Businesses of all sizes are operating in an increasingly global market, after all why limit your customer base to 25 million when you could be selling to hundreds of millions? Running a global business means getting paid by international clients, so what are fast, cheap and secure ways to get paid?
Invoicing + World Account
Online and offline businesses can get paid by international clients via invoice. Xero is one of the leading providers in this space however any invoice you issue can have local currency accounts.
World Account gives your business access to local currency account details in ten currencies including USD, EUR, GBP, JPY, CNH, SGD, AUD, NZD, CAD and HKD. Once your account is open you simply add local currency details relating to where your international client is located, for example, a German client would pay your invoice in EUR.
The account is free to open, you can accept funds for free and there’s no maximum transfer size.
This makes paying overseas invoices easy for your customers located in that country and can mean your business receives your funds faster. Those funds can then be held for a period of time, converted to another currency at a great exchange rate or a same-currency payment can be made direct from your account.
Integrating Xero with World Account
So you already use Xero to invoice overseas customers? Learn more about how you can sync World Account and Xero.
Get paid by a payment gateway
Adding a payment gateway to your website is another way to get paid by international clients. Some of the most popular payments gateways include Stripe, Square, Authoriz.net and 2Checkout. Factors that will influence which payment gateway you choose will be:
- The platform your website is built on.
- Countries you are selling in.
- Type of goods you are selling.
- Transaction fees and speed of payouts.
One downside of payment gateways is that you will be bound by the rules of that business which can include holding funds for charge backs and compliance reviews. Although this is the most popular way for SMEs to collect funds from overseas customers.
Learn how Caden Carbon Wheels get paid by international clients
Learn more about Caden Carbon Wheels.
Do global business like a local with World Account
Disclaimer:
These comments are the views and opinions of the author and should not be construed as advice. You should act using your own information and judgement.
Whilst information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed.
All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice.
Please consider FX derivatives are high risk, provide volatile returns and do not guarantee profits.