So, we’ve had an interesting couple of weeks researching international payments for businesses i.e how much does it really cost to receive payments using those companies that offer a helpful little button on your website.
Whether your business is large or small, the idea that payments (and therefore, cashflow) can be made easier by using a payment provider to process your inbound payments can be appealing. Especially if you don’t have the resources for credit control within your Finance team, and your Management Accountant has enough on their hands!
However, it is worth taking some time to check the small print when working with these organisations as you may be losing more than you think… and on the payments you least expect it.
This month we have seen a business pay a whopping 5.37% fee on a US$31.26 payment. If that’s your usual payment, that’s a lot to lose. It should be noted that fees can reduce as the amount being paid goes up but all we suggest is that you read the fine print and shop around before taking that leap.