As an exporter, you deal in currency every day. You have customers and suppliers around the globe on different time zones and currencies, involving risk in currency fluctuations. Choosing the right B2B currency exchange can increase your profit margin by 20%. That is why you want to get the most from your bank account when it comes to exchanging and transfer. The cost of choosing poorly is astronomical to exporters. Knowing your options will help you to avoid excess fees and unsafe transactions. Here are three methods of currency transfer and exchange, which can keep your money safe, converting it easily and inexpensively, from your bank or customer to your account or supplier online. Wherever you need to send your money, and wherever you wish to accept payment from customers, B2B payment solutions and virtual bank accounts harness top electronic technology for you.
B2B Payment Solutions
An all-encompassing term for electronic payment exchanges, B2B payment solutions work for credit-card transactions, electronic payment platforms such as Paypal, and any other situation where currency is sent electronically. These systems handle payments, and can be integrated with an existing point of sale (POS) system. Providers include Payscape, Moneris, Hyperwallet, and B2B Pay. When a company needs to transfer money to another company, wire transfers have been the most common method traditionally. This is changing with the growth of electronic payment methods for B2B. Things become most complicated when transferring currency between countries and different banking systems.
Freely Convertible Currencies
Using electronic payment companies and platforms provides an easier way to achieve effortless currency exchanges. You can collect payment from international customers in their currency and then have it converted into your bank's currency before you have received it. The fee to convert currency with some POS systems is low and cost passed on to the customer, while others have a flat rate per 1,000 transactions. Wire transfer rates can be very steep, making an online alternative much more attractive. Your best options for exchanging freely convertible currencies and B2B payments should be a provider who can help you navigate the various banking regulations to stay in compliance with your local laws.
Open a Virtual Bank Account
One popular and successful method of currency exchange and money transfer from business to business is a virtual bank account. It can be difficult to choose a company for your virtual banking needs. Internet searches will reveal more virtual banking options than you could ever need from a multitude of companies around the globe. Do your research from an informed basis and you can be confident with your choice. While Paypal, Payscape, Moneris, and Hyperwallet will help with transfers and exchange, the B2B Pay service goes further in providing you a secure, legitimate platform for all of your banking needs. B2B Pay is different because they create a virtual bank account for you.
This will allow your business to receive payments and send funds anywhere in Europe. Your customers will be paying you in their currency, and through your B2B Pay virtual bank account most transactions can be conducted without fees. Using a two-step authentication process, B2B Pay gives you an IBAN number and a platform to accept payments from the United Kingdom and more. Your virtual bank will then transfer the funds into your home-country bank account. With B2B Pay, you will find standard features such as the lowest currency exchange and transfer fees anywhere in the market. Make the most of each transaction with better B2B payment solutions and more.