Now that businesses are targeting the global market, one challenge seems to be too hard to overcome.
It is sending and receiving international payments.
While sending and receiving international payments can be done using traditional banking services, completing a transaction takes weeks (that too if everything goes smoothly).
And if something happens with your documentation, you might have to wait for months to get the payment cleared. Perhaps this is the reason why businesses are looking for alternative payment options.
This is where Money Transfer Applications offer their services. Money transfer applications are software connected to the banks and offer transaction services faster than any banking system.
While many still believe that banking services are safer for making any business money transfer, it is also true that your business will never grow if you do not receive your payments on time.
That being said, today, we will talk about why money transfer applications are better than traditional banking services and which application your business needs to use.
Money Transfer Application Over Banking Services
No matter what the critics say, the money transfer industry has become a multi-billion-dollar industry. This shows the potential of the money transfer application.
International money transfer applications transact money between the accounts registered in different countries quickly and seamlessly.
Here are a few reasons that will help you understand why money transfer applications are better than banking services for making any international business transactions.
One of the best things you get with the use of a money transfer application is that you get to make money transactions from anywhere. Your bank account is connected to the application; one click and any business payments are made.
The only thing you need is –
- Smart device.
- Having a username and password.
- Internet connectivity.
- Details of the beneficiary.
2. Ease Of use
A money transfer application is easy to use. The application is user-friendly, and to use them; you just need to sign in.
Once the registration is completed, just fill in the necessary details and save everything. Now, you don’t have to put in all the data every time you make a transaction.
Now, you can make any amount of transaction with just a click. But, yes, if the sum is too big, the application might ask you for some additional information.
3. Easy Tracking Of Money
When you use banking services to make transfers, you cannot organize the transition. Instead, you receive a paper bill with details in a ledger format.
However, you get the feature to organize all your transactions and set priorities with a money transfer application. In addition, you can also keep track of all the money transfers happening in the business.
4. Low Transactional Fees
Banking services involve an institution and employees who work for the institution and ensure that banking transactions occur smoothly. This is why banking transaction charges are so high.
However, with the money transfer application, you don’t have to worry about paying almost 5% of the total amount transacted in the name of transactional fees.
As most of the process is automated and no humans are involved, the transaction fees for using a money transfer application are low.
Top Money Transfer Application For Businesses
Now that you know what leverage you get with a money transfer application, let’s jump on the best money transfer apps.
Venmo is a money transfer application that offers its services to both individual users and corporate businesses. The most appealing of this money transfer software application is its social edge. Perhaps, this is why it is quite popular among younger adults.
Venmo offers services that act as a digital wallet and uses a P2P connection to make money transfers. With its tracking ability, Venmo ensures everyone pays their due.
The best part is that you do not have to pay any transaction charges. But, yes, if you use credit cards to make payments, you might be charged 3%.
When we are talking about money transfer applications for business, we can exactly leave Paypal behind, can we?
PayPal is one of the most popular money transfer applications that serve both users and businesses. However, with Venmo clearly pitching to the younger market, PayPal maintains a more corporate look and feel.
PayPal comes with tight security that helps the business make secure payments without fearing money transfers being intercepted.
If you have been in the financial industry for a long time, there is no way you will miss out on this name. MoneyGram is among the oldest money transfer applications and perhaps the most trusted when it comes to businesses.
Because of its size and scalability, you can send and receive money from any corner of the world. However, you must know that the transactional charges might vary depending on where you are sending money.
Azimo boasts the cleanest and most crisp money transfer application. Moreover, with Azimo, you also enjoy the service of transferring money 24*7 to a selected few countries.
Although Azimo has only been around for less than a decade, its services encompass more than 200 countries and in 80 different currencies. This allows the business to make any transaction without any halt.
If you are looking for anything that offers low transaction charges on international payments, WorldRemit is where you need to be. WorldRemit is popularly known for its low transaction charges and completing one transaction within just a few minutes.
The highlight of this money transfer application is that you can use any card to send and receive money. In addition, you can also receive money from different money transfer platforms.
While there are hundreds of platforms and money-sharing applications online, only a few were able to deliver what people expected of them.
Out of those few, we have listed a few that might help you with buying transactions and help you save on reduced transaction fees.
While we listed only our favorites, if there are any other money transfer applications that can make the cut to be present in the list, feel free to suggest them.
We are certain our readers will like some more money-sharing applications for businesses.