Why Your Global Business Could Benefit From A Digital Wallet
Whether you’re a mid-size exporter operating across Kenya, or a big global corporation selling goods online, there is commonality between cross-border payment challenges for businesses. We’re looking at the different ways global businesses could benefit from a digital wallet and how Verto’s multi-currency wallet is engineered to deliver smooth international payments.
What cross-border challenges do global businesses face?
Ultimately, sending payments across the world has traditionally been a notoriously slow and costly process. Whether you’re receiving funds from your customers, or paying suppliers, it’s essential you make the transfer in a safe and efficient manner. Moreover, being a global business means these international payments are part of your day to day, so fees add up and delays cause friction so overall, it results in a disjointed payments experience.
Another challenge to tackle beyond cost and delays is getting payments sent, or received, in preferred currencies. Perhaps customers want to pay you in rand, but you operate in shilling, or you need to pay in dollars, but they accept only pounds. Instead of introducing multiple accounts for converting currencies then international bank transfers, introduce a digital wallet.
How digital wallets benefit global businesses
An introduction to digital wallets, for those who aren’t familiar, is that they’re virtual wallets linked to online accounts, with no physical cards used when paying. Digital wallets give businesses the global advantage in many ways, particularly the ones designed to facilitate market growth. The key difference with the Verto multi-currency wallet is that you can have up to 50 different currencies as their own individual wallets, but this is all managed from one single account.
Let’s look at the number of ways this provides an improved service to businesses aiming to grow globally.
An overarching benefit of the digital wallets is that it provides a cost-effective solution to B2B global payments. When you transact between wallets, there are no high fees or conversion costs. It provides a better user experience for you and the people you deal with on a daily basis, whether it’s merchants, customers, suppliers or beneficiaries. A simple transfer between wallets with real-time visibility and at a lower cost provides a more appealing alternative than dealing with bank transfers.
Receive and pay in 50 currencies
Any issues experienced with currency management, either getting paid in a foreign currency, or needing to pay invoices in their local currency, is made simple with digital wallets. Verto’s multi-currency wallet allows you to collect, payout, and hold up to 50 currencies. So, transfer the funds to your payee in their local currency and easily convert right from your Verto platform. No need to juggle multiple accounts and incur conversion fees. Not only will this expand your global reach and help you connect with more customers and businesses across the globe, but you’ll get full transparency over your payments. No hidden costs and see exactly where your money is, and where it’s going.
With digital wallets, you won’t compromise on security and instead, you’ll ensure your business is using a safer and more secure way to pay. When you make transfers to other Verto wallet holders, you’ll know that only vetted businesses have been onboarded and have access to these wallets, so it creates a safer network to conduct business. Then if you choose to convert currencies within your wallet, you can make the switch without the concern of any theft or loss of funds as it all just stays in one account. Of course, there’s the added benefit of not relying on physical cards which could get lost, stolen, or simply not to hand when you need to make the payment.
Accessible and fast
Ease of use and speed are crucial parts of having a truly seamless payments experience. That’s why all businesses we onboard are automatically granted access to our multi-currency wallets. Not only that, but transferring between wallets, whether it’s your own or to another Verto wallet holder, is a near-instant transaction. No long delays or mystery as to where the payment is. It’s clear, simple, and secure to get paid instantly.
When you blend the Verto API with our digital wallets, you’re rewarded with integrated and automated payments, as well as getting real-time notifications so you never miss an update on the status of your payment. Scale your business faster with the help of our API. Explore API for more details.
Now you’ve understood the numerous ways in which digital wallets could transform your business’ cross-border payments, it’s time to get started and start reaping the benefits.
Alternatively, speak to our sales team to see how we can help you: email@example.com.