Small businesses that sell their products or services to international clients need to develop safe and effective methods for accepting payments internationally. The best international payment option for your business will vary depending on the specific country in which your client is based. To accept international payments, companies should choose a good platform for their overseas clients and choose a secure international payment method that allows them to get paid quickly and securely.
Jeton Business has been designed to meet your needs in the most efficient way possible. As a reliable payment provider Jeton has been operating currently in more than 100 countries and we have been offering international payment services in every region where we are operating. Before talking about our services, it is essential to understand what is an international payment and how you can implement this service to your business, also what benefits you can get from international payments.
What are the advantages of providing international payment solutions to your clients?
There are many advantages to adapting international payment methods in your business. If you are a small business owner you can have an increased market reach. Accepting international payments allows businesses to tap into a global customer base, reaching potential clients beyond domestic borders. This expands market opportunities and diversifies revenue streams.
If you want to grow your business, you can take advantage of international payment methods. If you offer these services you can attract new customers and increase your sales volume and make much more profit from your business. These results will contribute to competitive advantage. When you adapt your business to international payment methods you will be able to position your business among the global players. This will definitely give more exposure to your brand on international markets moreover you will have more reliability on a global scale which is a plus for your business.
When you start to operate internationally, you will enter new markets, in other words you won’t depend on a single market. This will help you to overcome the risks much more easily such as economic downturns or another type of economic instability in specific countries. Also when you accept payments in different currencies your business will be able to manage currency fluctuations and minimize the exchange rate risks. So you can optimize your strategies to gain more profit from your business.
Another important factor is providing a better customer experience. When you offer convenient and reputable payment methods to your customers, you will benefit from customer satisfaction and loyalty. This will come back to you as a huge profit within the long term. Also adapting international payment methods will allow you to access new technologies and trends that will guide your business on customer preferences and global market dynamics.
Once you step into international markets you will also get the opportunity to to partner up with foreign providers, distributors and other strategic collaborators which may contribute to growth of your business. If you want to optimize your costs and fees due to international transactions, we recommend you to follow some specific steps.
It is a good idea to create a strategic plan. First identify what are your business needs. For example if you have an online store and you need to accept small but frequent transactions then you will need to work with a strong provider for smoother and faster transactions for your clients. We recommend you to check Jeton Business services. Jeton will guide you step by step if you want to open your business to global or if you are already globally operating Jeton will improve your operations.
What Is an International Payment?
An international payment is a business transaction between a buyer and a seller that crosses national borders and often involves at least two currencies. When money moves across a border into a new country, that money needs to be converted from the original currency to the currency of the new country. In the past international payment operations cost lots of money due to exchange rates and additional bank fees. Also as it used to require multiple intermediaries, it was a slow process and only big entities used to offer this option.
With the new technological developments today even small businesses can reach to global scale through these types of adaptations. In other words, in order to accept international payments, the size of your business doesn’t matter. You might have a small business just operating locally, or you can be self employed and offer services for international clients or you can sell physical goods to anywhere in the world and still can accept international payments for your operations.
Companies that do business with clients that are based overseas need to establish a system for accepting international payments. Getting paid by international clients is more complicated than accepting payment within the US or UK for example. You need to make sure you select payment solutions that are secure and that don’t charge unreasonable transaction fees.
How to Accept International Payments
Small businesses can use a variety of methods to accept payments from clients based overseas. There are different ways to accept international payments. First of all you need to understand your business needs. This will give you a better understanding when it comes to choosing the correct platform for your international transactions.
First of all, if you are a vendor, you need to have an account that accepts international payments. Customers must have an online account or a mobile app so they can transfer money to a vendor’s account in another country. Both parties understand that there will always be fees involved in these transactions.
If you are operating as a business in another country and have employees then you can also use this option to pay salaries. It is important to pay your employees on time.There are payment providers that enable you to make bulk payments.
Jeton Business provides you with the cross-border payment methods listed below:
ONLINE PAYMENTS
You can accept online payments from international clients. There are many advantages of online payments that can help you save time and money. Let’s take a look at some of the advantages of online payments as an international payment method:
Ease of use: Most online payment platforms are easy to use. Jeton is one of them. Jeton’s payment services are simple to navigate and require just your basic banking details to begin processing payments. You can either use the Jeton app or use your laptop to manage your international payments from your online account. Jeton app has a user friendly interface and allows you to track your payments in real time.
Quick processing times: Online payment platforms are designed to provide faster services compared to traditional bank systems. We know that in traditional banks international transactions can last even up to weeks. Jeton’s payment services boast quick processing times. Often, the money will land in your account within just a few days.
Strong security: With heavy security and encryption used for every international transfer, online payments are one of the most secure methods of accepting payments from overseas. Jeton uses all the latest technology protection for each transaction.
Cybersecurity attacks are more common and online payment providers and transactions are generally targeted by cyber criminals. Especially if you have a small online business and accept credit card payments from all around the world you need to be more cautious both for your own security and your customers security.
Jeton provides extra protection layers such as two-factor authentication. 2FA, or known as multifactor authentication (MFA), is essential when you deal with vendors, social media, financial institutions or any platform where your business has an account.
It is also important to have a verification process for each transaction. Jeton provides all necessary security measures to protect you and your customers from cyber attacks and similar fraud activities. Jeton sends you constant fraud check notifications so you can easily track your interactions with your international partners and customers.
CRYPTOCURRENCY TRANSFERS
Even though there has been a big revolution with cryptocurrencies all around the world, cryptocurrencies such as Bitcoin and Ethereum are not universally accepted. Most cryptocurrencies offer the potential for low-cost, quick international transfers without the need for a traditional banking system. If the region that you operate in is regulated in cryptocurrency terms you can use this method for faster and cheaper transactions as an international payment method. Especially if you are working with e-commerce, this option will enhance your sales for sure. Everyday more people prefer to spend crypto currencies while shopping online. And the future is bright, if you want to adapt your business to the future world then it is a good time to take this opportunity and provide cryptocurrency payment services for your international payment transactions.
They might be used in peer-to-peer transactions or by businesses that have adopted cryptocurrency as a form of payment. There are many different crypto currency options available in Jeton.
Please don’t forget that some cryptocurrencies are more volatile than others and you can lose money due to exchange rates. Jeton can help you understand what crypto payments are and how they can be beneficial for your international payment transactions. You can also visit our blog to learn more about cryptocurrencies.
INTERNATIONAL WIRE TRANSFER
International wire transfers are a common overseas payment method. A wire transfer is an electronic exchange of money between two bank accounts, using a network like SWIFT.
Wire transfers are considered to be more secure and faster. They provide direct connection between banks. Local banks may have different authentication data and wire transfers are well equipped to handle these differences. However this method has a higher cost. There are different intermediary banks involved in the process. And when there is a problem the cost gets higher and getting your money back can be a long process.
If you feel more secure about this option and want to make your international payments via wire transfers, we recommend you choose a platform that has experience on wire transfers.
Advantages of Wire Transfers:
Fast processing time: When a client sends you money through a wire transfer, the funds will usually be made available in your bank account almost immediately. If you are valuing your time over the cost that might occur then it is a good idea to go with wire transfer.
Highly secure: Because the transactions are made directly between two banking institutions, wire transfers are a secure payment method for international transfers. Online payment providers are also equipped with top notch technology however wire transfers are always more secure as there are lots of data exchanges within the network.
Currently Jeton accepts payments within the SEPA zone and only in Euro. If you have a business operating in Europe, Jeton will provide you with the best wire transfer services within the SEPA zone.
Here are some of the benefits of using Jeton Banking for your business:
You can get an IBAN account in EUR currency to manage your business’ funding by opening a Jeton Banking account. You can send and receive money from SEPA zone countries with favourable fees and instantly. You can meet your payment deadlines with Jeton’s smooth operations.
You may open up to five IBAN accounts with different currencies for your business without any additional fee, and transfer money between those IBAN accounts in minutes.
If you’re a Jeton merchant, you may add money to your IBAN account from your Jeton wallets. We’re working relentlessly on new Jeton Banking features.
Most importantly as the Jeton family we highly value the security of our customers and offer advanced technology features for your business accounts including 2Factor authentication and fraud detection and prevention measures. We update our platform regularly to improve the security of accounts and transactions. If you want to experience secure and safe online banking services Jeton is the right choice for you. Please visit jeton.com and open a Jeton Business account today.
