How To Manage International Payments
With the rise of globalization, the world is increasingly trading across borders. Small and medium sized companies have the opportunity to do business in new and emerging markets, but they need international payment solutions and customized advice on foreign exchange. Despite advances in technology, cross border payments continue to present challenges for businesses. The major causes of these challenges are hidden fees, a lack of transparency, and inefficient processes.
Western Union Business Solutions Senior Corporate Trader, Sherif Gabriel, joins Anita Campbell in this episode to discuss how small businesses can manage international payments.
Below are the questions we asked Sherif:
- (2:28) Sherif can you tell us a bit about yourself and your background and how you came to be with Western Union?
- (3:23) What are some of the changes, specifically, as they relate to small businesses? What’s been changing in the 15 years since you’ve been involved?
- (4:54) Why is the idea of making/receiving a payment internationally something that can stop business cold? What are some of the challenges they face?
- (6:18) If you’re importing supplies from Europe or India, what advice do you have for the importer in the United States?
- (8:08) What does “hedging” actually mean to a small business?
- (9:28) Is that something that Western Union can provide?
- (10:23) How can a company keep up with the speed of global payments?
- (12:50) The current economic landscape has been brutal these last couple years. How do you manage international payments in that type of environment?
- (14:41) What else does Western Union do as far as these services you’re talking about?
- (19:36) What does it cost for that type of service?
- (20:30) How do you make sure that international funds are delivered safely and effectively when you’re a small business?
- (23:22) Where do you see business to business payments five years from now?
- (24:48) Is that commerce being transacted in the English language?
- (25:59) Where can people find out more?
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Listen to the interview with Sherif now by clicking the red and yellow player
April 10th, 2012 at 4:00 pm
It was interesting to learn that Western Union has plenty of different services for companies. I like the convenience and speed of the money transfer service. It is very competitive compared to regular bank services.
I wonder if Western Union is planning a mobile payment service in the future?
April 17th, 2012 at 6:36 am
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April 23rd, 2012 at 3:48 am
I find it is often very easy & inexpensive to obtain payment by credit card from foreign customers
April 29th, 2012 at 11:09 pm
While Western Union is the more favored means of managing international payments, there are countries that may want your business but have no WU branches near them. It may take some time, though, so let’s wait and see.
Best,
Earl
May 9th, 2012 at 8:49 am
Making international payments should be easy, sometimes unable to process well due to some interruption, it should be safe and secure also. So when transferring funds between any of your sterling and currency accounts registered you have the flexibility to choose the currency you wish the transfer to be made in. In our case, we’ve tried different services for international payments. I can guarantee the convenience and speed of the money transfer service given by some of them. Best of luck.
May 15th, 2012 at 2:17 pm
Should have used WU for a recent US to UK online invoice for our Video Storyboard Services Project with a London based Ad Agency…PayPal did not come thru for us.