Even the smallest of companies now has the capability to do business on a global scale. Technology, mobility, information and e-commerce have localised international markets, which means companies are no longer confined to operate within the contours of their home countries or solely reliant on trade with neighbouring ones.
The global interlinked economy we see today is only likely to become further intertwined. A recent report by Alibaba Group’s research firm AliResearch shows that global cross-border commerce is expanding at a rapid rate. Forecasts expect its value will hit the $1 trillion mark by 2020 – a figure that looks even more exceptional when considering global cross-border commerce was only $230 million in 2014.
These figures show that the borderless world we now see provides businesses with the opportunity to effectively grow their business. However, to navigate it effectively there is a lot to consider. When working with international clients and companies it’s not just about securing the biggest and best deals for your business, you also need to know how to get paid and understand the local currency.
Failure to seriously consider payment channels and the costs of transactions can see a business falter. When looking to expand globally, challenges such as these need to be overcome.
This is why Tungsten Network has decided to partner with Payoneer – an international money transfer platform that enables businesses and professionals to receive cross border payments quickly, securely and at low cost – saving up to 90 per cent on bank transfers.
We believe the tie-up will provide a huge boon to the 200,000+ suppliers sending invoices and receiving payments through our network. And it isn’t just Tungsten who believe in what Payoneer is doing, with the payments provider achieving significant success in its latest funding bid.
Recent research by the Economist Intelligence Unit found the biggest pain point for companies around global trade was in relation to payments. Of the 500 companies worldwide surveyed, 32 per cent cited making payments as a top challenge, pointing to issues arising from currency fluctuation, process inefficiency, limited payment visibility and bank fees.
The global payment service offered by Payoneer removes barriers by providing businesses with the ability to transact seamlessly. Through our platform businesses can receive bank transfers from their international clients and customers as if they had a local bank account – meaning, if a client pays in dollars, a supplier in the Eurozone will receive each payment in Euros. It’s a service already used by the likes of Amazon and Airbnb.
As global businesses themselves, Tungsten and Payoneer both understand the importance of a company being easy to do business with. The ability to think globally but act locally means businesses are in the best possible position to capitalise on the opportunities today’s dynamic global business landscape offers.
To learn more about Payoneer and the services offered with Tungsten Network, please visit https://www.tungsten-network.com/us/solutions-for-suppliers/foreign-exchange/