In today's globalised era, companies, be they small businesses or large firms, are expanding beyond borders.
The reality of international business, however, is that it often comes with a catch: outrageous foreign transaction fees and tedious cross-border transfers. These drawbacks erode profits, delay funds, and complicate cash flows.
Whether you’re paying overseas suppliers or managing a global workforce, the costs and delays of traditional payment methods can feel like an anchor on your growth.
Fortunately, STICPAY’s multi-currency e-wallet offers a turnkey solution for reducing costs and streamlining global payments, empowering both B2B and B2C users to manage multiple currencies, perform efficient international transfers, and maintain healthy cash flow, all with minimal fees and real-time processing.
The Challenges of Cross-Border Transactions: Delays and Charges
Global businesses have a tough time in making payments across borders. The burden of unnecessary foreign transaction charges is one of the biggest culprits, charging more with every cross-border payment. FX markups (typically between 0.5% and 3% over the interbank rate), the gap between the interbank exchange rate and what the banks or providers charge, cut margins.
Add in correspondent bank charges, levied by intermediary banks who handle the transaction, and hidden commissions that are only revealed after the fact, and the costs quickly add up. A single bank transfer might cost you k $25 to $50, plus more to exchange for currency, so every payment is a costly endeavour.
And then there’s the issue of delays. Traditional methods like bank transfers involve multiple intermediaries and can take days, or a week, for that matter. These delayed transfers not only ruin more than just schedules; they test supplier relationships when vendors are left waiting for funds and cause inventory management mayhem when payments don’t clear in time to reorder stock or make orders.
The result? Cash flow gets hurt, and businesses must scramble to stay afloat. Reducing fees on cross-border payments and having a good cheap option is more than a nicety, it's a necessity for staying competitive.
How STICPAY’s Multi-Currency E-Wallet Makes Global Payments Efficient
STICPAY bridges the gap left by traditional systems, a multi-currency e-wallet that transforms global transactions for businesses. With over 30 currencies supported, STICPAY enables you to hold your funds in one account, avoiding the perpetual burden of currency exchange. When you need to convert, real-time currency conversion at favourable rates reduces foreign transaction fees, no longer falling behind inflated FX markups.
Low Fees, Transparency
- Debit/Credit Card deposits: 3,85% money-in fee
- Local payment methods (e.g., SEPA, UPI, Alipay): 1% - 5% in, 1% - 3,5% out
- International bank transfers: 1% - 3,5% in, 5% out
- Internal wallet transfers: flat 1% sender fee, free to receivers
Speed is a number one advantage
While bank transfers crawl through processing lines, STICPAY delivers speedy international payments, completing transactions in a matter of less than one minute. Fast turnarounds not only save time but also enhance cash flow management with the ability to make funds flow when you need them to. Suppliers are promptly paid, relationships stay amicable, and your company keeps on humming along.
In contrast to other e-wallets, STICPAY's multi-currency convenience is a perk, letting you bypass conversion fees that eat into margins. STICPAY lets firms reduce cross-border transaction costs, improve efficiency, and reallocate resources towards growth.
Optimising Cash Flow with STICPAY: Tips and Case Studies
STICPAY is not just a solution, it's a strategy for efficient cash flow management. Here are a few hints as to why it yields maximum advantages:
- Strategic FX Scheduling: Monitor exchange rate peaks and arrange the conversions when the rates are most favourable.
- Batch Payments & Recurring Templates: Consolidate multiple invoices into a single batch payout, reducing per-transaction fees. Use recurring payment templates for repeated supplier payments, without manually rekeying the information, and reduce aggregate fees.
- Use Low-Fee Corridors: Evaluate corridors of payments where STICPAY local channels (such as PIX in Brazil, M Pesa in Kenya) offer sub 2% fees. It is quite cost-efficient to pay suppliers for large volume transfers via those channels.
- Pay suppliers in local currency: Reduce the conversion woes and cost of paying in foreign currency by paying recipients locally, advancing their access to cash.
- Use Payment Tracking & Notifications: STICPAY’s automated tracking and notifications reduce invoice disputes by providing instantaneous confirmation of transfer status to both the receiver and sender.
Case Studies
- Example A: SME Exporter
Small factory exporter converted a month's overseas receipts with traditional banks, incurring FX markups of 2.5% and flat per transfer charges. Having switched to STICPAY, it benefited from real time conversion, cost effective local withdrawal facilities, cutting transaction costs by 40%, improving margins and reinvesting savings in product improvement. - Example B: Global Digital Agency
An agency that operates across five continents with remote employees and freelancers paid its payroll via STICPAY's e-wallet. By using batch payments and local payment rails, it reduced remittance fees per employee from an average of $15 to under $3 and had same day settlement, both of which greatly improved staff satisfaction.
Measurable Outcomes:
- Faster Settlements: Over 90% of transfers settled in 60 seconds
- Improved Working Capital: 20% reduction in days payable outstanding (DPO)
- Transparent Cost Control: Stable cost structure to enable more accurate financial projections
In short, STICPAY is an excellent solution for addressing high costs and inefficiency in cross-border business. With its multi-currency e-wallet combined with low fees and real-time processing, STICPAY offers efficient cross-border payments to save money and improve cash flow.
From foreign transaction fee reduction to enabling strategic payment planning, STICPAY helps companies thrive without the burden of legacy systems.
Ready to halve your cross-border payment costs and supercharge your cash flow? Open a STICPAY business account today and experience secure, low-cost international payments in minutes.