For your export company to be successful, the exporting process needs to be simple and clear between countries or regions in order to make a plan for successfully reaching a wider market, selling, and making a profit.
Anytime you buy something with your MasterCard or Visa card, there are four parties always involved in the transaction -- you, your bank, the retailer's bank, and the retailer. Both banks involved take steps to ensure the payment is successfully processed and transferred safely to the retailer promptly.
If you are in India and you are doing business with clients in Europe, then you need a payment system that will allow you to receive your payments quickly. That might seem impossible when you are on one continent and your clients are another. The good news is that thanks to technology, it is possible to operate a bank account from virtually anywhere.
The Single Euro Payments Area (SEPA) will soon be moving into a new frontier with real-time or immediate payments. SEPA was an initiative made to achieve integration of payments. Since the Euro was introduced, the focus has been on integrating the Euro payments market.
If you have ever transacted online on sites like Amazon, or eBay, it is likely that you have used PayPal to complete the online transaction. Today, PayPal stands out as one of the most popular online payment systems to receive and send money globally.
In Europe, Amazon has created unified marketplaces, which makes it possible for merchants to create and manage product offers in the UK, France, Denmark, Italy and Spain. As a merchant, you control your product offerings and areas of sale as well as manage your European business from one seller account.
Europe is the world’s largest single trading bloc when it is considered as a single unit. Europe consists of some of the most advanced and dynamic economies, encompassing the European Union’s (EU) twenty-seven members. Europe was no exception to the global financial meltdown and was hit hard in 2009, but began a steady recovery in 2013.
It costs money to move money and when you add the complication of changing money to another currency, the costs can easily get out of hand. Whether you are making your first big transfer for a major buy or you are a regular, the transaction fees i.e. transfer fees and exchange rates can make a huge difference to the amount of money that ends up in your account.
If you haven’t heard of it, you are going to want to know -- what is MICE?
MICE is an acronym for Meetings, Incentives, Conferences and Exhibitions. Sometimes referred to as the meetings industry, MICE evolved from international tourism. It focuses on coordinated hosting, managing and promoting a network of tourism business with other businesses and individual or group tourists.
Since the 2008, crisis Central Banks from developed economies have pumped in over €6.5 trillion into the global economy. They have left interest rates at ridiculously low levels around 0% (some times even below 0%). This has further pumped in over $10 trillion into the economy.
New EU banking rules (PSD2) will bring about a renaissance in decisions about all the nitty-gritty routines which normal business owners struggle with. Small- and medium-sized enterprises (SMEs) are likely to benefit the most.
Most of the world trade takes place in the sea, through different kinds of ships. Different types of goods and materials are transported through ships including electronics, coal, cars, machinery and textiles among many others. Shipping insurance has been in existence for many years and it offers protection against loss or damage of ships, cargo and other materials transported by ship. This type of insurance is made available for the buyer, shipper or ship owner. The coverage for shipments is termed as cargo insurance while the coverage for the ship is called hull insurance policy.
Payment APIs are shaping the future of money. While this has become more and more obvious in customer-facing sectors, it is also happening in the business-to-business (B2B) space. B2B Pay provides an API for international B2B payments.
Working capital is necessary for a business to be successful. Merchant exporters can sustain a positive cash flow by factoring accounts receivable in exchange for cash. When cash flows are negative, and liquidity is inadequate to meet financial obligations and funding growth for equipment or expansion, a business may close.
The persistence of uncertainty in foreign currency exchange is the force behind exporter interest in Forex hedging. FX hedging holds benefits for those interested in protecting a portfolio from currency, interest rate and commodity or product input risks. Currency hedging can reduce or virtually eliminate the impact of foreign exchange movements during the term of an investment by way of currency transfer to a paired currency value.
We're extremely proud to announce that B2B Pay has been accepted into the Barclays accelerator program powered by Techstars in Tel Aviv. With Barclays being one the most innovative banks in the world, and Techstars one of the most prestigious accelerators, we are very grateful for the opportunity to participate in this international program.
A freely convertible currency, or fully convertible currency, doesn't have any government restrictions on trading the currency for another currency. Obvious examples of fully convertible currencies are the US dollar and the Euro. In total there are around 17 fully convertible currencies.
For Singapore, B2B import and export is one of the biggest pillars of the economy. Singapore is a city state and doesn't have much space for industry, let alone agriculture. Hence, the bulk of the economy is made up by goods that are imported to Singapore to be exported later.
Bitcoin and blockchains are great, but not yet mature and thus too risky for a B2B business.
The difference between the buy and sell rates is known as a spread. Financial spreads occur in sectors such as the stocks, currencies, and other financial markets. A simple example of spread is the difference between the buy and sell price when going from one currency to another. For instance, to buy one Euro you may have to spend 1.16 USD but when you sell one euro you only get 1.10 USD.
When it comes to international B2B payments, there are not many options. In almost all cases, the importing company will simply initiate a payment with their local bank, which will then send the money to the exporter's bank, possibly through some intermediary banks. Each bank makes money on the transaction. Consequently, the incurred fees are at least 3% and can at times even exceed 6%. For a transaction of 50,000€, this can mean fees between 1,500€ and 4,000€. This means there is a huge potential for savings! Considering that most profit margins are not very big for global companies in competitive markets, finding a solution is important.
B2B Pay is proud to be working with Nordea Bank, the biggest bank in the Nordics.
If you are a global business you rely heavily on B2B payment processing.
SEPA stands for Single Euro Payments Area. SEPA money transfer is a payment system that simplifies bank transfers denominated in EUR. SEPA is an initiative by the European Union. As of July 2015 there are 35 SEPA countries: the 28 member states of the EU, Switzerland, Iceland, Norway, Liechtenstein, Monaco, San Marino and Andorra.
There are nearly 200,000 banks in Europe! All of them have varied fee structures between 3% to 6%, and processing times for transactions. Through which bank will your customer in Europe pay you and how much does this end up costing you? When you receive a payment from your customer in Europe they will simply initiate a payment order with their bank. All banks claim there is only a fixed fee of between 5 and 50€. But there's a catch: The exchange rate used for the currency conversion. You end up losing hundreds of euros because of this.
One of the factors that can be attributed to the growth is the ease of doing business in Finland thanks to B2B payment systems. These systems are very helpful for expediting transactions conducted on exchanges as well as those conducted between trading partners.
Export from Canada is huge. But it's not easy for all Canadian exporters. Going international with sales and business activities is a challenging undertaking for small and medium- sized enterprises (SMEs). Some of the hindrances that have to be overcome are related to breaking into foreign markets and foreign exchange rates.