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.
Inward remittance refers to the transfer of money from migrant workers to family or friends in their home country. However, this common understanding is only a partial reflection of the statistical meaning of international remittances. The International Monetary Fund explains inward remittance as the sum of these two key parts:
Table of Contents What are Cross Border Payments? Benefits of Cross-Border Payments Steps to Sending Cross-Border Payments 5 Types of Cross-Border Payments How to Send a Cross-Border Payment How to Save Money with Cross-Border Payments Corporate Benefits of Cross-Border Payments Tips for Choosing a Global Payments Platform Refining Cross-border Payment Processes How Automation Improves The