e-Commerce Businesses and International Transactions
As e-Commerce businesses grow, a money transfer service is potentially one of the ways to conduct international payments and expand their reach.
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There are several reasons why e-Commerce businesses should look into using money transfer services.
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However, you still need to ensure that you can protect your business against any fraud, and learn about other features that money transfer platforms offer.
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MoneyMatch is one such platform that gives its users a cheaper, faster and more convenient way to do cross-border money transfer transactions.
For most of us, our experience with e-Commerce has been confined to playing the role of the consumer, especially with the rise in online retail shopping. However, as more online shops pop up and the possibilities of doing business locally and internationally become a reality, there is a need to look into more convenient payment services.
One such service would be money transfer!
While we’re still waiting on the likes of Paypal to come to our shores for ease of convenience, we can start looking at services closer to home to help give us a foundation to work upon when it comes to dealing with online payment.
Here are a few reasons why e-Commerce sellers should start using money transfer services:
More opportunities across borders
Despite the fact that physical borders may still be in the process of reopening, more and more digital doors have opened up with the industry becoming increasingly globalised. This allows those in the e-Commerce industry to sell their products or services to more customers, but the chance comes at a cost.
As your business grows, this means you will have to look into paying more suppliers, buying goods to meet the demands, and if you hire remote employees, you’re going to have to pay them as well.
More cost effective
While banks do provide a money transfer service, there are generally a number of hidden, extra fees attached to that service and it may not be feasible for smaller e-Commerce businesses. In addition, money transfer services usually have lower overheads than banks, which results in lower fees and are more worthwhile for e-Commerce businesses to invest in. Most of them also have 24/7 communication set-up with less traditional infrastructure than banks, which contributes to the lower overheads.
More specialised
As well as having higher overheads, banks offer a wide range of financial services which may be overwhelming to some who are merely looking for a simple online payment solution.
On the other hand, money transfer businesses are dedicated to just one particular service, which allows them to be more focused in providing expertise on global currency, as well as customer set up that will help you conduct international transactions.
However…
While we have outlined several benefits for using money transfer services, there are also a few things to keep in mind:
Security, privacy and data protection
No service is 100% safe, but you can always take measures to reduce the risks!
Ensure that your payments are made through a platform that is reputable and has measures in place to protect your money transfers against any fraudulent activity. Furthermore, these companies will require you to verify your identity through a series of questions, and will prompt other actions such as giving a secure password, or automatically logging you out after a specific amount of time to ensure your money and identity are safe during the process.
Turnaround times
In a fast-paced, online environment, there is a chance of forgetting that certain processes may take longer than expected.
Keep in mind that turnaround times for each payment platform may be different, and if you need to send money urgently, you will have to either find a platform that you might not be familiar with that has a shorter time span of processing, or pay an extra cost for speed if you stick to your regular platform, and only if the option is available.
Fees and rates
As mentioned above, money transfer companies tend to be more cost effective, but that doesn’t mean they’re free — they are businesses themselves, after all. Take into account the fees attached to the platform and the money transfer service, as well as the currency exchange rates they offer.
An easier way to send money abroad
MoneyMatch is a fintech startup from Malaysia that offers its users a cheaper, faster and more convenient way to do cross-border money transfer transactions. The platform is completely digital from end to end, and allows customers to use their services through their mobile app or the website itself. According to the company, they have also been approved to conduct an e-KYC (electronic know-your-customer onboarding technology) process through their mobile app, which enables seamless customer experience.
Adrian Yap, CEO of Money Match said:
“Combined with our proprietary straight through processing, MoneyMatch is able to execute cross border transactions at a faster speed and provide significant cost savings to our customers.”
To date, the platform has executed over MYR 1 billion in transactions, and optimizes their operations with machine learning algorithms, and integration with blockchain solutions.
Here’s some more information about the organisation!
Requirements
MoneyMatch transfers money strictly from one bank account in Brunei to another bank account internationally, and customers must have local bank accounts. Non-Bruneian customers are required to have a valid employment pass.
Recipients
One of the great things about MoneyMatch is that recipients don’t actually need to have a MoneyMatch account! If the selected country and currency are available on the platform, they are able to receive money using the service. Currently, there are over 30 countries available.
Licensed
The fintech startup was first approved as a participant in Bank Negara Malaysia’s Regulatory Sandbox in 2017 — today, it has successfully become an approved participant of Autoriti Monetari Brunei Darussalam (AMBD) FinTech Regulatory Sandbox.
It also operates as a full licensee under the Money Service Business division of the Central Bank of Malaysia, and regulated by Australian Transaction Reports and Analysis Centre (AUSTRAC) as both a Remittance Network Provider and Independent Remittance Dealer.
MoneyMatch is available as a mobile app on both the Google PlayStore and the App Store, as well as its website platform. For more information, head over to their site at www.moneymatch.com.bn!