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Product innovation, growth and increasing profit – these are all things small business owners and entrepreneurs need to focus on, particularly at the early stages of their company. So why is their attention being diverted by trying to solve the numerous challenges that still exist when doing business overseas?
Many SMEs work exceptionally hard to generate demand for product and services from overseas. Yet when it comes to accepting international payments, progress is slowed down by burdensome financial administrative processes, payment method limitations and expensive and slow money transfers.
When conducting business overseas, companies of all sizes can be hampered by slow payment times, high costs and limited transfer options. However, these barriers are particularly cumbersome for SMEs, which have fewer resources in terms of workforce and cash to spare. To thrive, young companies need space to focus on growth and access to international markets rather than a lengthy financial administration. So why, in today’s digital and globalised landscape, do SMEs still face inefficient processes when doing business internationally?
Over the summer, Paysend conducted a survey of over 250 SMEs across the UK to understand how satisfied they were with their business financial services.
At a time of significant macroeconomic uncertainty across different markets, SMEs looking to grow and expand internationally face significant challenges. Effective business financial services are the key enabler for SMEs to be successful in a highly globalised world, however, to be confident in their strategic ambitions and strive for growth, SMEs need clarity, consistency, affordability, and tailored guidance.
The traditional cross-border payments market has been defined by long settlement periods, high transaction costs, and limited accessibility to international endpoints. As successful businesses expand internationally and start operating across multiple jurisdictions, they have historically faced significant payments paint points – including cross-currency risk exposures, significant hidden costs, and delays in receiving funds.
