Guest blog by Talya Friedman from Payoneer
In the online marketplace, with customers located in all corners of the globe, your products are being bought and used in all time zones and regions; your very own form of globalization. Though exciting, there remains still one major challenge- international payments.
Selling on Amazon, the competition can be fierce. Successfully managing the online payment world can help you maintain a healthy operation, freeing up your attention for tasks like product promotion, marketing and customer service. Below are simple but effective tips for navigating safe transfers, withdrawal methods and managing exchange rates.
#1. Master Currency Conversions
Dealing with different currencies can pose a challenge. Especially since currency exchange rates are based on several different factors, such as interest rates, inflation and the general public’s confidence in the current government. Since these factors fluctuate daily (in some cases, even hourly), the exchange rate changes accordingly. Meaning, when your customer pays, the amount you actually receive will differ depending on the exchange rate at the time of the conversion.
However, this headache can be easily solved with the use of global payment systems like Payoneer, which offer competitive conversion rates along with localized solutions for receiving and withdrawing payments.
#2. Centralise Your Incoming and Outgoing Payments
Selling in the international marketplace often requires you to open several local bank accounts in countries you don’t even live in. However, marketplaces like Amazon are partnered with Payoneer, offering you a one-stop-payment-shop.
Instead of opening several bank accounts, Payoneer centralizes your payment systems, allowing you access to local receiving accounts through one system. It’s an easy solution that makes managing payments easier, allowing you to focus your time on other aspects of your business, and letting the payments become hassle-free.
#3. Cultivate a Better Cash-flow
You can’t run a smooth business without a healthy cash-flow. If you want suppliers to do business with you, timely payment is crucial. Whether your suppliers are local or on a different continent, bank transfers may seem like the most viable option for paying them. However, according to a Financial Web report, international transfers can take up to 15 days, not to mention the hefty fees that come along with it.
That’s why platforms like Payoneer’s have become popular among international business owners. One of Payoneer’s payment solution options allows you to make a payment to other users of Payoneer, for FREE. A simple click of a button and your payment is transferred for free within 2 business days (or less).
#4. Access Your Money Easily
Solving payment issues is only half the battle; accessing your funds is just as important. A solid payment system is meaningless unless you can actually access the money to buy the things you need to upkeep your business.
Payoneer has you covered. The multi-faceted solution offers two options:
- Get your money in your local bank account – withdraw money directly from your Payoneer account, in your local currency. It’s much faster and much cheaper than a wire transfer, guaranteed.
- Apply for a Payoneer MasterCard® and use it like any other credit card: in stores, online, at the gas station…wherever.
Both these options allow you to get paid and actually keep the majority of the money you earned and not share a significant amount of the earnings with banks or on transfer fees.
Strong payment solutions not only allow you to explore new marketplaces but allow you to focus on actually growing your business. No matter the size of your company, by offering valid payment solutions, you enter the big leagues, giving you a more competitive advantage.
