We are in an age where several businesses are aiming to have a global presence. ‘Borderless businesses’ has become a commonly used term. As international borders blur and technology brings everyone closer, there is a need to adjust the business process to support the trend. After all, isn’t change the only constant? Today, we shall see the steps that each business should take to facilitate borderless payments and achieve smooth operations on a global scale.
The rungs that help you up the global presence ladder
- Open a global account
For those who have a business account Hong Kong, having a global account will help their business in more ways than one. International finance is an essential step when you are going global with your business. Transactions involving different currencies have to be taken care of. With a global account, you have access to foreign exchange, Visa cards, financing, payments and everything else you need in the finance department.
Once you open an account, you can use it wherever you go. Also, make sure to choose a service that has no set-up or maintenance costs. Through the account, you have the option to get bank account numbers in several countries such as Australia, Canada, Singapore, the UK, the USA and so on.
You use your global account to collect, convert and transfer money. Select a service that charges transparently and provides both web and mobile applications.
- A single account Vs accounts for each location
E-commerce websites and mobile apps have eliminated the need to have an offline retail store for starting a business. Therefore we see an upward trend in small and medium-scale enterprises. Just because your business is in its nascent stage, doesn’t mean that you should cater only to local customers.
Small businesses are put off by the fact that it is expensive to have bank accounts in various countries. Also, if you want to be popular, you should offer your customers the option to pay via local currency. With multiple accounts, accessing your money can be hectic. Add to it correspondent bank fees and other hidden costs.
However, cross-border transactions are no more a nightmare. A single global account is a cheaper, faster and more secure way to deal with transactions across the globe. Along with the option to pay and receive payments in 14-18 different currencies, you also get the real mid-market exchange rate.
- Connect your account to popular e-commerce sites
Another step that will take you closer towards entering the global market is connecting your account with popular e-commerce sites like Amazon, Shopify.
No matter what scale of business you run, opening a multi-currency global account is the first step towards gaining customers from different parts of the world.