How to understand what you need from a business international payments provider

Not all business international payments providers are the same—and neither are all businesses. Your business’s size, the industry you work in, the types of payments you want to make, your knowledge of the currency markets, and your general preferences for how you conduct business are just a few factors to consider when looking for the right provider. 

To make sure you get the best from any international payments specialist and can most effectively manage your organisation’s currency risks, take some time to think about what you need from the company you choose to work with. 

Ask yourself: 

• How much forward visibility do you have of your foreign exchange requirements? 

• How do you prefer to conduct your business—online, over the phone, or in person? 

• How simple (or complex) are your requirements? 

• What kind of payments does your business make? 

How much forward visibility do you have of your FX requirements? 

Are you actively looking to the future to strategise for future payments, or do you handle each payment as it comes? 

For example, if your business buys and sells currency as and when you make transactions (such as buying or selling goods and services), you may want to look for a clean, easy-to-use online platform that  offers competitive rates for quick transactions. 

On the other hand, if your business is considering its long-term FX risk management strategy and you anticipate new requirements in the future, you may benefit from a more hands-on approach that includes not just online service but also a team of foreign exchange experts to act as your eyes and ears in the market and a range of payment services (such as forward contracts and market orders).  

How would you prefer to conduct business? 

Would you prefer to quickly take care of your transactions online? Or would you prefer to speak with another person who can answer your questions and build a relationship with your business? Would you like both? What about 24/7 service? 

These are all features you can find in FX providers. Consider which ones make the most sense for your business and would make you feel the most comfortable as you make payments. 

What are your FX requirements? 

If you do a little research, you’ll see that there are countless products and features available to businesses. While they play a key role in some business’ FX strategies, not every business uses them, or even needs them.  

Too often, businesses end up confused by overly complex features and functionality they never use, when all they really wanted was the ability to make simple international payments and get great rates. Or other businesses work with providers that aren’t sophisticated enough to cater to their needs, and don’t fully address their risks. Consider some of the following: 

• Are you a voracious consumer of market information? You’ll want a provider that provides plenty of information (whether online or over the phone) to keep you up to date with the latest exchange rate movements. If the currency markets overwhelm and don’t interest you, you may be better suited to a more streamlined service. 

• Is your business opportunist in its approach to buying and or selling currency or does it actively manage its foreign exchange exposure in order to hedge its currency risk? Do you require post trade flexibility to split orders or roll trades?  

• Does your business require flexible user access rights to match internal safeguards and processes or do you simply require a single login? 

And that brings us to the most important question of all… 

What kind of payments are you making? 

Your international payments provider needs to help you make the payments the way you’d like to. Ask yourself: 

• How frequently are you making payments? 

• What countries are you making payments to? Which currencies? 

• Are you interested in locking in rates for future transfers, or scheduling transfers to send once a certain rate is live? Or would you rather make quick payments on the spot? 

• Are you comfortable making these transactions yourself, or would you like help from your provider? 

How can Xe help your business? 

At Xe, we have a simple, easy-to-use platform where you can initiate quick transactions 24 hours a day, 7 days a week. If you’re looking for more specialized solutions, we also offer multiple money transfer products and services. We work with each business to ensure that they receive the strategy that they need, whether they’re a sole proprietor or a large corporation. 

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