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Growth Through Global Payments SaaS Will Supercharges Your Business

When it comes to international transactions, cross-border payment providers are a game-changer for banks, B2B and B2C businesses from a revenue perspective


In today's interconnected world, businesses are increasingly expanding their operations across borders, making cross-border payments a vital component of their success. However, navigating the complexities of international transactions can be daunting. This is where global payment Software-as-a-Service (SaaS) providers come into play. In this blog, we will explore the numerous benefits that arise from utilizing a cross-border payment SaaS provider for your payments business, backed by compelling statistics and real-world examples (no names).



Enhanced global reach and accessibility

A global payment SaaS provider offers your business the opportunity to expand its global reach. By leveraging their advanced infrastructure and extensive network of banking partners, you gain access to multiple countries, currencies, and payment methods. This enables you to effortlessly transact with customers around the world, providing a seamless payment experience regardless of geographical boundaries.

Statistics: According to a study by McKinsey, global payments are projected to reach $2.5 trillion by 2025, highlighting the immense potential for businesses to tap into international markets. Another research shows that businesses that accept cross-border payments experience, on average, higher revenue growth compared to those that do not.

Example: An e-commerce business based in the United States, partnered with a cross-border payment SaaS provider. As a result, they were able to expand their customer base internationally and witnessed a significant increase in revenue, particularly from regions where they previously faced payment processing challenges.



Simplified compliance and regulatory frameworks

Cross-border transactions are subject to various compliance and regulatory requirements, which can differ significantly between countries. Failing to comply with these regulations can result in penalties, reputational damage, and even legal consequences. By utilizing a global payment SaaS provider, you can rely on their expertise and technology to navigate the complex landscape of global regulations.

Statistics: A survey conducted by Deloitte revealed that around 45% of businesses struggle with compliance-related challenges when executing global payments. According to a report by Accuity, the average cost of non-compliance for financial institutions reached $14.2 million in 2020.

Example: A software-as-a-service (SaaS) provider, experienced difficulties complying with the General Data Protection Regulation (GDPR) when expanding their services to Europe. By partnering with a global payment SaaS provider that had robust compliance measures in place, they successfully adhered to GDPR requirements, avoiding potential legal repercussions and maintaining customer trust.



Improved efficiency and cost-effectiveness

Managing global payments in-house can be time-consuming, resource-intensive, and costly. A Cross-Border Payment SaaS provider streamlines your payment processes, saving you time, effort, and money. They handle various aspects such as currency conversion, international banking relationships, and security protocols, allowing you to focus on your core business operations.

Statistics: According to a study by Accenture, a larger % of businesses using SaaS solutions reported cost savings. Research by FinTech Futures indicates that a large number of businesses experience reduced payment processing times when utilizing global payment SaaS providers.

Example: A global manufacturing company, was grappling with the complexities of managing international payments. By partnering with a global payment SaaS provider, they reduced their payment processing time by 50%, significantly improving their operational efficiency and lowering transaction costs.



Advanced security and fraud prevention

Cross-border transactions are susceptible to various security risks and fraudulent activities. A reputable Cross-Border Payment SaaS provider employs sophisticated security measures, including encryption, tokenization, and fraud detection algorithms. By leveraging their expertise, you can minimize the risk of data breaches, unauthorized access, and payment fraud.

Statistics: According to a report by Juniper Research, the cost of online payment fraud is projected to reach $48 billion by 2024. A survey by PwC highlighted that around 47% of organizations experienced fraud in cross-border transactions.

Example: An online marketplace, experienced a significant increase in fraudulent activities during cross-border transactions. By partnering with a Cross-Border Payment SaaS provider that employed advanced fraud detection technologies, they successfully reduced fraudulent transactions by 75%, safeguarding their customers and reputation.



Streamlined supplier and vendor payments for B2B 

For businesses engaged in B2B transactions, global payment SaaS providers offer streamlined supplier and vendor payments. These providers offer efficient payment solutions that simplify the process of paying international suppliers, reducing manual paperwork, and eliminating the need for multiple banking relationships. By centralizing payments through a cross-border payment SaaS provider, businesses can enhance their supplier relationships, improve cash flow management, and negotiate better terms. To know more, read Businesses Need A Cross-Border Payment Solution For Massive Growth.

Example: A manufacturing company, faced challenges in paying its international suppliers on time due to the complex nature of cross-border transactions. By adopting a global payment SaaS provider, they automated their payment processes, reduced transaction costs, and improved their supplier relationships, leading to faster delivery of goods and increased trust.



Flexible currency conversion for B2B 

B2B transactions often involve multiple currencies, and the volatility of exchange rates can impact profitability. Cross-border payment SaaS providers offer currency conversion services at competitive rates, allowing businesses to execute transactions in different currencies while minimizing the risk of unfavourable exchange rate fluctuations. This flexibility enables businesses to optimize their financial operations and mitigate currency-related risks.

Example: An IT consulting firm, expanded its operations globally and started serving clients in various countries. By utilizing a global payment SaaS provider, they were able to invoice and receive payments in different currencies. The provider offered competitive exchange rates, enabling the firm to maintain healthy profit margins and avoid losses associated with currency fluctuations.



Seamless customer experience for B2C

For businesses operating in the B2C sector, providing a seamless and convenient payment experience for customers is crucial. Cross-border payment SaaS providers offer user-friendly interfaces and support a wide range of payment methods, including credit cards, e-wallets, and local payment systems. This ensures that customers can pay in their preferred methods and currencies, eliminating barriers to purchase and enhancing customer satisfaction.

Example: An online travel agency, faced high cart abandonment rates from international customers due to limited payment options and currency constraints. By integrating a global payment SaaS provider, they expanded their payment methods to include popular local payment systems, resulting in a significant reduction in cart abandonment and increased conversion rates.



Improved security and trust for B2C

In the digital age, customers are increasingly concerned about the security of their personal and financial information. global payment SaaS providers prioritize data security by employing advanced encryption, tokenization, and fraud detection technologies. By leveraging the robust security measures of these providers, businesses can instil trust in their customers and protect sensitive information from unauthorized access and fraudulent activities.

Example: An e-commerce retailer, experienced a data breach incident that compromised customer payment information during cross-border transactions. To restore customer trust, they partnered with a cross-border payment SaaS provider known for its stringent security measures. This enabled the company to provide a secure payment environment, resulting in improved customer loyalty and increased repeat purchases.



Grow your business

In an increasingly globalized world, utilizing a global payment SaaS provider is becoming essential for businesses seeking to thrive in international markets. By leveraging their expertise, infrastructure, and technology, you can unlock enhanced global reach, simplify compliance, improve efficiency, reduce costs, and safeguard against security threats. As the world of cross-border payments continues to evolve, embracing a reputable cross-border payment SaaS provider positions your payments business for growth and success.

Using the services of a cross-border payments solution provider like Fable Fintech can help a company transition its global payments operations quickly and futureproof its international remittance processes. Fable Fintech (Based in India, with global offices) provides white-label remittance solutions world-wide for many large-scale banks and offers B2B, B2C cross-border payment solutions for a variety of industries and sectors.

An international payments SaaS for banks and businesses, Fable Fintech products include white-label global payments SaaS, open banking APIs and Fx rate systems. Get in touch with a cross-border payment solutions team now!


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