As the size of your international workforce incrementally grows the time needed to process overseas salaries will follow suit. Ensuring salary payments are made consistently in multiple locations can be challenging, especially when facilitated through a retail bank, many of which will have very little interest in providing tailored or appropriate solutions to medium sized enterprises.
Often sending money to multiple locations in numerous currencies can prove problematic; Delays can arise and supplementary charges can be gathered along the way, meaning that the contractual salary the employee is due will be short.
Businesses face their own sets of challenges, especially with financial logistics. Often it proves challenging for the company to effectively manage another companyâ€™s payroll and keep track of the businesses cash flow and profitability.
Thankfully many of the leaders in the international payments sector have developed a number of solutions which allow you proactively manage mass payment runs, notably international payroll.
Benefits of multiple payments solutions for businesses
Aside from the hours your payments clerk will save when making international payroll payments to your overseas staff, there are a number of points which will beneficial to both your company and employees.
- Save your company and employeeâ€™s money â€“ receive better rates of exchange on international payroll payments, limit additional charges and costs and eliminate transfers charged by -your bank.
- Receive support â€“ many of the companies that provide these multiple payments and international payroll products work extended hours. Whilst banks will the majority of the time cover 9-5, you will be able to discuss queries and implement multiple payments at your convenience.
- Salary payments arrive quicker â€“ a network of local accounts will ensure that salary payments arrive quicker. Many of which will be same or next day, allowing you to guarantee your staff salary payments on a certain date.
- Solutions available to protect your business â€“ specialist companies will have a number of solutions which will allow you to hedge and manage your international payroll. Allowing your company to benefit from positive movements and protect your business when FX market dips impact your payroll costs.
Currencies Direct’s international payroll solution
Currencies Direct; a leader in the international payments sector offers a solution to allow the fast expedition of multiple payments. The one-stop platform solutions allowing a payments clerk to upload a dozen if not hundreds of payments in a multitude of currencies. Allowing the correct salary amount to be sent to the correct destination in a timely fashion.
The platform allows companies to send payments to in excess of 120 countries in over 60 foreign currencies, meaning the most diverse of business operations can be easily catered for. The system is also flexible enough to be used for other types of multiple payments, for example, royalties or travel payments. As with a standard international business account, a multiple payments facility can be opened online or via phone at your convenience.
Currencies Direct prides itself on performing international business payments simple, swift and secure since 1996 and boast a portfolio of over 250,000 clients who make international payments for a number of reasons. They have enjoyed a number of accolades including the Money Age Awards â€“ money transfer provider of the year.
Their clientâ€™s satisfaction levels are also highlighted on Trust Pilot where they have enviable customer satisfaction feedback, offering you complete peace of mind when transferring your company fund via their platform or telephone dealing service.
Opening a mass payments account with Currencies Direct
A Currencies Direct multiple payments account can be opened in much the same way as opening a bank account. The process should only take a few hours providing the appropriate paperwork can be sourced and typically breaks down into three stages.
- Your application â€“ you can either apply for a multiple payments account online or contact currencies direct on +44 (0) 20 7847 9400 and request to speak with the multiple payments team. Following this stage, Currencies Direct will either contact you after your application or run through your requirements whilst on the call. This will typically cover the owners of your business, general needs for the account and the beneficiaries and currencies pairs you are likely to exchange. Once a clear picture of the company’s needs is created, your personal account manager will advise on the best solution and course of action.
- Activating your multiple payments account – Once the appropriate solution is presented and your company is in agreement, they will make you aware of any documents required. As with any financial services product or solution documentation will be needed in order to activate the account. This will typically relate to the ownership of your company, the reason for the transfers and beneficiaries being credited. You may be requested to supply further documentation so donâ€™t be alarmed or perturbed if this is the case.
- Creating your first payments run â€“ upon the activation of your account, a member of the multiple payments team will contact you to run through your first mass payment. Whilst the system is highly intuitive consultancy is always available ensuring all of your payments runs are uploaded smoothly and expedited in a timely fashion.
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