The global payment process begins when a payment is made to a supplier, vendor, publisher, or other affiliates whose bank account is outside of the country in which your business operates. Traditionally, global payments processing requires inputting data into multiple bank portals and are accompanied with expensive fees and costly overhead. When processing global payments to a supplier in a foreign currency, you may also endure heavy conversion fees if you don’t partner with a cost-friendly global payments processor.
Is real-time processing or batch payment processing better for your business? There are two main areas that should guide your decision. The first is whether or not you’ll need to make adjustments to transactions after sales. As with any other business decision, you’ll also want to compare the associated costs.
Making global payments comes with multiple benefits, including improved vendor and supplier relationships, and the ability to negotiate pricing discounts. Identifying which global payments to make can be confusing at first. For example: Did you know that if you or your payee is part of the Single Euro Payments Area (SEPA), you’re qualified to make Global ACH