Last year, scams cost Australians more than $500 million*, and everybody with a smartphone and a bank account is vulnerable.
It is natural to be concerned about the safety of your money when it is being sent to another country. You may be concerned about moving thousands of dollars, or even your entire life savings, overseas. According to Hannah Churcher of SendFX, it is dependent on the bank of the individual receiving the money.
She emphasized the importance of using a trustworthy organization while sending money internationally. Consider how well an IMT provider treats their clients and how well they follow the guidelines when selecting one. It is critical to consider the following factors when selecting a e-invoicing solution providers.
List of Payment Methods
To be competitive in a company today, you must have secure online payment methods. Doing business outside of the United Kingdom is more difficult and risky than doing business within the United Kingdom. Consider these possibilities for your company’s international payments.
Debit and Credit Card Payments
Visa and Mastercard are two of the most widely used methods of payment for goods and services worldwide. Card-not-present (CNP) transactions necessitate the addition of a card scheme to your website.
This is made simple by e-commerce platforms. When problems can be resolved swiftly, cash flow improves. If you choose this path, make sure to keep your clients’ personal information safe at all times. To prevent fraud, tokenization, SSL encryption, and PCI DSS compliance all function together.
Wire Transfers
When transmitting money between banks, IBAN and SWIFT codes are frequently utilized. When conducting business with another company, wire transfers from one bank account to another are the most convenient way to pay. Cleaning, on the other hand, may take more than a day. This approach will always work if your organization sends a lot of wire transfers to other countries.
Digital Wallets
Digital wallets, like traditional wallets, store cash and credit card information. This covers Google Pay, Apple Pay, PayPal, and any other method of online payment. A digital vault stores the user’s financial information, ID information, and security information. As a result, sending money abroad via the peppol invoice is simple and rapid.
You may use your smartphone to make purchases in foreign countries without providing critical financial information. Please read the fine print carefully, as not all wallets can be used in all countries.
Cryptocurrency Payments
Because digital currencies employ blockchain technology, monetary authorities cannot maintain track of them. They can be used for online commercial transactions by companies all around the world. Despite the fact that there are over 2,000 different cryptocurrencies, your website should only take Bitcoin. Customers will feel better about them and like them more as a result.
Global Business Payment Platforms
The optimal solution combines all three systems. You can pay with digital wallets and plastic cards in addition to cash. Some tactics are more prevalent in certain countries or regions of the world. The purchasing habits of Chinese consumers differ from those of Americans. Use a global payment gateway to provide your online clients with additional purchasing e invoicing software solutions.
Why a Business Needs Multiple Global Payment Methods
Borders are no longer important in international business. Existing and growing small businesses can find consumers and make money anywhere. Even with AI and real-time payments, certain customers may be restricted in the wrong way by online stores.
Having multiple payment and e-invoicing solution providers can enhance the purchasing experience. Discover why there are so many payment options.
E-Commerce Keeps Growing
When it comes to how they want to buy products, consumers have a lot of options. Online sales are still increasing. Only 9% of all retail purchases in the United States were done online in 2017. This is predicted to more than double by 2021, when it will account for 13.7% of the total. In 2017, 1.66 billion individuals worldwide purchased goods and used digital services. This figure is expected to reach 2.14 billion by 2021.
Because of the rise of internet shopping, brick-and-mortar stores may need to establish an online presence in order to remain in business. Online shopping is preferable for people who don’t have much time and would rather purchase from the comfort of their own homes without having to wait in line.
The Significance of Mobile Wallets
Businesses must provide more than one method of payment via mobile device so that clients can purchase items whenever they desire. Mobile wallets are growing increasingly popular because they are simple to use and secure, thanks to tokenization. Businesses that accept mobile payments could make more money and get more consumers.
The purpose of mobile wallets such as Apple Pay, Android Pay, and PayPal is to merge many payment methods into a single app that is simple to use. It makes it easier to purchase items from anywhere.
Businesses that can save crucial client information such as shipping and billing addresses in a customer’s mobile wallet may earn more purchases. By making it as simple to pay with a mobile wallet as it is to buy something with one click, this removes hurdles at the bottom of the funnel, when mobile customers leave.
More Payment Options Attract More Customers
Customers today expect to be able to pay in a variety of ways. As a business owner, you should take as many various types of payments as possible so that your clients do not judge you negatively. Giving your clients multiple purchasing options may increase their loyalty to your company.
To make customers happy, businesses should provide multiple payment options. Retailers may be able to make more money if they allow customers to buy products online, accept mobile wallets, and provide more payment options.
How to Move from Regular Invoicing to E-invoicing?
It is not easy to get a new system up and operating.
Many of the companies’ trading partners will not immediately join the peppol network. Whether or not a buyer has signed up with an access point provider to receive PEPPOL e-invoices, vendors may be forced to switch between e-Invoicing and traditional invoice delivery methods. If a seller does not use PEPPOL, clients will most likely have to turn in invoices by hand. This reduces the efficiency dividend that enterprises receive.
Corporations can postpone joining the network until the problem is resolved, but in the meantime, they will be unable to benefit from the network’s lower transaction costs. Buyers receive no advantage from faster payments, lower processing costs, or early bird discounts.
Because there are few e-invoicing solution providers in Australia, numerous organizations relocating at the same time may have capacity issues. If companies take too long to link to peppol, their competitors may gain an advantage.
Choosing an Access Point Provider
Another difficult task is selecting the best peppol access point.
Businesses can use as many sender access points as they need to send invoices, but only one buyer access point can be used to receive payment. This is determined by their requirements and how they are set up. Companies can choose alternative (or the same) service providers to send and receive invoices using peppol protocol “four corners” technique. As a result, firms can select the optimal method of doing things.
Access point providers can select from the following options:
- Web portal – a standalone PEPPOL solution
- PEPPOL integrated into ERP
- Accounts payable / accounts receivable providers
What Value Can the Access Point Provider Add?
In addition to the PEPPOL-based invoice exchange, software providers should compete on the value they bring to enterprises.
Using an automated accounts payable system helps reduce invoice processing fees. The amount of data that must be entered manually has been reduced by 92%. This has numerous advantages, including increased accuracy and compliance, cheaper costs, and better use of staff time. In 18 months, this provides a good return on investment (ROI).
Electronic invoices could be sent and received using an automated system with a PEPPOL access point for invoice receivers. It would also ensure that the company’s approval process is error-free, that its business standards are met, and that the correct amount is paid for goods and services.
