As you expand your business, exporting your goods and services overseas is a natural next step you might consider. Knowing the overseas market and having a reliable network of local partners puts you in a good position to start selling your products to overseas consumers. However many companies struggle with one key aspect of trading internationally and that involves dealing with international payments.
Along with hidden fees and expensive exchange rates, a lack of traceability and transparency is a problem. One issue in particular is not being able to create unique named accounts to which your clients can remit payments to. This can make it rather confusing for them when it comes time to pay you, and in some instances, result in payment delays. Having a named account can provide your business with several benefits including faster transfers and higher credibility. In this blog post, we will discuss the advantages of having an account created with your company’s name.
Why do named accounts matter?
1. A unique account with which to send and receive payments
When making cross border payments, not having your company’s name as your payment account could cause confusion. If clients see an unfamiliar name instead of your company’s name, they would need to verify with you first, making the payment process cumbersome and lengthy.
With Opal’s international money transfer solution, you will be able to create a unique account with your company name. Instead of having the name of the remittance provider (e.g., Opal Fintech Pte. Ltd), you would now be able to have an account with your company’s name (e.g., ABC Pte Ltd). With Opal’s named accounts you can now send and receive money with over a hundred different corridors, with your own company’s name reflected in the interbank system.
2. Simpler international trade
Trading internationally can be complex, requiring you to navigate regulations and comply with local business practices. You want to have your payment methods be as simple and effective as possible. With a named account, the process is streamlined, allowing for speedy transactions. This also builds additional transparency into the process, making payment tracking and identification easier.
3. No more payment delays due to name mismatch
Timely payments are especially critical for businesses with cash flow issues. By setting up the right payment environment with named accounts, you eliminate any delays in payment processing that could happen due to name mismatches.
4. Higher credibility
International money transfers carry the risk of fraud or scams, where customers can lose large sums of money if they make transfers to duplicitous organisations. In having a named account, your clients can be assured that they are making transfers to you and not someone who’s posing as you. Opal is also a licensee of MAS, and hence, a credible financial institution that upholds the highest standards of compliance and legal requirement – providing you with peace of mind that you are remitting money securely. This builds trust between you and your clients, which in turn allows strong relationships to form over time.
Choose Opal’s online money remittance solutions
Opal’s cross border money transfer solutions allow you to send and receive large sums of money internationally safely and securely. Our FX rates are competitive, making remittance 40% cheaper than banks. Our all-in-one banking also offers cost-efficient financial solutions that saves your company money and time. As a leading provider of end-to-end payment solutions, we are committed to helping SMEs accelerate business growth with flexible and comprehensive financial solutions. Get in touch today to discover how Opal’s can help spur your business’ growth and increase its credibility.