Global businesses know too well that the more time it takes to send and receive international payments, the more complications there are.
Whether through currency risk and fluctuations, negative cash flow impact, economic risk exposure or countless other factors, the longer it takes to access funds, the more risk is involved. Opening bank accounts across different countries can help mitigate some of these time-based risks. However, this comes with a high administrative burden and needs resource-intensive management for success. Companies are increasingly turning away from slower traditional wire transfers to employ Virtual Account management to organize and speed up access to their international funds.
Global Businesses Cut Complexity With Virtual Account Management
Slow, expensive cross-border payments squeeze international companies with numerous business relationships and high costs. Virtual Accounts (VA) can be a better solution for cost-effectively managing these numerous payment relationships.
With Virtual Account management, you can open a single VA or as many VAs as you need. You can even have dedicated accounts for a specific partner, customer, country or currency to reconcile all of your payments seamlessly and cut through complicated and resource-intensive reconciliation and payment processes. Using Rapyd’s Virtual Accounts together with Rapyd Disburse gives businesses a leg up on the competition with simpler reconciliation and faster access to funds.
Benefits of Payments with Virtual Accounts
- Funds are quickly available for better access to working capital. Once funds are received by Rapyd, payments collected through Virtual Accounts get credited into your account immediately. Collected funds through Virtual Accounts can be sent to suppliers and vendors using Rapyd Disburse capabilities. Most of the time, you will get instantly credited, so your funds can be disbursed immediately if desired – even for large payments.
- Improve your customers’ payment experience. Virtual Accounts let your customers pay through the familiar experience of a local bank transfer. Your VA number will look no different from a regular bank account number for your customers.
- Reduce financial exposure. Protect your business from fluctuating foreign exchange and interest rates by collecting funds in the local currency.
- More organization and transparency. Group numerous payments into single or multiple Virtual Accounts that can be linked to your bank account. This simplifies reporting, increases funds visibility, and allows you to keep using established processes to view, track and reconcile payments.
Open Virtual Accounts to Unlock Payment Collection Capabilities Around the World
Too often, the slow speed of international payments means dealing with exchange rate risk, economic risk, or the risk of negative cash flow.
Open a Virtual Account and Virtual Accounts management to mitigate these challenges and gain more efficient liquidity, reduced financial exposure, greater transparency, better end-user experience and improved access to working capital with quickly available funds.
With the power of Virtual Accounts, you don’t have to be there to bank there.
Create as Many Virtual Accounts as You Need and Simplify Payments Worldwide
Accepting large international payments is complex. Wire transfers are expensive and traditional bank transfers are slow with high fees. Skip the banks and create your own accounts to accept local bank transfers worldwide.
- Create as many virtual accounts as you need in countries worldwide
- Let international customers pay with local bank transfers
- Lower fees and administration costs
- Better communication with instant posting and notification