This is a guest post from Payoneer.
Managing a cross-border business involves a significant amount of time and energy spent on international payments. You may provide online services to international clients, run an ecommerce store, or hire contractors in other countries. Whatever your business, streamlining cross-border payments is essential for saving time, maintaining happy clients and suppliers, and focusing on business growth.
In today's global economy, businesses need to adapt and find innovative solutions to handle their international transactions effectively. Here are five pro tips to help you optimize international payments and enjoy better cash flow:
Pro tip 1: Save time on payment management by integrating invoicing and payment processes.
Payment management can be time consuming, taking hours every month. By integrating invoicing and payment processing, you can simplify this task. Send invoices with embedded payment links for easy online payments, and issue invoices and receipts with just one click. Automatically generated reports can also help you stay organized and track your financial progress.
With Payoneer's Zoho Books integration, you can optimize the entire invoicing process. Everything is available in a single location, saving time and making it easier to focus on growing your business. This seamless integration eliminates the need for multiple platforms, reducing errors and making the process more efficient.
Pro tip 2: Expand anywhere you choose with a payment solution that has global coverage.
A payment solution with global coverage allows you to grow your business across borders without limitations. Traditional banks often impose various restrictions and fees on international transactions, which can limit your growth potential. By choosing a global payment solution, you can work with clients and suppliers from different countries, accepting multiple currencies and various payment methods.
With Payoneer for Zoho Books, you can start making and receiving payments in over 190 countries and in multiple currencies, supporting various payment methods to suit clients' and suppliers' preferences. Its extensive coverage allows you to expand your business without worrying about transaction limitations.
Pro tip 3: Lower expenses by reviewing your payment fees.
International payment fees can add up quickly and eat into your profits. Traditional banks often charge high fees for both transfers and currency conversions. By reviewing your payment fees and choosing a cost-effective solution, you can save money and increase your profit margin.
Payoneer helps reduce costs by offering clear, transparent, and reasonable fees, such as a fixed rate of 1% for bank transfers and 3% for credit card payments, and a 2% conversion fee for any transaction. With lower fees, you can invest more in your business growth and maintain competitive pricing.
Pro tip 4: Optimize cash flow with faster payments and clear tracking.
The length of time it takes for international payments to go through can seriously handicap your cash flow. You might have $2,000 on its way from your clients, but you can't spend it until it all arrives and clears. For example, it can take a week before funds are available from international wire transfers, which is a long time if you need to pay an overdue utility bill.
By integrating Payoneer with Zoho Books, you can set up automatic reminders for overdue invoices, and receive notifications when funds arrive in your Payoneer account. It takes just one to two days for international payments to arrive through Payoneer. Invoices will be automatically marked "paid" in Zoho Books as soon as the funds are received.
Pro tip 5: Improve business operations with easy access to your funds.
Accessing funds quickly can be a challenge for international businesses. Traditional banks often impose waiting periods and additional fees for accessing and converting funds. By choosing a payment solution that simplifies access to funds, you can improve your overall business operations and respond to financial needs more efficiently.
Payoneer for Zoho Books simplifies this process by providing free digital FIRCs for businesses in India and enabling easy conversion between currencies. Withdraw funds to your bank account or through any ATM in 190 countries. Use your Payoneer balance to pay online costs or other Payoneer users directly or through the Payoneer Commercial MasterCard®.
In conclusion, optimizing your international payments is crucial for the success and growth of your cross-border business. Payoneer for Zoho Books offers an all-in-one solution that addresses these challenges, allowing you to focus on what truly matters: growing your business and expanding its reach globally. Embrace the power of efficient and cost-effective payment solutions to unlock your business's full potential and make the most of the opportunities in today's global economy.