B2B payments and global’s export industry has experienced impressive growth over the years, despite a fourth quarter slump in 2022. In 2022, the world’s exports stand at US$30.98 trillion, marking a 9.98% increase compared to the previous year's figure of US$28.17 trillion in 2021.
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As businesses strive to capitalize on this expanding export market, a primary concern emerges: how can they efficiently collect global payments from their international businesses and marketplaces?
Many businesses today face several challenges when it comes to collecting B2B cross-border payments from their international businesses and marketplaces. One of the primary obstacles is unnecessary conversion fees, which can eat into profits and hinder financial efficiency. Additionally, excessive paperwork requirements can create delays and administrative burdens, further complicating the process of receiving international payments. Moreover, businesses often experience long waiting time when opening a bank account in any particular country. Overcoming these challenges is crucial for businesses to streamline their B2B global collection processes and ensure smooth and timely international money transfers.
The solution to collecting global payments from your international suppliers: SUNRATE
SUNRATE is an intelligent global payment and treasury management platform that assists businesses in simplifying the process of collecting B2B cross-border payments from international businesses and marketplaces. With SUNRATE, businesses can expect the following benefits:
To find out more about how you can start collecting global payments from international businesses and marketplaces, connect with us today.
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