Opening up international markets for UK SMEs with Currencycloud
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?
In our recent survey of 255 UK SMEs, 4 out of 10 respondents highlighted the significant challenges posed by currency exchange rate fluctuations and fees associated with making international money transfers. Additionally, 3 in 10 said barriers to doing business overseas existed due to settlement times, payments accepted from a limited number of countries and the slow administrative process to start accepting international payments.
Paysend believes it’s time to remove the complexities and difficulties of making international payments for the SME market.
Our partnership with Currencycloud
At Paysend, we want SMEs to have access to a more efficient and transparent method of completing cross-border transactions.
That’s why, in August 2022, we announced our partnership with Currencycloud, a leader in simplifying business in a multi-currency world, to open up global business for UK SMEs, enabling them to reach more customers.
With Currencycloud, we have expanded cross-border payment possibilities for our Paysend Business customers, with access to multi-currency accounts and international payment functionality through SWIFT.
UK SMEs will experience 15 additional local payment rails, gaining the option to move money without hassle to over 180 countries. Access to 15 local rails allows users to send funds to approximately 30 countries using SEPA, ACH, FP and more, reducing administration and cost burdens. Additionally, entrepreneurs can leverage Currencycloud’s APIs to receive funds via SWIFT with a more extensive global coverage.
By adding multi-currency and international payment capabilities, Paysend Business has evolved banking capabilities in the UK to allow clients to hold and convert funds in a broad range of currencies. Users can now send and receive transfers internationally via SWIFT and local payment rails quickly and easily, with FX transfers converted from one currency to another through Currencycloud.
One-stop solution to cater to all international payments needs
By employing our single, centralised platform, small business owners can grow and scale their companies quickly, smartly and securely. Users benefit from cost-effective acquisition and settlement payment solutions, including next-day settlement, multi-currency accounts, payouts to cards and instant payments. Through our platform, SMEs can accept payments online from all major debit and credit cards (Visa and Mastercard) in over 38 currencies globally, including payment gateways Apple Pay and Google Pay, and in over 190 countries at any time.
Our priority is to bring these payment capabilities together under one roof, enabling SMEs to become more flexible, diversify their supply chain and be more cost-efficient in their operations. SMEs no longer need to navigate a fragmented market of different financial providers to meet their international payment needs. Instead, we’re enabling them to focus on growth, serving their customers and developing their offerings.
At Paysend, we are committed to making life easier for business owners. Thanks to our partnership with Currencycloud, UK SMEs are better equipped to scale quickly and make global expansion a reality. Importantly, we also provide a simple, low-cost fee structure and personal account manager to support any enquiries in real time.
Set up your Paysend Business account and gain access to international markets today by clicking here.
By Ashley Mallett, Head of B2B Growth, Paysend.
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向海外汇款应该是轻松且安全的体验。使用 Paysend，人们知道他们的资金会快速到账且无压力。这不仅关乎速度——更关乎信任、安全，以及每一次都能顺利完成的确定性。
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Sending money abroad should feel simple, but if your international transfer is delayed or not received, it’s natural to wonder what went wrong.
International money transfers can be delayed, held, or returned for several reasons, most commonly due to compliance checks, missing information, processing cut-off times, or intermediary bank reviews. Industry reporting suggests that while the majority of transfers complete successfully, a small but meaningful share requires manual handling or additional processing, which can cause delays.
It’s important to understand that international money transfers involve multiple institutions, compliance checks, and settlement systems. Because of this, delays or exceptions are not unusual and are typically linked to process or regulatory requirements rather than technical failures or user mistakes.
With that in mind, this guide explains why international transfers may not be received as expected, how often this happens and what you can realistically do next.
