European Bank account?
IT outsourcing is a high margin business and banking and payments is the last time on the minds of most IT sales and HR staff. But could it actually be a competitive advantage? There must be a reason industries such as eCommerce are willing to give up large fees to stripe, Apple Pay and amazon for the convenience of paying faster.
The reality is that the convenience of paying is critical in decision making even for IT outsourcing project. for example a couple of IT outsourcing companies I worked with in Ukraine wanted me to pay in USD to an account in cyprus!. this required a lot of my time and effort from a compliance point of view. I had to find a currency conversion broker who could convert euros to USD, then first i had to send them euros, then they asked me for an invoice which i had to upload in their system. After all this the payment tok another 3-5 days to reach the Cyprus bank account. after a short while I switched to another outsourcing company which had a euro account in the SEPA zone. saved me nearly 2 hours of time and i actually started paying my bills on time!
So to make a long story short. Get a virtual bank account in your customers currency to increase payments and conversions!
At B2B Pay we provide bank accounts to IT outsourcing companies
Benefits of our account
- Business bank account in your company name
- Your own individual IBAN number
- Receive payments in euros from 37 European countries
- Receive payments from Kraken and Coinbase>
- Convert from Crypto to Euro directly in our online platform
- Receive and make bank transfers