Improve Cash Flow. Reduce Fees. Streamline Reconciliation. ????
Introducing LocalPay, global receivables by PayRecs. Improve cash flow, reduce fees and simplify payment reconciliation. LocalPay by PayRecs now allows businesses to receive payment in up to 36 different currencies without the need to integrate any technology, open a new bank account or take on any FX risk. It’s like magic.
Improve Cash Flow
Did you know an international wire can take 7 days from start to finish? That means the banks are holding your cash for a full week before it hits your account. But with PayRecs you get your money the same day your customer initiates payment.
Reduce Fees
Hidden fees, buried in the exchange rate or taken by intermediary banks can add up quickly. As a result, hidden fees are the primary cost of international wires. PayRecs works with our partners to eliminate those fees. So with PayRecs all fees are fully disclosed up front, on every transaction.
Simplify Reconciliation
Payment details often get lost in translation. That’s because the Swift notes field is limited. Invoice numbers are often truncated or left off completely and even identifying the sender can be a challenge. But PayRecs changes that by providing rich data for each payment. Invoice numbers, reference numbers, customer notes, even an image of the invoice itself. With PayRecs, it’s all right there.
PayRecs makes it easy
Many people avoid dealing with foreign currency. We only deal in US Dollars is the common refrain, because it’s “easier”. That’s because for years, it was easier. Because letting your customer deal with currency exchange was a pretty simple approach. Certainly far easier than opening foreign bank accounts and managing FX risk.
But it created plenty of issues too. Issues that we have grown accustom to, like slow payments, high fees and limited transparency. That’s why we are introducing LocalPay, global receivables by PayRecs.
Our innovative approach allows customers to receive same day international payments, reducing fees and providing unprecedented transparency and predictability.
Now, there’s no need for foreign bank accounts, currency risk management or upgraded systems. Because with PayRecs, you can begin receiving payments in up to 36 different currencies in just a few days. All without opening a single new bank account. And there is no currency risk to manage.
Receiving payment internationally has never been easier or more efficient for you or your customers.
No upfront investment means immediate return
There are no setup costs or monthly fees so you can start seeing a return on your investment immediately. Your treasury and accounting staff will love the easy tracking and reconciliation and your customers will love the convenience of paying in their currency.