Cross-Border Payments with uQualify

Cross-border payments are transactions where the payee and the payment receiver are based in different countries. These payments can be made between individuals, companies and banks.

For merchants with an international footprint, or that need to accept payments from around the world, the ability to receive cross-border payments is vital.

The Rise of Cross-Border Payments

The pandemic has led to cross-border payments becoming a lifeline for businesses around the world as they seek new opportunities. Given the various restrictions the pandemic has imposed on individuals all over the world, people are increasingly shopping online and electronic payments are on the rise. Merchants are seeking new ways to reach potential customers with many businesses moving entirely online.

E-commerce is a rapidly growing sector with global reach. Payments of all kinds, from remittances to purchases, now require money to move internationally. It is becoming entirely normal for funds to move between countries as merchants and various services are increasingly international. Customers and businesses of all sorts need these payments to be fast and reliable and as simple as domestic transfers.

The general trend is for cross-border payments to become increasingly simple. Governments and financial institutions are taking steps to cut through red tape and to facilitate the growth of cross-border payment solutions.

The Main Challenges of Cross-Border Payments

Cross-Border payments rely on a series of actions and, once the funds have left your account, can often be a source of worry for customers and businesses alike.

  • High Costs

There are often high fees involved in global payments and these are often unclear to the sender prior to the transaction taking place.

  • Lengthy Processes

International transfers can often take time due to delays between the various parties, including correspondent banks. This can result in payments being late and customers or merchants becoming frustrated.

  • Security Concerns

Making international payments can be fraught with security concerns as each payment relies upon a series of institutions before reaching the customer or business, many of which are unknown to the sender.

  • A Lack of Transparency

Once the funds have been sent, the sender often has no way of knowing what is happening to their funds, or what institutions are involved in the processing. This can lead to extended delays and a general sense of unease or, at worst, mistrust between the two parties.

Escrow Services

One way to avoid issues such as delays or failed payments to is use a third party to provide escrow services. An escrow account service is used to help companies reduce risk. An independent company is introduced to the transaction and holds the funds used in the transaction in an escrow account. The escrow service provider then ensures that the funds are released quickly and efficiently as per the terms of the agreement made between the payee and the receiver.

Many international companies have turned to uQualify to act as an escrow service provider. We act as an independent party that undertakes agent payments to ensure that both sides of the transaction are protected.

Our international team of experts and accredited legal advisors can help you create an escrow transaction structure that works for your business. Our team is experienced in making cross-border payments and works with businesses to make international payments.

How uQualify Can Help You

We are experienced in facilitating cross-border, international payments. Here’s how we can help:

Escrow Experts

We provide escrow account services for businesses around the world. Our dedicated team of experienced professionals and legal advisors can offer a range of payment solutions to assist with a wide variety of business needs.

International Payment Solutions

uQualify has partners and solutions on five continents and our on-the-ground teams understand every aspect of international payments in a wide range of locations.  As a result, we can offer payment solutions for international payments, wherever they originate from and wherever they are going.

Quick, Reliable Services

Our Escrow Services team is committed to reviewing agreements, claims and disbursements quickly and comprehensively to ensure that transactions are both secure and fast.

Integrated Solutions

We offer a range of services that complement our escrow services.  These services can include investment, foreign exchange and payment services that can help support the international movement of money and ensure that your transactions take place without issue, in a quick, transparent and entirely reliable manner.

How We Can Help You with Your Cross-Border Payments:

  • We provide high levels of in-country support through our experienced teams, along with foreign exchange services.
  • Our international network of banking providers are all fully regulated and verified, allowing you to access world class, international banking services while enjoying total peace of mind.
  • Our wide-ranging banking network means that you can benefit from lower transaction costs and faster settlement of your payments wherever you are in the world.
  • To cater to international business, our multi-currency banking partners can make payments in over 40 currencies, all through a single account.
  • Make mass payments such as payroll payments through our banking providers and pre-validate every payment you make.
  • Enjoy total transparency through real time reporting, statements and audit logs including proof of payment for irrevocable payment confirmations.

Get in touch, we can help

Cross-border payments are vital to a wide range of businesses and it’s important that you have confidence and security in everything you do.

Click here to discover more about our services.

Get in touch today and we’ll help you organize your international payment needs.