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As businesses broaden their reach and seek to expand their services internationally, there is a need for a cross-border payment solution that simplifies the process of buying and paying for goods and services without territorial barriers.
Being able to send and receive payments from customers, partners, and other businesses abroad is the primary reason for cross-border payments. With cross-border payments, geographical payment barriers are eliminated. However, cross-border payments still have challenges that must be nipped in the bud for a business to easily and securely accept and send payments abroad and facilitate global growth.
Your business needs a payment partner that can adequately cater to its cross-border needs to overcome the challenges of cross-border payments. This payment partner will help your business manage multiple currencies, provide liquidity access, optimise business processes, and comply with international laws to prevent compliance and regulatory issues while giving your business value for money.
Cross-border payments have been forecasted to increase from $37 trillion in 2020 to approximately $40 trillion by 2026, according to PYMNTS. With this predicted increase in cross-border payments, it is necessary now more than ever for businesses to make the right choice when choosing their cross-border payment provider.
To help your business make the right decision when choosing a cross-border payment partner, here are four key elements your business should look for when selecting a cross-border payment provider.
Robust payment Infrastructure
To ensure that your business is directing its time, energy and resources to other vital areas of its business activities, a cross-border payment provider that provides a robust payment infrastructure is essential. This payment infrastructure should be fast, efficient, transparent, automated, and easy to use. It should embody features like multiple payment corridors and currencies, multiple payment options, live-transaction monitoring with real-time updates, and many more.
Great User Experience
We understand that your business relies on customers’ satisfaction to retain them and establish great and stable business and customer relationships. This is a huge growth and profit-determining factor as you need to afford your customers a good payment experience to grow. For this reason, your business must look for a cross-border payment platform that provides a great user experience for the customers and clients that work with you, enabling them to send, process and receive payments efficiently and quickly.
Compliance
As your business begins to trade globally, it must follow payment regulations in different countries to avoid regulatory issues and prevent fraud. This makes it imperative that your business works with a cross-border payment provider that understands anti-money laundering policies and several market regulations and can deal with them accordingly to avoid putting the company at risk.
Access to liquidity
To manage the consistent demand for money in due time, your businesses need a cross-border payment provider that can efficiently manage cash flows and liquidity needs whenever it is needed. Liquidity in multiple currencies, pre-funding ability, currency risk assessments and many more are all features businesses must look for in a cross-border payment provider to cater adequately to their liquidity needs.
Conclusion
The right cross-border payment partner can simplify your business expansion by eliminating poor user experiences due to slow payment processing and other challenges faced by cross-border payments, allowing your business to grow internationally and seamlessly accept international and intra-Africa payments.
About AZA Finance
AZA Finance is Africa’s leading cross-border payments provider, with over ten years of experience in the industry. We specialize in facilitating transparent, efficient, and secure transactions across 115+ markets through our robust API and intuitive web platform.
Our commitment to transparency extends to our pricing model, ensuring our clients can access competitive rates and deep liquidity. We understand the importance of reliable and secure payment solutions, which is why we are certified by world-class security standards, including PCI-DSS, ISO27001, and SOCII.
AZA Finance is fully regulated and licensed by reputable financial authorities such as the Bank of Uganda, the Bank of Spain, and the UK Financial Conduct Authority. This regulatory oversight ensures we adhere to the highest compliance standards, instilling trust in our services.
We offer various payout options, including direct transfers to bank accounts and mobile money wallets. Our seamless onboarding process and automatic beneficiary screening make transfers effortless and efficient for our clients.
At AZA Finance, we prioritize reliability and customer satisfaction. Our platform boasts an impressive 99.5% uptime, ensuring your business operations are not disrupted. Additionally, our dedicated support team is available 24/7 to assist you with any inquiries or issues that may arise.
Whether you are a small business or a large enterprise, AZA Finance provides the tools and expertise to streamline your cross-border payments. Our extensive experience, transparent pricing, robust security measures, and reliable support make it easier than ever for your business to operate globally.
