It is often cost effective to hire software development abroad for American and European companies looking to deploy systems quickly and efficiently. Paying them, however, is now an avoidable hurdle thanks to our virtual banking solution.
Many IT services are in Asia, Eastern Europe, and South America. However, their clients are often in Europe and America. In today’s ever shrinking world, that might not seem like a huge distance to bridge. Yet, both partners are often frustrated with complexity and difficulties that arise with overseas payments.
Having a virtual bank account in Europe allows these outsourcing firms to build better relationships with clients in terms of payments. The customers are able to treat the payments as they would any domestic transfer, while the firms are able to receive the money in their own currency. Furthermore, both parties are notified as the transaction progresses, instead of being left in the dark until it is complete. And perhaps most importantly, the transaction is 80% cheaper than it would be using traditional transfer methods.
Lowers stress and tension with high value contracts
Better notification systems
An Indian IT outsourcing company had a customer in Sweden. However, the local bank didn’t have the ability to make rupee payments. With up to two week delays on payments, neither party was happy. However, with B2B Pay, the payment arrives in the European account in a few hours, the company is instantly notified, and the payment arrives in rupees the same day.