While e-commerce technologies have provided a convenient platform for SMEs to do business beyond their home markets, these companies still face major profitability and efficiency challenges when it comes to international expansion.
On one hand, international payments are generally more expensive than domestic payments, and the process can be slow and elusive. On the other hand, SMEs generally lack the resources to manage relationships with multiple suppliers and customers in multiple countries and currencies and may have justified concerns about exposure to foreign currency fluctuations.
So, what is the solution for SME in managing international payments? Are there innovative online payment platforms that could provide the following business benefits?
• Cost saving
• Efficient and reliable cross border payments
• Manage foreign currency risk with support from currency expert