We outline the market outlook for cross-border payments in the financial services industry — from investment trends and leading companies to recommendations for the players in the space.
What are cross-border payments for SMBs?
Cross-border payments for small and medium-sized businesses (SMBs) include companies that enable SMBs to accept payments and send funds to other businesses internationally. Many providers offer financial infrastructure and application programming interfaces (APIs) that help companies operate despite borders.
Some companies build products like multi-currency debit cards and other online payment capabilities.
Features & capabilities
Cross-border payments provide SMB leaders with several capabilities, including the following:
- Foreign exchange margin
- Digital banking and investment management
- Payment gateways with integrated flexibility
- Cross-border currency exchange
- One-stop corporate spending platform
Benefits
Cross-border payment companies offer these substantial benefits to SMB leaders:
- Cost saving through a user interface and user experience
- Improved customer experience
- Reduced invoice processing volume
- Increased card acceptance
- Shorter reconciliation periods
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