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Apr 17, 2024
April 17, 2024
Erik Bartz
5 min read

Cross-Border Payouts: How i-payout Facilitates International Transactions

Need to pay someone overseas? You have plenty of options. Here’s how i-payout facilitates fast, safe, simple international payments through various methods.
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Expanding your business overseas has many benefits: a wider net of talented contractors, affordable vendors, new revenue potential, and more. However, international payment challenges hold many businesses back from successful international expansion. The solution? An affordable, customized global payout platform like i-payout.

Read on if you’re looking for the best way to facilitate international payments. This post will cover the ins and outs of cross-border payouts, from modern challenges to the best solutions. i-payout is here to set up fast, safe, and, most importantly, convenient payout solutions that suit your growing business, relieving you of the complexities of cross-border payments.

The Rising Need forCross-Border Payments

As businesses expand their global reach, cross-border payments are in higher demand than ever before. One reason for this high demand is a growing global workforce — businesses today have access to a vast pool of talented contractors worldwide.

Other benefits of international expansion include:

●     Diversification and protection against economic downturns

●     A competitive advantage by expanding into new markets

●     Increased market research

●     Lower costs of production or supplies

Digital payment methods have made these benefits more accessible for businesses of all sizes. Global expansion isn’t limited to corporations — small and mid-sized companies also use modern payment platforms to grow their workforce and connect with international vendors.

Direct Sales and GlobalExpansion

The need for cross-border payments is especially high for businesses in the direct sales industry. International expansion is the best way for direct sales companies to gain a competitive edge. Expanding into global markets and incorporating overseas affiliates allows continued growth, even in uncertain economic conditions.

That’s why so many direct sales businesses use global payout platforms like i-payout. The best payment platforms create customized solutions, allowing businesses to pay multiple affiliates and vendors around the world in any currency at the same time.

Challenges of InternationalPayments

Digital payment methods have made it easier for businesses to expand into new markets. However, these methods also come with their own challenges. Paying someone overseas isn’t as simple as sending the occasional check or wire transfer — there are security and compliance issues to account for, not to mention fees.

Some of the most pressing challenges businesses face when it comes to international payments include:

●     Data security – Data theft is an ever-growing threat in the digital world. Many international payment methods require sensitive data like a recipient’s bank account information. That’s why working with a payment platform that offers secure data encryption and monitoring is so important.

●     Fraud prevention – Payment fraud occurs when a payment is intercepted or sent to the wrong recipient. Without the right security measures, international payments are vulnerable to fraud.

●     Compliance—International payments must comply with local tax codes and security standards, including know-your-client (KYC) checks. These standards vary between countries and frequently change.

●     Fees – Wire transfers and money transfer apps often charge high fees per transaction. Those fees can add up when paying recipients in multiple locations.

●     Time-consuming processes – Setting up secure, compliant payments takes time, especially if you pay recipients in multiple countries and currencies. This can be challenging for a small to mid-sized business with limited staff available.

i-payout strives to meet these challenges by facilitating each business's affordable, customized payment systems. Working with a dedicated payment platform saves time and guarantees secure, compliant international payments.

How i-payout Makes Cross-Border Payouts Easier

i-payout facilitates international payments to contractors, vendors, and affiliates in over 180 countries. Working with businesses of all sizes and industries, i-payout’s goal is to help make global expansion easier.

Working with a dedicated payment platform is faster and more affordable than handling your global payments in-house. Here are a few ways i-payout makes it easier to pay recipients overseas.

Multiple Payout Methods

i-payout offers a wide variety of payout methods, including global ACH transfers, wire transfers, cash pickup, and more.That means more flexibility in how you pay people and more access to international talent — you won’t be limited to contractors who accept a certain payment method.

For instance, let's say you hire two new freelancers in a year. One prefers direct transfers to their bank account, while the other prefers cash payments in their local currency. With i-payout, you can pay both freelancers in their preferred methods at the same time, without the paperwork and hassle of in-house payment processes. This flexibility and convenience are what sets i-payout apart.

Maximum Security

i-payout employs bank-level security measures in every payout process. That includes secure, encrypted data storage, adherence to all bank security measures and guidelines, and real-time monitoring to detect fraud risks. You can trust that your payments are secure and guarantee protection for your payee’s personal data.

On top of that, i-payout employs live customer support to answer your security questions and discuss potential risks.You can access a real agent — not a bot — anytime you have a security concern.

Fully Compliant Payments

Compliance standards are constantly changing as payout methods and threats evolve. i-payout keeps up with compliance regulations around the world, meeting — and exceeding —fraud-prevention standards wherever you need to send payments.

i-payout’s compliance measures include detailed KYC checks, which scour private and public data records to identify suspicious behavior amongst your payees. The compliance team instantly incorporates changes to regional KYC regulations as soon as they occur.

Custom Mass Payouts

i-payout is not a cookie-cutter payment service. When you work with i-payout, you’ll get customized mass payout solutions that meet the needs of every payment recipient on your list, anywhere in the world.

i-payout’s process starts by assessing your business’s unique payout needs. Then, using existing connections and rails, they’ll develop a custom mass payout solution that lets you pay every recipient at once. Your payout solution will not only adapt but also grow as you expand into new countries and onboard new payees. i-payout handles yourKYC, tax forms, and other onboarding details for seamless growth, giving you the confidence to scale your business globally.

Expand Your Global Reach with i-payout

Global expansion has become the norm for businesses of all sizes. Whether you’re expanding your direct sales business, working with international vendors, or hiring overseas contractors, a custom cross-border payout solution makes it easier.

i-payout is more than just a facilitator of international transactions. It provides a unique mass payout solution that seamlessly grows with your business. With i-payout, you can pay all your overseas recipients without hassle, while implementing bank-level security and compliance measures, thereby ensuring the safety of your transactions and the protection of your payee's personal data.