4 US-based companies offering cross-border payment services to SMEs

By Edlyn Cardoza

Today the world is increasingly connected, thanks to the internet. As a result, cross border payments have become an essential aspect of payments. Over time, payments digitally transformed to make cross border payments easy for customers and B2B firms. For businesses seeking to expand internationally, whether to sell or buy products and services, now an array of options are available for sending and receiving payments.

According to Citcon, global cross-border payment flows are estimated to reach $156 trillion by 2022. Through cross border payments, you can pay vendors from your phone. Instead of worrying about hundreds or thousands of invoices, you can settle an invoice even if you aren’t at your desk.

However, despite having such a significant digital presence and many selling to various countries, cross border payments remain a significant challenge for U.S. businesses, especially small and medium-sized organisations looking to make payments in less familiar, emerging market currencies in Africa, Asia, and the Middle East.

Here are 4 cross-border payment services making sending and receiving payments easy:

• BlueSnap

BlueSnap is a global payments company that looks at e-commerce a little differently. Their Payment Orchestration Platform helps businesses accept payments globally and is designed to increase revenue and reduce costs. They provide comprehensive back-end solutions that simplify the complexity of payments, managing the complete process from start to finish.

BlueSnap supports payments through multiple sales channels such as online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal. And for businesses looking for embedded payments, they offer white-labelled payments for platforms with automated underwriting and onboarding that supports marketplaces and split payments.

• Elavon

Elavon, a wholly owned subsidiary of U.S. Bank, has been a global payment processing leader for over 30 years. With a broad range of technologies, their scalable payment solutions are tailored to meet the needs of any size business in any industry or processing environment. With more than 2 million customers across the globe in 36 countries, Elavon leverages the world’s best technologies for their partners – from large worldwide enterprises to locally owned small businesses, in more than 131 currencies. From transaction processing to risk and underwriting, settlement, equipment, and customer service, Elavon handles every aspect of the acquiring relationship, enabling our clients’ revenue growth and customer satisfaction.

• Square

Square builds common business tools in unconventional ways so more people can start, run, and grow their businesses. When Square started, it was difficult and expensive for some businesses to take credit cards, and Square made credit card payments possible for all by turning a mobile phone into a credit card reader. Since then, Square has been building an entire business toolkit of hardware and software products, including Square Capital, Square Terminal, Square Payroll, and more.

• WePay

WePay, a Chase Company, brings innovation, scale and reliability to its integrated payments and integrated banking solutions. They provide payments infrastructure for independent software vendors (ISVs) and software platforms to ensure small businesses get paid quickly and easily.

In 2017, JPMorgan Chase acquired WePay to connect its FinTech technology with the power of the bank. Their Link, Clear, and Core products scale from referral to the white label to payfac experiences. They also enable Same-Day Deposits to Chase bank accounts at no additional cost. WePay’s technology powers the QuickAccept feature of the new Chase Complete Business Banking accounts, delivering on their vision of integrated payments and integrated banking.

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