Cross-border challenges for SMEs
With many businesses wanting to expand internationally, money transfer platforms such as Paysend provide digital financial solutions that can help to develop sellers' markets and grow a global customer base.
With our expert and reliable single-integrated API and fast and efficient onboarding process, customers can set up spending, sending and saving capital in no time, boosting their business beyond what you thought was possible.
Business owners must prepare for obstacles they may face when branching out. Thankfully, our platform is handy to help outline the most common challenges small and medium enterprises might meet when making and receiving payments overseas.
High cost
Cross-border payments can often be expensive due to the number of intermediaries involved in transferring money from one country to another, all of which charge fees for their services.
Paysend Business offers transparent and competitive pricing with no hidden fees. Users can experience one flat fee per transaction, with no additional currency conversion or card processing charges, keeping overheads low and budgeting more effectively.
Additional charges and foreign exchange rates can be an issue for SMEs. Luckily, Paysend is upfront and transparent with all of our rates.
Fragmented data formats
Paysend Business helps streamline payment processes and reduce the time and resources spent on the data entry and reconciliation processes. All of your payment needs are on one centralised and easy-to-use interface.
Security and fraud
Paysend is regulated by the Financial Conduct Authority (FCA) UK, adhering to strict security and compliance standards. Our platform uses advanced security features such as 3D Secure, encryption and fraud monitoring to protect businesses and their customers from fraud and unauthorised transactions.
Small business owners should always protect themselves against the potential of fraud. Investing in a trustworthy and secure money transfer service helps avoid suspicious third parties or unnecessary costs.
Customers can rest easy knowing that we provide a two-factor authentication login process that is PCI DSS compliant with end-to-end security.
Slower transactions
Cross-border payments can take several days or even weeks to complete due to the complexity of the payment process, including regulatory compliance, currency conversion and intermediaries' involvement.
At Paysend, we reduce that friction and provide an instant payout to cards, local and global faster payments through SWIFT, SEPA, Faster Payments, ACH and 12 more local payment options.
Business-to-business cross-border payments are typically more complex than consumer payments and require high-level security and compliance regulation.
Business owners should ensure they are up-to-date on country-specific regulations and sanctions to permit the movement of goods, services and capital. Fluctuation in the market can impact currency exchange rates and affect profitability. SMEs should be aware of currency risks and consider hedging strategies to mitigate issues.
Fees and Settlement Process
Cross-border transactions often come with additional fees, such as currency conversion, bank transfer and intermediary fees.
SMEs will consider alternative payment methods like direct payouts-to-cards and digital wallets to help reduce friction.
Fast and efficient payments correlate with healthy business growth. Receiving on-time and regular payouts will improve cash flow and project margin.
Trusted payment providers, such as Paysend, can help you navigate the complexities of cross-border transactions and ensure smooth and timely settlements.
Find out more about Paysend Business to take advantage of simple, instant and secure cross-border transfers for your business today.
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By Lisa Navarro, Head of Enterprise Operations at Paysend
In the world of cross-border payments, onboarding isn’t just a procedural step — it’s the foundation of a successful partnership. At Paysend Enterprise, our clients trust us with their most valuable asset: their ability to move money globally, securely, and efficiently. For me, that trust starts with how I bring them into our ecosystem.
As Head of Enterprise Operations, I see every onboarding journey — which we’re proud to typically complete in an impressive 2 weeks — as an opportunity to set the tone for the relationship, where operational excellence and true collaboration come together. I take this part of the process personally, because it’s where operational excellence and true collaboration first come together.
For expats supporting loved ones in Kyrgyzstan, sending directly to a Visa debit card is one of the fastest, safest options. With Paysend, you can make secure, affordable transfers in just a few taps – helping friends or family access funds instantly*, wherever they are in Kyrgyzstan.
*Your money will be sent in real time; however, transfer delivery times may vary based on recipient bank processing, compliance checks, or other factors.
