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We’ve hit an incredible milestone - 10 million customers worldwide - and it’s all thanks to you! Every international money transfer tells a story of love, connection and support, and we’re so proud to be part of your journey.<\/p>
To mark this special occasion, we’re giving something back. Enjoy 2 fee-free transfers, when you enter promo code 10MFAMILY<\/strong> at checkout.<\/p>
Why this milestone matters<\/h2>
From the UK to Nigeria, the US to India, Paysend has connected millions of people with their loved ones, in over 170 countries. Each transfer represents more than money - it’s a lifeline, a gesture of care and a way to stay close across borders.<\/p>
Reaching 10 million customers shows the trust you’ve placed in us, and that’s why we want to celebrate this milestone by making your next transfers fee-free.<\/p>
How to use your 2 fee-free transfers, each time:<\/h2>
Log in to your app<\/li>
Select your destination country<\/li>
Enter your recipient’s details<\/li>
Input transfer amount \(no minimum required\)<\/li>
Select Add a code<\/li>
Enter promo code 10MFAMILY <\/strong><\/li>
Choose your payment method<\/li>
Confirm the amount and send. Your money will be on its way!<\/li><\/ol>
Important bits:<\/p>
Promo code expires February 17th 2025<\/li>
No minimum sending amount - send as much or as little as you like!<\/li>
Open to everyone - whether you’re new to Paysend or a long-time customer.<\/li><\/ul>
This offer is valid from now until 17th February 2025, so don’t miss your chance to celebrate with us. Use this opportunity to send money to any of the 170+ countries we serve, knowing that more of your money will go to the people who matter most.<\/p>
Toate articoleleA guide on how to pay overseas suppliers for SMEs
A guide on how to pay overseas suppliers for SMEs
2023-11-24
All articles
Money Transfer Guides
Personal Finance Tips
For small and medium-sized enterprises (SMEs), venturing into the global marketplace can be both exciting and daunting. One of the key challenges faced by SMEs engaged in international trade is figuring out the most efficient and secure way to pay overseas suppliers. In this blog post, we'll explore some essential strategies and tips to help SMEs navigate the complexities of international payments and establish successful relationships with their overseas partners.
1. Understand the Payment Options
Before diving into international transactions, it's crucial to understand the various payment methods available. Common methods include wire transfers, letters of credit, online payment platforms, and open account transactions. Each method has its pros and cons, so SMEs must carefully evaluate which option aligns with their business needs, budget, and risk tolerance.
2. Conduct Due Diligence
Thoroughly research and vet your overseas suppliers. Check their reputation, reliability, and track record in fulfilling orders. Obtain and verify their business credentials and seek references if necessary. Establishing trust with your suppliers is vital for smooth transactions.
3. Negotiate Favorable Terms
Negotiate clear payment terms with your suppliers before finalizing any deals. Discuss aspects such as payment currency, delivery schedules, discounts for early payments, and penalties for late payments. Clearly defined terms prevent misunderstandings and disputes down the line.
4. Consider Online Payment Platforms
Utilize secure online payment platforms like PayPal, Wise or Paysend. These platforms offer fast, convenient, and cost-effective ways to pay overseas suppliers. Paysend provides competitive exchange rates and low transaction fees, making them an attractive option for SMEs with limited budgets.
5. Explore Trade Financing Options
Investigate trade financing solutions offered by financial institutions. Export credit insurance, invoice financing, and letters of credit can provide SMEs with the necessary financial support and mitigate risks associated with international transactions. These options can help bridge the gap between the delivery of goods and receipt of payment.
6. Monitor Exchange Rates
Fluctuations in exchange rates can significantly impact the cost of international transactions. Keep an eye on currency exchange rates and consider hedging options to minimize the risk of adverse rate movements. Planning ahead and staying informed can help SMEs make informed decisions about when to make payments.
7. Stay Compliant with Regulations
International trade involves navigating complex regulations and compliance requirements. Familiarize yourself with import/export regulations, tax obligations, and any sanctions imposed on specific countries. Non-compliance can lead to delays, fines, or even legal consequences, which can harm your business reputation and finances.
Paying overseas suppliers is a crucial aspect of SMEs' international business endeavors. By understanding the available payment options, conducting due diligence, negotiating favorable terms, leveraging online payment platforms, exploring trade financing solutions, monitoring exchange rates, and staying compliant with regulations, SMEs can streamline their international payment processes and establish successful partnerships with suppliers worldwide.
Discover more about Paysend Business and how to unlock your international payments. Book a demo and get started today.