The modern approach to cross-border payments

Learning how to navigate overseas sales can be daunting at first, but cross-border payment solutions can help any small business owner gain the confidence to expand into new markets. Though the benefits may be obvious — more customers, greater market diversity, increased profits — not everyone is familiar with the challenges of selling in multiple markets. For the first time, you might encounter:

• Shipping logistics
• New currencies and exchange rates
• International fees for payments
• Lack of support in your preferred language

What are cross-border payments?

Simply put, cross-border payments occur any time a transaction occurs between a buyer and seller who live in separate countries. While operating within one country, it might be simple enough to send and receive money outside of banks by using personal, social, or mobile payment apps. But once additional countries are involved, things can get stickier.

Traditionally, cross-border payments required wire transfers and working through a series of connected financial institutions. Though legitimate, this process has three main drawbacks:

1. Cost: International fees can rack up at any point throughout the transaction.
2. Time: Working across a network of banks can take days.
3. Lack of transparency: You can be left in the dark about when and where funds are processed.

With the expansion of international markets, sellers are looking for more modern ways to safely streamline their transactions. Largely seen as outdated, traditional cross-border payments are now up against more up-to-date and secure ways to send and receive money overseas.

Modern solutions for cross-border payments

Given the pain points of traditional international cross-border payments, new solutions are available to those looking to grow their business and enter the international market. These solutions are particularly ideal for small- and medium-sized businesses that might otherwise lack the resources to keep up with international compliance and fees.

LianLian Global, for example, allows you to exchange funds and convert multiple currencies at a fraction of the cost. With no surprise fees, using a cross-border wallet allows you to get paid or convert USD, EUR, GBP, PLN, HKD, and CNY to streamline funds and payments in any global markets including the United States, Europe, United Kingdom, Hong Kong, and China. Additionally, with this approach, there are no deposit requirements or transaction minimums.

One platform for streamlined payments

Another benefit to using a modern cross-border payment solution versus traditional transfers is the importance of having a one-stop-shop for all transactions. Rather than tracking individual payments through multiple banking institutions, a cross-border wallet allows you to track all payments in one dashboard. In one platform, you can:

• Request and receive global payments as easily as you could with local payments
• Enter an email address and select your preferred currency to get paid quickly
• Receive updates when payment requests are completed, send reminders, and view all transaction history
• Access local customer support

When it comes to cross-border payments, take the modern approach. Take your business international with LianLian Global today.