A wide range of business across multiple industries are now going global, utilizing the workers from around the world to not only provide best-in-class service, but also as a means of cutting costs. Every industry is different, each requiring a variety of resources to provide effective quality deliverables.
The payment element has proven to be one of the most arduous, as individuals across the world require different payment methods, given their varying locality and circumstances. Transaction methods are vastly different, as each payment transaction comes with its respective service fee. From payment processors like PayPal, credit cards, wire transfers, among many others, it is critical to have a solid foundation of a payment system in place to keep workers happy, and business thriving.
John Rampton is the CEO of Due.com, and he lists a variety of elements that are integral in structuring and maintaining an effective means of payment processing. Rampton provides several important components to payment processing, as he says that going global is imperative in sustaining business operations. Utilizing workers from different parts of the world is a great way to cut costs, as well as gain access to some of the most talented people to further an individual’s business.
Rampton says that finding customers and workers that are outside the country is not overly difficult, however, finding a viable method of payment can become burdensome. Give the current financial landscape, finding cost-effective and convenient channels for payment are a task of its own. Rampton says that various products and brands are gaining steam globally, thanks to the immense appeal of products and services being seen on social media. The endless potential to work with companies oversees, as well as integrating talent across the globe, has had a major impact on the entire financial community.
Rampton makes it a point of emphasis to build a strong foundation for international payment for any business. He says that it is imperative to find a reliable payment system for any business that operates overseas. A tremendous benefit would be to find an online payment platform that lets a company send estimates, quotes, and invoices in different languages and currencies, all while integrating the respective tax system of each country.
Maintaining low costs is also of paramount importance to any business, as any individual with business acumen understands that such costs can significantly cut into the bottom line of the business. He lists four components that are of monumental importance to any business, they are: no hidden costs or monthly fees, guarantees, no cost per transaction, and tailored rates for high-volume customers. Due.com is a noteworthy solution, as it has a cost of 2.7% for all card types, with no monthly fees or per transaction costs. Due.com is so sure that they are the best payment processing method, that they will beat any lower rate found by the business.
Safety is also of great importance, as computer hackers have become overly adept at breaching any safeguards to extract money from a business. This is evidenced by the alarming rate of Bitcoin hacks, a system that prides itself on security due to its blockchain technology. Vast research data supports this conclusion, as the average cost for a stolen or lost record with sensitive information has skyrocketed from $154 to $158.
The imminent risk of a breach is increased when using different currencies, financial institutions, as well as various tax systems and regulations. This has made numerous online platforms enact security measures to prevent such wrongdoing, giving assurance and peace of mind to businesses and consumers who utilize online global payment systems. An effective system is one that uses encryption technology that tokenizes the data upon reaching servers, and complies with the PCI Data Security Standard (PCI-DSS).
Finances are the staple of sustainable business growth, and focusing on increasing such finances are reflected in the ability of a business to utilize a payment platform that towers over the competitors, in terms of pricing. Due.com is the leading platform in when it comes to safety, pricing, and servicing customers and workers from all over the world.