10 Best Cross-border Payment Solutions

With businesses scaling up and expanding across nations, there is more demand for evolved international transactions. Which solution is best for you?

Cross-border payments have introduced winds of change in the financial exchange between businesses. You can now skip the sluggish bank transfers and geographical restrictions. The entire purpose of this payment cycle is to promote the adoption of a global strategy and offer customers diverse payment options. It is a perfect gateway to align with rapid digitization, supporting a global marketplace. By opting for cross-border payment options, you embrace the opportunity to enter new markets and access new customer bases.

Cross-border payments are comprised of payers and payees in different countries, allowing hassle-free exchange of money between business entities. Studies indicate that B2B cross-border payments are valued at $186.2 trillion. And by 2027, its value is expected to cross $250 trillion within the global business ecosystem.

While using these advanced payment channels, you need to keep their efficiency levels in check. Based on various criteria, such as speed, costs, success rates, and security, select the platform that is best for you.

Since cross-border payments are in the picture, your brands can deliver personalized customer experiences by presenting them with popular regional methods.  You will find that most of these channels are mobile-enabled, making it convenient for you to schedule payments and invoices from anywhere. The flexibility that these cross-border payments offer allows you to expand your reach and business networks.

Which cross-border payment solutions should you choose?

While cross-border payment channels offer flexibility and an opportunity to grow your business across miles, choosing a channel that works for you is our recommendation. Depending on the countries you are transacting with and their government regulations, you may be unable to avail of all these options. Yet, these are among the top picks to consider for your international money transfers.

Airwallex

Integrating Airwallex allows you to experience a seamless and cost-effective way of performing international transactions. It simplifies the process while providing access to multi-currency accounts, real-time exchange rates, and competitive foreign exchange services. You can incorporate strong compliance measures that promote secure and efficient cross-border payments for B2B brands. Aiwallex’s seamless platform enables you to apply current business tools, providing a smooth experience for managing foreign transactions. The platform is equipped with advanced security features and compliance that make it a choice you can rely on for efficient financial transactions.

Wise 

Wise, earlier TransferWise, offers cost-effective alternatives for brands to participate in overseas money transfers. You can rely on this solution— trusted by millions of customers worldwide due to its user-friendly interface and robust technology. Since this payment network implements financial inclusivity, you are able to perform cross-border transactions that are accessible to all.

Medium

Nium helps you move around finances while keeping risks at bay. It is a good accelerator for brand growth operating on real-time payment infrastructure. When using this channel, collect, convert, and disburse funds to accounts, wallets, or cards and collect locally in 35 markets. Since it holds licenses and authorizations in over 40 countries, it is a good option for seamless transactions and compliance. And the best part is it is not location-bound.

Corpay

Take your brand to great heights by choosing Corpay. Its vast payment capabilities tap into new revenue streams, giving you more options to expand your business network. Corpay’s dedicated team of subject matter experts is a doorway of opportunities for international clients. By opting for this platform, you sign up for seamless services and 24/6 support available in over 200 countries.

Rapyd

Rapyd’s all-in-one payments platform propels your brand to tap into diverse capabilities such as bank transfers, cash payments, and card acquiring. Its comprehensive solution is embedded with integrated tools, including fraud management, compliance, and reconciliation. Your payment exchange offers a seamless and secure experience.

TransferMate

The best feature of this global fintech provider is its user-friendly platform, allowing you to process international transactions effortlessly. You can leverage it to overcome the complexities of international transfers while delivering transparency. Spanning across 170 countries, TransferMate will not disappoint you with its robust customer service and streamlined global payment processes.

PPRO

PPRO offers access to an extensive network of alternative payment options. It allows you to accept payments promptly and securely. PPRO specializes in localized payment infrastructure and services, which helps you skip the complexities of international payments and compliance regulations. You can easily expand your client reach throughout the world and tap into new markets.

SWIFT                                                                          

This cross-border payment solution has become a dominant method preferred by several global brands. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) offers you a vast resource of information messaging networks. With SWIFT, you can experience a seamless transfer with bands and other financial institutions. All you need are the details of the payer, payee, and the SWIFT code of relevant locations.

Ripple

Ripple is the majority holder of the XRP cryptocurrency operating on a blockchain platform to facilitate international payments. This platform is ideal if you are looking for cryptocurrency liquidity, digital asset management, and private ledger insurance. When these products are enabled with RippleNet, you increase your reach to a network of financial partners across the globe. It allows connection with banks and various financial institutions as an alternative system to move funds across geographical boundaries.

Salt

Salt is a neo-banking solution stitched together to ease payments and documentation by shifting to a digital-first and automated end-to-end platform. Choosing Salt as a platform for international transactions simplifies and streamlines financial transfers. You get access to services connected with cross-border payments, currency exchanges, and fintech solutions.

Wrapping up

Digitization has introduced tools that have drastically transformed the business dynamics. This revolution extends to payments and invoice processing. Transitioning from a time where international transactions would be complex and a real hassle, we have delved into a world where it can happen in a matter of hours. Staying tuned to the trending cross-border payment channels serves as a guide to opting for the best platforms. Whether you prefer transparency and low fees for cross-border payments, you have various options. With these channels, you can rest assured that your transactions are executed successfully and securely.