It’s one reason why interoperability-the ability to pay anyone, at any time, to any account, regardless of the payment system used – is important to increasing the speed of payments, according to research by Glenbrook and the US Faster Payments Council. Or the lack thereof, can have a huge impact on cash flow for the receiving company. Here are some of the common challenges companies face: What are some common challenges businesses face in receiving cross-border payments?Ĭross-border payment processes can introduce additional costs, create cash flow challenges, and introduce inefficiencies because of limited access to payments data and insufficient transparency into payment flow. Some 88% said the complexities of collecting cross-border payments impacts their ability to grow – with a full 40% saying it does so “significantly.” More than 90% of the 301 financial professionals surveyed in a recent Flywire research report indicated that their organization’s global expansion efforts could accelerate if they could find an easier way to deal with foreign exchange rates. It’s no wonder that companies eying global expansion cite managing international payments as a major obstacle. How the transaction will be reconciled in the accounting system, including accuracy, speed and visibility into cash flow.Transaction security and compliance with applicable security and privacy laws and regulations.How cost-effective the transaction is for both parties when considering currency exchange rates.
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