SWIFT transfers - used by banks to move money internationally - are manual affairs: a series of emails, faxed signed forms and updated excel sheets exchanging hands around the globe just so you get paid. This means banks have to charge a lot for the service, with (cleverly) hidden fees corroding up to 20% of your profit margin. Imagine: a 20% profit loss just for getting paid. With B2B Pay, SMEs get a free virtual bank account in Europe, receive payments in hours instead of days in your home country's bank account and take advantage of a reduction of over 80% in fees.
Problem
International payments are complicated and expensive. Large banks are slow, frustrating, and hardly supportive. Once money is sent, there is little way to track where it is in the transaction process.
Without B2B Pay, your company:
- Cannot open a bank account in Europe
- Cannot collect or send domestic wire transfers (SEPA Payments)
- Pays SWIFT fee of €30
- Pays currency conversion cost of 3-6%
- Cannot access local payment gateways
- Suffers the Frustration of bureaucratic banking processes
- Cannot collect payments from marketplaces like Amazon
- Takes 2-5 days per transfer
Solution
The world of banking is changing. Our goal is to bring businesses the best options for making overseas payments. For us, that means clarity of process, better notification, faster transfers, and better prices.
With B2B Pay, your company:
- Receives SEPA payments from 35 EU countries for free in 2-12 hours
- Makes SEPA payments to 35 EU countries
- Saves €30 SWIFT charges and +80% on FX
- Takes advantage of FX conversion automation
- Uses its IBAN to integrate with marketplaces and payment gateways
- Accesses premium brokers to make global payments in 138 currencies
- Gets Instant notifications of incoming payments
- Takes advantage of online onboarding
Better SME international payments
Better B2B Transfers
Better SME currency transfers
Better SME currency conversions
Sending money to Brazil from Europe can take 3 or 4 days and the conversion fees are often 5% or more. FinTechs use automatic processes and bulk transfers to lower that fee to 1%. But just lowering the fee isn’t enough. Using blockchain technology, money arrives in Brazil in hours.
SME B2B Transfers need to be better
As an non-resident company doing business in Europe and beyond, you need to be able to take care of financial transactions without delays or other hassles. However, the reality is that a lot of SMEs encounter delays in receiving payments.
The delays are caused by all the paperwork that has to be passed back and forth to finalize transactions. There is also the cost of these transactions that can become a major business expense rather than a minimal one. Traders also have to contend with foreign exchanges that are constantly rising and falling. Drastic fluctuations can eat into your profit margin.
B2B payment solutions
There is a solution to these challenges: B2B payment systems. In recent years these have grown in popularity because they address these challenges and make it easier for international traders to do currency exchange and currency transfer transactions.
The B2B Pay SME international payment solution
There are different B2B pay solutions offering different services. B2B Pay offers the solution that eliminates hassles and obstacles related to currency transfer and currency exchange for cross-border traders. We do this through European virtual accounts.
With these accounts, non-resident companies trading with Europe are saving between 50% and 85% in transaction fees. This bumped up their profit margin by 7% to 20%. This cannot be compared to the cost of wire transfer services offered by banks or any other offer in this market.
Two-step sign-up process
It is fast and simple to get a European virtual account with B2B Pay. The first step is uploading your company's documents which we review and pass on to the appropriate authorities. Once we get approval, we will need your local bank details.
When the customer due diligence checks are done, we issue an IBAN number for the virtual bank account. This IBAN can be used on invoices sent to European customers. A virtual account expedites transactions significantly by eliminating paperwork and bureaucratic processes.
When payments come into your virtual account, we notify you and send the funds to your local bank account. We do this using the lowest transfer rates in the market. Your customers in Europe can make payments at no charge if they are on one of the SEPA countries. SEPA is an initiative of the EU and it stands for Single Euro Payments Area. Euro payments can be handled within 35 European countries without any fees or a nominal fee. We partner with Nordea and Barclays banks to ensure SME exporters and other international traders enjoy reliable, simple and fast transactions.