Choose Best Payment Gateway Service Providers

 For every business in the world, “sales” is the name of the game, and that means money is involved in ensuring a seamless customers’ purchasing experience becomes imperative. One of the most critical aspects of creating a seamless experience is the checkout experience. Now, if you’ve landed here, then it’s safe to assume that you already have a beautiful website along with quality web hosting.

We here at Zed specialize in providing comprehensive payment orchestration solutions for multinational businesses, and that means we know how you can optimize your checkout process. If you want your business to have sustainable growth, then you need to address the checkout optimization aspect. According to Zed Founder and entrepreneur Alan Safahi, the goal is to ensure the checkout process is streamlined and straightforward.

Once you achieve that, you’ll be inviting customers to, well, show you the money. The most vital aspect of ensuring a seamless checkout process is integrating the best payment gateway service provider. It’s a third-party application that provides an easy-to-use tool for processing payments from sales. So what is a payment gateway? How does it work? Those are all the questions we will address in the following passages and list out some of the best payment gateways you can integrate. So without further delay, let’s begin!

Payment Gateway Introduction

Around 96% of Americans shop online, which is expected to grow up to 230.5 million people in 2021 within the US. And that means smarter customers who already know and understand the basic steps of the e-commerce shopping experience. The online buying process for most of us is muscle memory. All you need to do here is browse, pick a product, add to the cart, hit the checkout. However, according to Safahi, for that to happen, you have to make sure you provide an outlet that allows your customers to pay for the product or service securely. And ensure that the payment is fully processed; the payment gateways handle all that. 

It basically acts as in-between services, and processing inputted information provided during checkout and facilitating the authorization or fulfillment of payments made for e-businesses and online retailers. And payment gateways aren’t only limited to online businesses. You will find them at brick-and-mortar establishments as well. However, if you are still not convinced why payment gateways are so important, let’s check out why you need them.

Why Use A Payment Gateway?

Well, you need a payment gateway because they take charge of purchasing’s tricky tasks like encrypting sensitive info from credit card payments. While also helping you meet specific standards for data security, ensuring safe transactions between you and your customer. That’s not all. The third-party integration also saves you a lot of time and work because it removes the need to input info received on your end manually. Add to that the flexibility it offers business by being able to process different types of payments.

Remember, flexibility is helpful as it increases the likelihood of sales by widening accessibility for customers with various payment types. Besides, it would help if you offered a wide range of payment options, as people vary in how they pay for products. One Baymard article states that lack of payment options is one of the leading causes of cart abandonment issues. So now that you know what payment gate service is and why you need one, let’s talk about choosing the best payment gateway service for your business!

How To Choose A Payment Gateway Service?

According to Safahi, the right payment gateway will take your business a long way but finding the best fit for your business might seem overwhelming if you don’t know what you are looking for. As a general rule, it is always best to evaluate the individual features of each before choosing any third-party tool, and your choice should be based on the needs and capabilities of your online store. When it comes to finding the best payment gateway service, there are five main factors to consider, and that’s what you will find in the following passages. So without further delay, let’s check them out!

1st Factor: Security

Well, in the online business world, security is paramount. No one is going to fork over sensitive financial information to an e-commerce store that looks shady. Therefore, you need a reputable payment gateway that provides safe checkout experiences for your customers. 

One of the most powerful tools for online businesses is displaying security signage. According to one article from Cox BLUE, more than 80% of customers feel safer seeing logos of trustworthy payment options on a website. Therefore, we recommend going with a payment gateway that handles your customers’ delicate data with care and if you can ensure that they stick around.

2nd Factor: Costs

You already know that when choosing any service, you need to know all the associated fees and costs, and it is especially true when selecting third-party tools like payment gateways. In addition, you will need to pay transaction fees for your business. So make sure you pay attention to your gateway’s costs and make sure you have the necessary research on hand before integrating it into your site, so you’re not slammed with surprise fees.

3rd Factor: Accepted Payment Methods

Remember, the internet is all about ease of use, so the easier you make it for your customers to make purchases, the more likely it is that you will make them. You need to make sure the payment gateway you choose incorporates a wide variety of payment methods. That way, you will be widening your “sales net.” According to Bounteous, 50% of customers say that they will move away from a brand if they don’t find their preferred payment method. 

You can easily find out the most popular payment methods amongst your customers with the help of your site’s analytics. You can use the data to observe what countries have shoppers visiting your e-commerce website as preferred payment methods may differ by country. One study found that 40% of people feel more comfortable shopping from a business that offers multiple payment methods. So keep that in mind.

4th Factor: Compatibility

Another important factor when choosing the best payment gateway means finding one with the capability to integrate to your current platform from a technical and design standpoint. Make sure that you don’t choose one that takes an over-abundance of messy tricks to incorporate smoothly into your existing structure. There are plenty of different payment gateways out there that offers a wide range of services. Many can even be customized to match your site’s feel; We recommend choosing one gateway tool compatible with your brand. 

5th Factor: Payment Location

So as you know by now, some payment gateways allow customers to complete a transaction within the checkout processes of the website. While others lead users to another site to finish their purchases. There are payment gateways that provide an API that incorporates directly into your site. However, others incorporate directly into your site. 

Whenever you choose a payment gateway service, make sure it promotes the best user experience for your shoppers. Remember, once the customers trust your site, they might not mind the extra diversion, so now that you know the factors that go into determining the best payment gateway. So now, let’s tell you about a few of the best payment gateway solutions out there to make your life easier. 

What Are The Best Payment Gateways? 

Now, finding the best payment gateway solution amongst the hundreds out there can be overwhelming, and that’s why you should use those factors to find one that meets your need. Remember, 46% of cart abandonments happen at the payment stage of checkout. 

So if you aren’t outfitted with a smart payment gateway, you are looking at lost sales and maybe even long-term harm to your brand. So to make sure you take into account those factors we’ve listed. Now, to make things easier for you, the research team here at Zed has compiled a list of some of the best payment gateways available right now. So let’s check them out!

Amazon Payments

The e-commerce giants created Amazon Payment. It helps build a trusted and familiar way to submit payments on your site. Here are some features of Amazon Payment: It has eliminated the learning curve for checkout processes and draws from the technical strength of an established platform. Back in 2016, Amazon reported that there is 310 million active customer account. Now current Amazon login information, Amazon Payments gives shoppers a simple, familiar way to make purchases.

By being available, it offers shoppers a simple, familiar way to make purchases. Since it is an API-driven payment gateway, you can easily customize Amazon Payments into your site’s existing look and feel. You can simply add a free plugin and be on your way. Add to that the transactions are completed on your site. It is one of the best payment gateways for responsiveness, and it has mobile capability upstanding critical for users as 79% of smartphone users have made a purchase online using their mobile device.

Originally Posted: https://zed.network/simple-way-to-choose-the-best-payment-gateway-service-providers/

Impact Of Real-Time Payments In Real World

Real-time payment processing is fast becoming a vital part of the world economy and is known by many names like Faster Payments, Immediate Payments, Instant Payments, or Fast Money. So what are real-time payments? Well, it’s composed of technology that enables instantaneous money transfer between banks and banking systems.

The first real-time payment processing system popped up back in 2001 in South Korea, and within the following decade, real-time payments technology popped up throughout the UK and parts of Asia. We here at the Zed Network specialize in providing real-time cross-border payment processing solutions for multinational operations. So we know all there is to know about real-time payment processing, and we thought we should let you see the impact of these payments in the world. 

According to Zed Founder and entrepreneur Alan Safahi, the best thing about real-time payments is that it doesn’t have any “float,” which is the interval between when money goes from the payer’s account and becomes available in the receiver’s account. One of the reasons real-time payment processing services are so popular is that it allows everyone to make payments 365 days a year and the funds are available immediately. 

While it may seem like payments made with credit or debit cards, digital wallets, or P2P apps are real-time payments, it usually isn’t the case. That’s because, for these payment processors, the payments aren’t processed right away. For example, credit and debit card transactions can take up to 72 hours to clear and settle as they go through a bank settlement process. In contrast, digital wallet transactions aren’t considered real-time payments because these are non-bank money transfers and the transactions occur between personal wallet accounts.

While transactions made through the Automated Clearing House (ACH) system can process same-day and next-day payments. However, these payments are cleared in batches. That means the funds are not available until the settlement process is complete and the payments are clear. So now that you know what real-time payments are, let’s check out their impact on the economy!

The Impact Of Real-Time Payments In The US

The Clearing House is the first organization that brought real-time payment processing when it launched its RTP® (Real-Time Payments) Network. With its launch, it became the first new payments system in the US in 40 years. It was created so that all federally insured depository institutions can use it to clear and settle payments in real-time. In addition, the network was created to serves as a platform that allows banks and other financial institutions that they can utilize to develop and deliver new innovative products and services to their customers.

The Clearing House claims that they are already connecting over 50% of all demand deposit accounts, such as checking accounts in the US, and are expected to reach nearly all US accounts in 2020 through the RTP Network. There are several benefits to using RTP technology. Here are some benefits for you to check out:

• It allows you to send and receive payments around the clock, seven days a week, 365 days a year.
• It allows people to initiate payments from their existing accounts. There is no need to set up a separate funding account.
• It allows you to receive payments within seconds of the sending bank initiating the transaction.
• It allows you to manage cash flow more easily.

Everyone from consumers, businesses, and government entities can use the RTP network for all types of payment processing needs. With the RTP technology, you can facilitate payments across all payment categories, they are:

• Business-to-business (B2B), 
• Business-to-consumer (B2C), 
• Consumer-to-business (C2B), 
• Peer-to-peer (P2P), 
• Government-to-citizen (G2C), 
• and Account-to-account (A2A) transactions.

As time goes on, more and more businesses, consumers, and municipalities will start embracing digital payments, leading to financial institutions all across the country utilizing the RTP network’s capabilities and creating faster and safer payment processing services.

The FedNow Service

Another real-time payment processing and settlement service are the FedNowSM. The Federal Reserve created it, and the service will incorporate clearing functionality into settling payments. The real-time payment processing service allows banks and financial institutions to exchange the debit and credit information needed to process payments and notify customers whether the payments were successful. Now, the FedNow service isn’t fully up yet, with its still on beta testing. However, it is expected to go live in 2023 or 2024.

Impact Of Real-Time Payment Processing On Businesses

The impact of real-time payment processing can be seen on a business’s cash flow. It’s known to improve budgeting, financial projections, and overall cash management. Real-time payment services are also known to improve operational efficiencies and boost customer engagement and satisfaction. One Ovum and ACI Worldwide survey back in 2018 found that 77% of merchants surveyed across the globe expect real-time payments to replace physical payment cards eventually. Here are some of the things that the survey revealed:

• Worldwide, 51% of all merchants, billing organizations and retail banks were expected to increase their IT budgets for payments-related projects in 2018.
• Real-time payment processing is now central to planned customer service improvements for most merchants, retail banks, and billing organizations.
• More than three-quarters of organizations expected or experienced customer service gains from real-time payments.
• Worldwide, 68% of merchants, 72% of billing organizations, and 78% of banks predicted that the combination of real-time payments would decline the importance of payment cards over time.

Integrating real-time payments has many benefits like increased speed in transferring money, improved cash flow, and minimizing fraud exposure. However, even with overwhelming data show beneficial real-time payments can be. According to Safahi, US businesses have been slow to embrace the model. Here are some reasons why real-time payment processing has been slow in the US:

• A limited number of banks and other financial institutions can currently send and receive real-time payments.
• There is uncertainty within the payments industry about which real-type payment system will prove to be the most successful.
• The cost of investing in new technology is high to switch from batch processing to supporting real-time payment processing.
• There is a lack of awareness and information.
• There are low business transaction limits. 

The Future Of Real-Time Payment Processing

According to Safahi, the real-time payment models will continue to exist side-by-side with existing payment systems for the foreseeable future as fintech companies worldwide continue to innovate new ways to make payments. However, we don’t think real-time payments will replace payment models that currently serve a specific function like scheduled payroll payments made via direct deposit ACH money transfers. 

But businesses may integrate instant payments to pay suppliers when goods or services are delivered. As time goes on, experts believe that services like wire transfers, credit and debit cards, prepaid cards, digital wallets, and person-to-person (P2P) applications like Venmo, real-time payment technology will continue to evolve. 

With two real-time payment processing services in play now in the economy, the service’s popularity is poised to grow significantly in the coming years as both consumers and businesses begin to understand the benefits of having one more payment option. As you know already, the benefits of real-time payment processing services are plenty. 

With benefits like improved cash flow, simplified money management reduced chance of fraud, and the peace of mind that comes with knowing that money transfers happen instantaneously offer something that’s been missing from the financial world till now. So there you go, those are the impact of real-time payment processing in the real world. As you can see, the story of real-time processing is still growing and will continue to grow for the foreseeable future as the world catches up to the technology. 

Now, if you want to be ahead of the curve in your niche, then integrating real-time payment processing layers is the way to go. That’s where Zed comes in. Our specialty is creating highly effective real-time payment processing and orchestration layers that optimize your money flow along with providing the perfect infrastructure for real-time cross-border payments. So if you need real-time payment processing solutions or want to know more about the technology, then get in touch with us! 

Also, if you have any other questions regarding payment orchestration and solutions, then drop them in the comments below or hit us up on our socials, and we will answer them for you. So make sure you send us all your queries and feedback. And with that being said, that’s about all we have for you today. We will come back with something new for you soon. Until then, see ya!

Originally Posted: https://zed.network/impact-of-real-time-payments-in-the-real-world/

Impact Of COVID On FOREX Companies

With the world moving on to the second year of the COVID-19 pandemic, businesses worldwide are adjusting to the reality of living with COVID. Billions around the world are thinking about the public health outcome and the economic impact it will have on their lives. Places that are the most brutal hit still have “non-essential” brick and mortar businesses shuttered, with only food shops and pharmacies operating as usual. It feels like we are going to feel the impact of COVID for years to come. 

Millions are feeling the pinch for some time now, and companies are still having to furlough large numbers of staff, with most having to do so at their own expense. According to Zed Founder and entrepreneur Alan Safahi, some workers don’t get any income support, and those who do only get around 80% of their regular wages. While those who were fortunate to keep their jobs have to do so with pay cuts ranging anywhere from 10% to 50%. Everyone from athletes and CEOs to public sector workers everyone is feeling the pinch. 

Like every sector in the world, there were COVID implications for FOREX too. We here at the ZED Network work with FOREX companies, FinTech, LegalTech startups and provide them with comprehensive payment orchestration solutions that help them grow. So we’ve seen firsthand the impact COVID has had on FOREX, and we thought we should let you know its implications.

How Was FOREX Impacted By The COVID-19 Pandemic?

The start of 2020 was a hellish rollercoaster ride with plenty of significantly terrible news dominating the news cycle. The first focus went to the Phase One trade agreement between China and the U.S. Then it moved to the escalation of tensions between Iran and the U.S. Then the dread of a global pandemic being in full flow. The world watched the downfall of many well-known businesses, as many lost their jobs with the eyes of the world firmly focused on policymakers. 

From mid-January, it was apparent that COVID is here to stay, and it is one of the significant crisis events humankind had to face in its history. Once China became shut entirely down, world trade and the global economy started to tumble. Everything from global supply chains, logistical issues within China, declining industrial commodity prices, and the shutting down of the tourism industry due to travel bans meant that the world watched as millions started to lose their livelihoods. 

During this time, the FOREX sector saw the U.S. dollar appreciated, and a broad range of emerging market currencies depreciated. Countries that had economies based around tangible products saw a remarkable decline in their currency along with global supply chain and tourism-dependent economies. The crisis only grew from there as Equity markets started to fall one by one, and the GDP across the board was revised and shown to have lower numbers forecasted. 

The entire global crisis led to a financial crisis, something akin to the last great financial crisis seen back in ‘08, with the whole event being U.S. dollar adverse. Before the U.S. was a positive force in the foreign exchange market with interest rates and bond yields higher than those in other G-10 economies, it started hitting record low numbers after the pandemic. That was the first half of the pandemic pandemonium that we got to witness. When you analyze the events that transpired, you can see how the market behaved during protracted downturns. 

But one thing was clear it unlike the recessions and depressions of yesteryear. As of right now, with the new vaccine being rolled out, the world looks on the mend, but there is still no certainty that it will keep. Experts are worried about new strains breaking out or whether food supply disruptions could occur in developing economies where even armed conflict could arise. One bright spot during the pandemic was the FOREX companies that operate online. These companies played a vital role in keeping national economies afloat.

However, stocks, oil, and gold prices have seen and are seeing massive fluctuations almost daily, even though the range has come down a bit. Making the market highly volatile and risky for short-term gain. This is why FOREX companies worldwide are looking into the relationship between the Coronavirus and FOREX so that they can better position themselves for the future. 

What’s Connecting The Coronavirus & FOREX Trading?

The world got a crash course in epidemiology with COVID, and the impending sense of doom also made millions around the world take an interest in the economic situation. As more and more people were driven towards finding an alternate income source, they started to notice the dynamic relationship that grew between the pandemic and FOREX. What happened next was entirely unexpected. 

A vast number of the population started trading in foreign exchange as FOREX companies were hard-pressed to meet the current demands. That’s where companies like Zed Network came to the rescue. We helped plenty of FOREX companies create a comprehensive payment orchestration platform that eased the burden of increased trades and ensured friction-less cross-border payment options. 

Our job was to help the FOREX companies meet the demand for trading while allowing them to cash in on accessible scale-up opportunities. FOREX companies that failed to cope with the increased demand during this time will not only find substantial short-term losses but their brands will suffer irreparable reputation loss as part of the long-term damage.

What’s Next For FOREX Companies?

While the risks and uncertainties in the FOREX market have quieted down, the demand for trading in foreign exchange has only been growing. Experts say the demand will only grow from here, even with the uncertainty and risk factors being present. New traders are looking to cash in on this high volatility in the market to make a quick buck and supplement their lives, as many are still recovering from the impact of last year. 

According to Alan, one noticeable trend that reared its head in 2020 was the need for digital optimization. FOREX companies worldwide are upgrading their infrastructure to meet the rising demand, attract and retain new-coming clients digitally. Every FOREX company looking to build a sustainable business model for the new decade is integrating fully digital solutions like an intuitive CRM system, fully configurable I.B./Affiliate management, comprehensive payment orchestration solutions with cross-border payment ease, and other automation tools. 

The goal for the market, it looks like, is to move most of its operation online as the community becomes even smaller due to the Coronavirus scare. Along with payment infrastructure, FOREX companies are also looking for tools to manage and identify risks better to allow a more accessible FOREX platform for in-coming brokers.

The Future Is Bright

While the initial response for FOREX companies was panic and chaos, it has all but died down by now. And with the vaccine being more and more available, the world will calm down even more, and so will the FOREX market. While the changes that happened during 2020 are mostly permanent, what we do expect to see is less volatility as 2021 goes by. Now, if the woes of Robinhood were any indication, then FOREX companies need to be proactive in providing a complete digital infrastructure, and that’s where we come in. 

We here at Zed Network provide one of the most comprehensive payment orchestration solutions in the market, covering more than 150+ currencies and 100+ countries of acceptance. Our job is to make sure your company has a truly global presence. So if you want to talk about optimizing your payment orchestration platform, then contact our developers now. 

And with that being said, that’s all we have for you now. Let us know in the comments below how your company was impacted in 2020. Also, hit us up on our socials to send us your thoughts and suggestions on what we should talk about next. We will come back with something new for you soon. Until then, see ya!

Originally Posted: https://zed.network/impact-of-covid-on-forex-companies/

Best Way To Send International Wire Transfers

Whether you are into FOREX, Cryptocurrency, Fintech, or someone who deals with multiple people and businesses worldwide, you will need international wire transfer services. Knowing the best way to send international wire transfers will help you eliminate operational obstacles and shed costs from your operating budget. You need to make sure you make the right decision when choosing an international wire transfer service. 

Depending on your needs, many factors will vary. We here at Zed Network usually work with Fintech companies and FOREX dealers and provide them with a complete payment orchestration platform to cover international wire transfers. However, if your needs are different, you can choose several online international wire transfer service providers and banks. We here at the Zed Network specialize in the finance industry, especially the payment infrastructure niche. 

So we are perfectly placed to tell you how you can find the best international wire transfer services near you. When choosing an international wire transfer service, you need to make sure they meet many different criteria like the transfer fees and costs. 

​Finding out things like the transfer cancellation policies and your rights when it comes to online money transfers are just a few things you need to know. But before we dive into discussing how you can choose the right service, let’s tell you a little bit more about international wire transfers.

What Really Is International Wire Transfer?

Well, you already know what it is. It’s a way to transfer currency overseas to different entities. The money can be received in two ways, and one is electronic, the other in cash. However, now the industry standard is electronic. Before the advent of Fintech, it was handled through a bank or other specialist financial institutes. Nowadays, you’ll find online money transfer companies are more popular than the traditional institutions. 

According to Zed Founder and entrepreneur Alan Safahi, most wire transfers usually go through SWIFT or Peer-to-peer payments (P2P). It has become a part of the mainstream as technology evolved, the fees decreased while also ensuring a higher caliber of security and improved transfer rates. 

Swift and other peer to peer payment systems have become an integral cog in the global economy right now with around $5 trillion in transfers per day, according to the U.S. Treasury. Now all this means is that sending money overseas through online money transfer companies is a great option for you. If you are wondering about the cost of international wire transfers, you should know that there’s no exact answer. The price of an international wire transfer is usually dependent on three leading proponents. They are:

• The company you are using to send the money.
• The country you are sending the money to.
• And the method of transfer.

If you want to find the best way to Send International Wire Transfers, you need a comprehensive approach to selecting the company. So how do you do that? Well, that’s what we will talk about here. In the following passages, you will find all you need to know about finding the best way to send international wire transfers. We will start with the most critical factors in money transfers and work our way from there. So without any further delay, let’s begin!

The Most Important Money Transfer Factors

Choosing the right company or platform for international wire transfers isn’t as simple as conducting a Google search. But that doesn’t mean you won’t have to do it. You will discover companies that offer international money transfer services, but then choosing from one of those will require quite a bit of knowledge. There are several factors you have to consider when selecting a platform. Here they are:

Exchange Rates

As you already know, the exchange rates of currencies between the countries may vary from country to country. While new laws have been put in place to ensure banks cannot charge inflated exchange rates, you should still double-check the rates to ensure it’s accuracy if transferring money overseas. You can easily ensure you have the best exchange rate by contacting banks and credit unions. Ask around and see the rates they give you and if it’s not constant, then go with a platform that offers you the best value. 

The Amount Of The Transfer

The service you take up should depend on the amount of money being transferred. If you transfer smaller amounts, then there are specialized money transfer companies who can help you with that. However, if you transfer a reasonably large amount, you need to find a company that usually deals with larger business transfers. Remember, the higher your amount, the more you should avoid banks as large amounts tend to have hefty fees tacked when transferring overseas.

Comparing Transfer Fees

In this day and age, everything we choose is based on comparison shopping, which goes international wire transfer services. Make sure you shop around at different banks, institutions, and companies to find the best exchange rate on the currency of the country you are transferring money to. When comparing exchange rates, you should also consider the transfer fees. 

According to Alan Safahi, companies vary in their transfer fees, so if you are sending an urgent fund, then make sure you choose a company that isn’t overcharging you. However, if you are only sending something like 10-50 dollars for a birthday or something, then you may want to consider regular mail. Now that the critical factors are done let’s talk about the types of money transfer companies and reasons you should consider them for personal use. 

Types Of Money Transfer Companies & Reasons To Use Them

It’s 2020; banks are not the only option for international money transfer services. Many companies offer bank-beating rates and are cheaper, faster, and more convenient while being as secure an option as your bank. There are three main types of companies that fall under the following categories:

• Remittance Companies
• Peer-to-peer (P2P)
• Non-Peer-to-Peer (P2p)

Now that you know the categories by name, let’s explore a little more to ensure you know enough to make the right decision for choosing a company for your international wire transfer need.

Remittance Companies

Remittance companies have been operating for some time now as their services were always geared towards the immigrant population. These companies facilitate the transfer of money from the country the immigrant is in, to the immigrant’s home country where their family is. Remittance has been a driving force for the economies in the developing world, and remittance companies have played a significant role.

P2P Companies (Smaller Transfers)

P2P stands for peer to peer, meaning that P2P companies deal with smaller transactions between two or more people. They allow you to send money directly to someone else across borders without much hassle. You can transfer the money directly from your bank account to theirs online or through cell-phones. Since these transactions are small, they don’t raise financial institutions’ attention, meaning a faster transfer rate.

Non-P2P Companies ( Large Transfers)

These companies handle huge transactions. Non-P2P transfers are usually made between companies in different countries or huge transfers between individuals. Because of the transactions’ size, financial institutes’ attention may be raised, with additional steps may be required for the transaction to go through to other countries. Now that you know the three main categories let’s discuss why you should choose money transfer service providers for sending international wire transfers.

The Reasons To Use Money Transfer Service Providers

Online money transfer services are popular amongst the masses because they offer a refreshing alternative to banks and other traditional financial institutes. Here are three main reasons why you should choose them:

Specialized Services: These companies provide you the best value when making international wire transfers. You will find competitive rates and often find the best exchange rates at the lowest prices.

Saves You Time: These service providers have streamlined the process to ensure you can send money across borders within a matter of minutes, unlike your bank, which will take several hours to days to get the wire transfer through.

Saves You Money: These companies save you tons of money because you will be bypassing many fees that can bring up the cost of the international wire transfer while also ensuring you have a better exchange rate than what the banks offer.

As you can see, online money transfer services are the best options out there for you when making an international wire transfer. Now that you know they are the right choice for you than traditional methods, you may be wondering, “what to look for in a money transfer company?” Well, that’s what we will talk about next.

Things To Look For In A Money Transfer Company

There are thousands of money transfer companies out there, and only a few are great for international wire transfers. Choosing the right platform can be a tricky process if you don’t know what to look for. Well, here are six things you should look for in a money transfer company:

Security & Safety: Online money transfer industry is a highly regulated sector with many different governing authorities setting the regulations in place. Amongst them, FCA (Financial Conduct Authority) in the U.K., ASIC (Australian Securities and Investments Commission) in Australia, and FinCEN (Financial Crimes Enforcement Network) in the USA are the most prominent ones. There are a few regulatory authorities as well. So make sure you choose a company that meets all the regulations.

Exchange Rate: This is a vital criterion as we’ve mentioned this a few times before as well. Remember, if you are sending large amounts overseas, then even a minute change in exchange rates can significantly impact your overall cost. So make sure you find the company that offers the best rate.

Transfer Fees: This is directly related to international wire transfers. The fees depend on which service you take up. Now it can be a flat fee, which will be a percentage of the amount you are transferring or a cost dependent on the method of transfer you are looking to use. Now, if you use credit cards for your transfers, then odds are you will be paying enormous fees. We recommend using bank accounts when using a money transfer service provider. Another thing to note, there are services out there that will offer transfer without fees, so make sure you conduct thorough research. 

Transfer Speed: Transfer speed means the time it takes your international wire transfer to go through and have the money deposited in the receiving account. Usually, it takes around a few hours to up to five working days, with a few even offering transfers in minutes for P2P. So make sure you take that into account when choosing your money transfer service provider.

Received Amount: This is probably the second most crucial factor to look at when choosing a money transfer service. The amount of money the receiving bank account will get after the deduction of all the fees is crucial in finding the right company to help you find the best money transfer company.

User Experience: Seamless navigation, intuitive interface, and impeccable service have become the cornerstone of every successful modern business. All these things combined ensure ease of use for the traffic coming in, meaning these ensure a fantastic user experience. So when choosing a money transfer service, make sure the company has a proven track record in providing a great user experience. Choose companies that have a proven track record of delivering outstanding customer service as well. 

These are all the things you should look for when choosing a service provider for your international wire transfer needs. So now that you know what to look for in a money transfer service provider, let’s talk about another essential aspect, the fees.

What You Need To Know About The Fees

When you are sending money overseas, there are few fees that you have to pay, and it’s nothing big, but it can drastically change with different services. It also varies from company to company, so always check out the terms and policies when choosing a money transfer service provider. Here are the fees that you will come across:

Transfer/Sending-Fee: This is the fee that the bank, credit union, or the company you are working with charges for the money transfer service they provide. As we said before, it can be a flat fee or a changing fee depending on the type of service you choose.

Exchange Rates: The exchange rate is the difference between the value of two currencies. Due to free trade conditions, different companies may end up offering different exchange rates. However, the rates are set every day, so you will be able to understand if you are being overpriced or not. 

Receiving Fee: So this is precisely what the name suggests. It is a fee for receiving end where the fee is deducted when deposited in the receiving account. Now you won’t see a receiving fee in every company, but they are common so make sure you know before taking up the service.

Now that you know about the fees, we can move on to the next thing. However, this is an excellent time to let you know about your rights regarding money transfers. There are plenty of regulations in place to deter scams and protect customers. Regulatory bodies have stipulated that companies, banks, and other institutions need to provide purchasers with specific documents. They need to provide these documents when any transaction above 15 dollars. The information these companies need to provide include but are not limited to the following:

• All tax and fee documents the sender had to pay to complete the transfer.
• Providing the current and exact exchange rate to the customers.
• Any additional fees that may be charged by third parties.
• The total amount that needs to be paid.
• The total amount the sender is sending and how much the receiver will get.
• Additionally, they can terminate the transfer within 30 minutes of placing it.
• And transfer tracking information.

Now that takes care of all the information you needed to know to find the best way to send international wire transfers. If you are still thinking about going with a bank, then here are some reasons why money transfer service providers are better than banks.

Reasons To Not Choose A Bank Over Money Transfer Companies

By now, we hope you already understand why money transfer service providers are the best option for you. However, if you are still not convinced, then here are a few reasons why banks aren’t the best way to send international wire transfers:

• Banks are much more expensive than other institutes.
• A congested and confusing process that requires much information.
• You will need to have an account with them.
• Banks are slower than money transfer companies.
• Usually offers limited transferring options, with only the bank to bank transfer being the guaranteed option.
• Banks don’t offer flexible transfer options, especially with small transfer needs.
• Banks do not offer great value for money with transfers, substantial transfers.

So you see, banks have more downsides than upsides when it comes to international wire transfers. That’s not all of what we have in store for you here. You already know how to find the best way to send international wire transfers. However, there are ways you can optimize them, and that’s what we will talk about next.

Ways To Optimize Your Search

You already know how to look for the best way to send international wire transfers. But here are some tricks you can utilize to ensure you get the best out there:

• Shop around a lot and compare companies.
• If you are sending minimal amounts, then we recommend you don’t use international wire transfer services. 
• Thoroughly check the exchange rates.
• Choose companies that provide you with value, meaning choose companies that offer the best deal for your transfer.

All the things listed above, if followed precisely, will make sure you get the best deals in exchange rates and a seamless transfer process. So you can be off to the races to find the best option for you. Make sure you check out our next section, as it will give you a boost in your research.

BONUS: Some Of The Best International Wire Transfer Service Providers

As you already know, there are thousands of companies to choose from, so finding the best might feel like finding a needle in a haystack. So we here at the Zed Network thought we should give you a boost in finding the right solutions.

Here are some of the best options out there for you:

PayPal: PayPal is one of the most popular and one of the best payment gateways and money transferring options out there, and you can never go wrong with it.

WorldRemit: It is one of the best options out there when considering international wire transfers. However, keep an eye on the fees and exchange rates.

Transferwise: Transferwise is a popular choice amongst people who travel the world. The company’s vision is to ensure “borderless banking,” ensuring that managing money in multiple currencies is a breeze.

Remitly: It is one of the most affordable options out there, and it is the perfect option if you are sending from a developed country to a developing one. Add to that the moneyback guarantee for missed deadlines is quite an incentive.

X.E. Money Transfer: It has a trust rating of 5 out of 5 on the Trust Pilot and has already become 

One of the most recognized international wire transfer service providers globally.

OFX: Rated 4 out five on Pilot, it is an emerging brand. It offers its services without any transfer fees, and you can transfer money using your debit card.

SENDFX: Another company that is rated 5 out of 5. The Australian company is a top-rated company, and it has won the ‘Best value international money transfer provider’ by Mozo last year. It offers excellent exchange rates and while also having no fees. Besides these, their customer support is one of the best around.

TORFX: This U.K. company has won quite a few awards already because of its fantastic optimizations that provide the perfect user experience. You will also find highly competitive exchange rates and no fees.

ZED Network: While ZED Network isn’t a traditional money transfer service provider, we had to put it in here because of the value it will provide to companies. ZED Network provides dynamic payment orchestration platforms to ensure you run a smooth operation. 

So if you work in FOREX, cryptocurrency, or are the founder of a Fintech company, then Zed Network is the perfect option. Our approach to creating the ideal payment orchestration solution includes a comprehensive strategy to ensure seamless international wire transfers. Here is what Zed Network can offer you:

Seamless International Wire Transfers

So there you have it, we gave you all the information you need to make the the best decision when looking for an international wire transfer service provider. Hopefully, by now, you can find the right service provider to ensure seamless international wire transfers. If you have any questions regarding Zed Network or need comprehensive payment orchestration platforms, please feel free to get in touch with us, and we will help you out. 

If you discover any information that we did not include here, then please let us know in the comments below or hit us up on our socials. We love to hear from you, and connecting with you allows us to ensure we provide the best quality out there customized according to your needs. And with that being said, we are done for now. We will come back with something new about the world of finance very soon. Until then, ya!

Originally Posted: ​https://zed.network/best-way-to-send-international-wire-transfers/