With More Business Taking Place Remote and Online, Your Ability to Send Payouts Is Just as Important as Your Ability to Accept Payments
Today, many accounts payable departments rely on outdated systems and processes to make cross border payouts. By making payout capabilities a part of your digital transformation, your business can enjoy faster, more cost-effective and convenient ways to make mass disbursements and payout employees, gig-workers, sellers and suppliers worldwide.
In order to be competitive in today’s global marketplace, CFOs and financial leaders need to plan out their company’s transition from legacy payout methods to digital payout solutions. By integrating local and cross border payouts, businesses can attract better talent and reach new markets.
3 Ways to Improve Your Cross Border Payout Capabilities
1. Select a Mass Cross-Border Payout Solution with Local Payment Methods
Many companies still rely on legacy solutions like wire transfers and paper checks. High wire-transfer fees can frustrate recipients. Checks are inefficient and only relevant in a few markets, such as the U.S. To be effective globally, businesses need a mass cross-border payout solution that provides all the alternative and local payout methods recipients prefer. But even a simple migration to ACH bank transfers feels like a burden for many businesses and the work of implementing new payout methods is both expensive and time-consuming.
Instead of taking on the task of integrating various individual payout methods, companies should consider a disbursement platform that manages payouts, compliance and foreign exchange in one scalable global solution.
Make Mass Payouts Payoff
Make the way you pay workers, contractors and sellers a competitive advantage for your business.
2. Cross-Border Issuing for Virtual or Physical Cards
Cross-border issuing and program management can be easier than you might think. Virtual or physical cards can be easily issued to simplify making payouts to individuals such as gig-economy workers, freelance employees and resellers. Issuing your own cards can also give you more control over employee and gig worker expenses.
Issuing your own cards can lower overhead, eliminate the need for inefficient physical checks and give remote employees the ability to keep business moving. On top of that, you can build loyalty with your own reward programs and mine data generated from transactions for insights and process improvements.
5 Questions to Answer Before Launching a Prepaid or Debit Card Issuing Program
This guide will help you think through key strategic decisions, avoid mistakes and align your program with your goals.
3. Simplify Cross-Border and Cross-Currency Payouts with Fintech-as-a-Service
As business becomes more global, more companies are experiencing the frustrations that occur with international payouts, At the same time, cross-border transactions are becoming a normal part of everyday business and integrating these capabilities is fundamental to the success of any company looking to expand.
CFOs and financial leaders can address this by embracing a Fintech as a Service model that simplifies payouts in the same way that the cloud simplifies IT. By integrating with a flexible platform that allows businesses to disburse in multiple currencies using any region’s preferred payment methods, and includes compliance, fraud monitoring and other essential services, businesses gain the freedom to scale their payout capabilities quickly as their needs change and grow.
The Advantages of Fintech-as-a-Service:
- Reduced compliance demands and back-office costs
- Faster time to market
- Meeting the needs of remote workforces
The Future of Payments Is Integrated Fintech
Learn why businesses need to embrace vendors that offer global integrated fintech solutions delivered through APIs.
It’s Time for Businesses to Up Their Cross Border Payouts Game
Everyone likes to think about getting paid. But modernizing your payout capabilities can have just as large of an impact on your business.
Whether you integrate virtual cards or simplify mass payouts with an all-in-one Fintech-as-a-Service platform, your company will experience more opportunities, bigger savings and greater all-around convenience when it comes to paying the gig-workers, employees and sellers that drive your business growth in new markets.
Learn About Rapyd Disburse, the Fintech as a Service Solution to Simplify Global Payouts.