Friday, July 21, 2023

Considerations For Your Cross-Border Payment Strategy

As small and medium sized global businesses (SMBs) became more comfortable trading online and expanding into new markets, B2B cross-border payments are growing.

Start by deciding how ‘local’ you want to go with payments. Markets around the world are very different regarding payment preferences, technological and commercial maturity, and regulations. A ‘one-size-fits-all’ approach is inadvisable.

Partnering with experts to understand and manage local needs as well as the technical aspects of moving currencies across borders, or between traditional banking and blockchain rails, is a major factor in staying competitive. 

Bad partners can do more harm than good: so have a clear set of criteria and priorities when selecting them, and get them involved early on, so they can help shape your overall payment strategy, when all options are still in play.

Explore these considerations for your cross-border payment strategy.

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