Tony Wilson, director of Travelex Global Business Payments, highlights some of the more common international payments problems and outlines how businesses can overcome these for the benefit of both their finances and relationships.
Missing payments are costing UK businesses more than £100m a year as companies spend time chasing lost, delayed or missing payments, according to independent research .
Of the millions of international trade payments made every year, the research shows almost one-in-three (36%) end up encountering problems and the majority of these are caused by bank errors. Today, in the UK, almost one in five companies are regularly involved in foreign trading, between them making 31.5 million international transactions every year, adding up to a combined value of £77bn.
With an error rate of less than one per cent, businesses increasingly trust Travelex Global Business Payments to make their payments and reduce the risks of trading overseas. For a small business, we can offer them the opportunity to lock in their exchange rates and improve their cash flow, whilst providing a personal and superior client service to many High Street financial institutions.
We have trained payment specialists who understand their market, and their customers’ needs. In the unlikely event that anything goes wrong, we can work to unravel the process on clients’ behalf as quickly as possible. We can also offer some of the most competitive rates on the high street, ensuring that we are always keenly priced.
Our expertise at Travelex Global Business Payments is, after all, in making international payments so we have to be good at it. Today, we are the world’s largest non-bank provider of international payments, with trading floors on four continents, operations in 30 countries and relationships with over 4,000 financial institutions.
More than 35,000 businesses trust Travelex to make their foreign exchange transactions and reduce the risks of trading overseas, handling international payments for more than 1 million beneficiaries every year. In a market dominated by banks, Travelex’s growth is based on exceptional customer service and specialist knowledge. The company was the first to launch the first fully integrated global payments and foreign exchange service for businesses, helping to save time and money and improve the bottom line.
In the near future, we will be moving towards a payment process system that circumvents the old legacy networks, and will provide almost instantaneous payment for customers. Our clients are highly valued and many of them build up personal relationships with our payment specialists to garner the best advice and recommendations.
Apart from foreign payments, our payment specialist can offer advice on Anti Money Laundering regulations, forward contracts (allowing businesses to lock in an exchange rate today payments or receivables they are expecting in the future), international wire transfers, foreign currency drafts and remote draft printing.
Many companies have switched to the benefit of using the knowledge and experience of using a company devoted entirely to global payments. We are here to help that process, and make the world a slightly smaller and less daunting place.