The Price of Manual Payment Processing – And How To Avoid It

Are you still paying the price for manual processing even though you are doing all the work?

Technology now enables us all to be able to process payments online, which effectively makes our payments fully automated.

You would, therefore, naturally expect the payment fees charged by banks to have been considerably reduced. However, I have discovered that this is not the case for most international payments. Recently, I have been staggered to discover the amount paid to banks by various business owners for their payment processing – even though all the payment processing work is done by the clients!

If any of the following apply to your business, it’s worth investigating further:

• You pay over ￡10 per payment for urgent transfers.
• You incur additional fees for requesting payment confirmations.
• You suffer additional fees for requesting that the beneficiary does not have any deductions from the payment receipt or you receive complaints from the recipients that they did not receive the correct amount.
• You have deductions taken from the receipt of funds paid to your account.
• Wide exchange margins.
• Account opening/annual review fees.

It is evident that most banks are not passing on the savings of automation to their clients. However, we do not have to rely solely on banks to transact our international payments, and it’s a lot easier than you might expect to set up a reliable alternative.

Here’s what you can do now:

• Consider an alternative payment service provider instead of relying on banks. Identifying the best payment solutions for your business can save you significant sums.
• Check that the payment counterparty provides the security and protection to keep your funds safe and has a proven track record of delivering the highest standards of reliability.
• Ensure that the online system is free to use, user friendly and has import/export functionality to meet your business needs. Ideally you want local representatives that are available to train your staff and help with any queries.
• Get the best terms and don’t pay any additional unnecessary charges.

At MFX, in addition to being able to facilitate all the above through our trusted partner, we pride ourselves on offering the highest standards in service. Not only that, we negotiate the most competitive, all inclusive payment and FX terms best for your business. All in all, our comprehensive service could make a significant, positive difference to your finances.

If you would like any information or guidance on this subject, feel free to get in touch or check out our website for more information www.mfx.im.

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