The global market has ceased to be a luxury as it was before; even to a small e-commerce store in London selling handcrafted goods or a technology startup in New York with remote developers in Southeast Asia, the global market is critical to growth. However, in the case of most companies, international growth becomes soon confronted by the reality of expensive, slow, and complicated cross-border payments.
It is here that the financial technology or fintech revolution enters. The old-fashioned international money transfers, with lots of charges, exchange rates that are not transparent, and long processing times, do not really fit in a world that runs at the speed of light. Businesses are only allowed to succeed in a competitive world when they have a payment solution as nimble and international as their visions.
We can divide three largest problems businesses encounter in working with global payments:
High Costs and Hidden Fees
Conventional banks usually impose excessive rates when sending a wire transfer internationally. On top of that, you are charged with unfavorable exchange rates and other correspondent bank charges, which all are feeding off your bottom line. It is usually a painful and unforeseeable thing, and it is hard to precisely predict your costs.
Sluggish and Inefficient Processes
It can stop your business immediately. You have to wait days, or even weeks, before a payment is cleared. This is not merely inconvenience and may ruin relationships with suppliers and also postpone important projects. Real-time tracking is not there, and therefore you are always in the dark as to when the money might actually be received.
Low Currency Support and Multi-Faceted Compliance
It is logistically a nightmare to have several bank accounts in various countries and currencies. Consider the fact that there are different international regulations and standards of compliance, and you have a full-time job in order to manage your financial operations. This is particularly difficult when it comes to small to medium business (SMB) that do not have committed finance staff.
Ektico is a company that is of the opinion that geographical boundaries should not limit your business. We are on a mission to reshape how companies handle international payments and financial transactions by giving them a smooth, safe, and scalable online banking service.
This is the way we are making a difference:
Expansive Direct Payment Rails
Our direct payment rail network is constantly growing to add currency support and establish new relationships. This enables companies to transfer and get money more quickly and dependably in a wider scope of provinces, without involving various mediatory banks.
Improved Multi-Currency Account
Our site is a multi-currency account with an upgraded version and virtual IBANs. This will enable you to maintain, keep, and execute transactions using different currencies under one account. With a local presence in different markets, you will be in a better place to serve your international customers, as well as have more control over your financial operations.
Optimized Cross-Border Transactions Solution
Ektico offers competitive and transparent exchange rates at low/non-cost services. We come up with solutions that enhance transparency and profitability to businesses that are involved in trade across borders. No dark secrets or ugly surprises; what you see is what you get.
The international world is changing, and so must your payment policy. With the introduction of a modern fintech solution, you will be able to remove the old pitfalls of international payments and access new opportunities of growth. It is not only the movement of money, but it is also the ability of your business to run without restriction.
The business future is borderless! Will you be willing to cross the line?
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