Efficient and simple International payment capabilities are a prerequisite for commercial clients when they evaluate your treasury management product offering. The reality is that business has become increasingly global, and companies must have a simple and reliable way to send and receive foreign currency. If you don’t have a solution you can be confident in to offer your commercial customers, they’re likely taking their business elsewhere – putting their entire relationship at risk. If you haven’t already considered international payments, here are five reasons why your customers need you to offer them as a service:
1. Global Trade Facilitation: Offering international payment services allows you to cater to the growing demand for global trade among their commercial customers. Businesses are increasingly engaging in cross-border transactions, and by providing international payment capabilities, regional banks can support their customers’ expansion into international markets.
The bottom line: You can offer a service that allows your customers to be more competitive, which results in your bank being more competitive.
2. Customer Retention and Attraction: Providing international payment services enhances your competitiveness and attractiveness to businesses with international operations or aspirations. By accommodating your customers’ international financial needs, you can strengthen existing relationships and attract new businesses looking for comprehensive banking solutions.
The bottom line: Keep current customers and win new relationships when you offer international payments.
3. Diversification of Revenue Streams: Enabling international payments opens up new revenue opportunities for your bank. These services can involve fees for currency exchange, wire transfers, and other value-added services. Diversifying revenue streams helps reduce their reliance on traditional sources and can contribute to improved financial stability.
The bottom line: Everyone enjoys more non-interest income. You can generate additional revenue from transactions you didn’t see previously.
4. Comprehensive Banking Solutions: Offering international payment services positions regional banks as one-stop solutions for all their commercial customers’ financial needs. Businesses prefer dealing with a single institution that can handle domestic and international transactions, simplifying their banking relationships and reducing administrative complexity.
The bottom line: When your customers do international payments elsewhere, their entire relationship is at risk.
5. Solve a Complex Problem for your Customers: International payments can be a complicated space for your customers to navigate. By being a trusted resource for your customers, you can help solve a complex problem through relationships you’ve spent time developing.
The bottom line: You can help make your business customers’ lives easier by helping them navigate international payments.
In summary, providing international payment services can boost your competitiveness as a regional bank, increase revenue streams, and improve customer relationships while aiding businesses in their global expansion efforts and navigating international financial complexities.
If you’re considering international payments, book a 15-minute discovery call to learn more about how PayRecs can help you win against the competition.