Large enterprises today are facing significant macroeconomic uncertainty across the world. The fallout of the COVID-19 pandemic continues to disrupt markets and supply chains whilst inflationary pressures and fluctuating currency markets are complicating cross-border trade. As a result, the need for clear, consistent, and effective financial services systems has never been more imperative in enabling larger businesses to operate effectively in today’s globalised world. The ability to make payments quickly, affordably, and easily is the foundation on which these businesses depend.

Despite this, traditional business financial services continue to provide barriers to large enterprises looking to trade and expand globally. Scaling financial services effectively alongside business growth, having the financial ability to enter new markets and the speed and cost of making payments continue to provide significant challenges for larger businesses. With global cashless payment volumes set to increase by more than 80% to 2025 and triple by 2030, businesses need more from their financial services providers to continue in their growth stories.

The key challenges can be broken down into four areas: Scaling with business growth; Unlocking new markets; Speed of payments; and Consolidation and customisation.

Scaling with business growth

As larger businesses grow and look to expand internationally, the financial services through which they operate must do the same. Regular cross-border payments to cards, accounts, and wallets in diverse global markets represent a heavy administrative burden, usually requiring more than one traditional financial services provider. These providers typically have limited communication or cohesion between them in their efforts. Navigating different currencies, markets and geographic borders also creates significant paperwork, leading to long lead times, payment delays and hidden charges. This slows businesses down, forcing them to focus both manpower and cost in ensuring that money continues to flow in a timely manner. These scaling issues represent yet another growing pain for ambitious larger businesses.  

Unlocking new markets

Linked to this, unlocking new markets for business expansion is only possible through effective, streamlined financial services systems. In a recent PwC payments survey, 42% of respondents felt strongly that there would be an acceleration of cross-border, cross-currency instant and B2B payments in the next five years. This anticipated payments growth is being driven by businesses going global to grow their addressable markets. Historically, traditional financial services have limited this ability for businesses due to significant barriers to entry in terms of financial resources, currency and regulatory considerations. This often causes delays to business decision-makingdecision making and investment, meaning larger businesses miss out on new market opportunities.

Speed of payments

To operate efficiently, larger businesses must also be able to transact quickly, efficiently, and affordably with a number of different stakeholders. A recent survey showed that 97% of respondents believe there will be a shift towards more real-time payments in the near future. Part of this shift is being driven by new business expectations on their paymentpayments systems. Traditionally, business financial services have been categorised by elongated settlement times, inconsistencies in process and expensive fees including hidden charges. Managing transactions across suppliers, employees, customers, and other stakeholders who all require different payment needs and timelines is a major task. Minor delays or hiccups can have a significant knock-on impact for larger businesses, potentially causing financial or reputational harm. The rise of digitally enabled instant payment solutions is positively disrupting this experience for businesses, providing greater clarity, consistency and security.

Consolidation and customisation

Let’s recap the key issues for larger businesses looking to optimise their financial services solutions.

Effectively scaling with business growth, the ability to unlock new markets and the speed, consistency and affordability of transactions are all crucial to business success. A final challenge is bringing all these elements together and managing them effectively with minimal business impact. Consolidating business financial services in one place, delivered through one provider drives increased efficiencies, better customisation, and usually higher levels of customer service. The administrative burden is significantly reduced, and businesses do not have to worry about different providers not communicating, multiple fee structures or dislocated products. The future of successful business financial services is through increased consolidation of solutions and customisation for the end user. This tailored approach ultimately gives business leaders increased clarity and visibility, driving greater confidence in the financial profile and capabilities of their enterprises.

Paysend Enterprise and instant payouts

So, how can we help?

At Paysend, our mission is to make financial services an enabler to successful business growth. We firmly believe that business payments should be simple, instant and low-cost. That’s why we developed Paysend Enterprise to enable businesses to send cross-border payments to cards, accounts, and wallets around the world through our smart API integrations. This payouts solution allows businesses to make instant payments of up to $100,000 for just $1 per payment, at market-leading FX rates and with no hidden fees. This enables businesses to effectively send funds to 168 countries and currencies, seven days a week, 365 days per year, powered by our Open Payment Network API. Where traditional financial services are often seen as a burden for large enterprises to manage, Paysend Enterprise takes these paymentpayments worries off the table, enabling business leaders to focus on continued growth and international expansion. 

Paysend Enterprise has a multitude of capabilities to support large businesses in their operations. Aside from significantly expanding their payments capabilities, businesses can embed global payouts into their customer experiences, seamlessly operate across different marketplaces or platforms, easily manage HR and payroll commitments, and pay suppliers, contractors, and other partners quickly and easily, using their preferred local payment method. Costs are reduced and lightning-fast payments are consolidated and streamlined, driving an increasingly customised experience, and unlocking capital for businesses.

With Paysend Enterprise, we are opening the door for businesses to move money around the world with increased ease, convenience, and confidence.

Keen to find out more?

If you are an established business ready to transform your financial services experience,  you can explore Paysend’s API capabilities on our website here. Should you have any further questions or wish to trial any of our Paysend Business solutions, please do reach out to a member of the Paysend team at this address [email protected]. 

By Alexander Budyakov, Enterprise Business Executive, Paysend

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