B2B Cross-Border Payments: How to Send Global Funds Fast

If your fast-growing company makes B2B cross border payments regularly, you may be looking for solutions to solve common challenges like these:

• Daily or weekly transfer limits can create bottlenecks in your company’s payment schedule and damage relationships with your best vendors and suppliers.
• You never know the actual cost of your cross-border transfers until after settlement, which makes cash flow and budget projections tricky.
• Your fluctuating cash balance makes large payments complicated even with strong revenue forecasts.
• Many vendors and suppliers won’t accept faster but more expensive payment methods like credit cards, so you need a local line of credit or cash-on-hand.
• Your financial team needs twice as much time to organise, verify, and reconcile statements and invoices from several countries with different types of tax. 
• Incompatible compliance checks and local transfer systems slow down your transactions and risk late payment fees. 

As founders of global companies, we’ve watched our businesses get tied up with inefficient cross-border B2B payments. They overworked our finance team and jeopardised our supplier relationships. 

It’s why we developed Jeeves Pay – to resolve your everyday B2B payment roadblocks with the potential to bring your business to a halt while you wait for funds to settle. In this article, we’ll discuss in detail how you can avoid them and maintain momentum:

• How Jeeves works for B2B cross-border payments
• Why use Jeeves Pay as your B2B cross-border payment solution
• How Jeeves Pay helps a LatAm startup pay their suppliers and grow their business

Ready to make B2B cross border payments in 24 hours or less? Sign up for Jeeves Pay and you could settle many supplier payments the same day. Apply in five minutes. Get an answer in as little as 24 hours.

How Jeeves works for B2B cross border payments

Jeeves is an innovative all-in-one payment stack for international scale-ups and enterprises that can help you:

• Pay your international and domestic invoices fast.
• Spend less time verifying spend data and creating reports.
• Maintain your business momentum while keeping your cash flow safe.

We’ve experienced the pain points of unclear global transfer fees, regulatory payment holdups, vague settlement wait times, and unhappy suppliers and vendors. We designed Jeeves Pay – a global business payments soltuion to resolve your biggest business-to-business (B2B) roadblocks.

What makes Jeeves Pay different? You get one centralised account for all company-wide spend even in multiple countries and currencies. You can avoid opening separate banking and credit card accounts in each country with Jeeves.

Instead of tracking and verifying payment data in each country separately before creating financial statements and reports, you could view all spend data in one account. Then sync it directly into your ERP or accounting program for on-time financial reporting every month. 

Why use Jeeves Pay as your B2B cross-border payment solution?

Here’s how Jeeves Pay can speed up and streamline your B2B international transfers:

Settle B2B international payments in 3 days or less 

Your cross-border payments can get tied up in compliance checks and local transfer systems that don’t play well together. Which means you can only guess about the exact time your payment will arrive at its destination. With Jeeves Pay, you can expect settlement times of:

• 1-3 business days for transfers to Mexico, Canada, the U.K. and the U.S.
• 1-3 business days for transfers within the European Union
• 3-5 business days for transfers to all other countries

Your cross-border payment arrival time varies from country to country. For example, if you send a payment from your Canadian business to a supplier in Mexico, they’ll receive it the same day. 

Once you initiate the transfer, you and the receiver will get an email confirming that funds are moving. When the payment settles, you’ll both receive a second email notification (so product shipments and service start dates can begin asap).

You’ll only need a few clicks to set up and send any size payment (without the need to create a payment schedule for large purchases). 

Free yourself from daily and weekly payment limits

Invoice deadlines can be tricky when your international payment providers put caps on maximum daily or weekly payment amounts (even when payments arrive in a flash). Your finance team may need to stretch large invoice payments over multiple days or weeks.

These payment delays can endanger your good-customer status and the beneficial payment terms that come with it. You could lose early and on-time payment discounts too. 

With Jeeves, you won’t be hampered by a daily or weekly limit. You can send your entire line of credit to one supplier or 500 different vendors in 24 hours.

Here’s an example: Your Jeeves account has a rolling monthly credit of $100,000. You can immediately:

• Send the full $100,000 to one supplier.
• Send 100 payments of $1000 to different vendors. 

See your international transfers fees before you press send

It’s hard to calculate the total cost of cross-border transactions. The unpredictability of transfer fees and currency conversion markups depends on several correspondent banks and financial institutions along your transaction's route. Instead of waiting weeks to find out how much you paid, we’ll show you the exact fee before you click the pay button. 

Here’s how we’re different:

• After you enter the receiver’s payment details, we’ll show you how much it’ll cost to send the money (before you agree to use our service). 
• Instead of a flat transfer fee, Jeeves charges you a small percentage for each day you use our credit-backed transfer. 
• You can reduce the cost of the transfer by sending your payment later in the month. 

For example, let’s say you need to send $15,000 to an international vendor in April. The transfer fee is 3%. You could send the funds the first of April and pay the full 3% fee at the end of the month ($450 + $15,000).

Or you could wait and send the $15,000 on the 15th of April and pay a 1.5% transfer fee. At the end of the month, you’d pay Jeeves $225 + $15,000. 

Your daily rate is 0.001% in this example, so you stay in control of how much you pay for the transfer. The full transfer rate will vary based on the country and currency.  

If your payments often require currency conversions, Jeeves' payment system is also cost effective because you can:

• Get the best daily rate available at the time of conversion: the mid-market exchange rate.
• Send money to 25 countries in 140 currencies in 3 days or less (e.g., transfers to North America, South America and Europe can settle in as little as 24 hours).

Fast-track reports and statements with one global spend-data tool

Pulling and checking data from multiple local and international payment providers can double your finance team’s work hours. Your statements and reports could easily be two to four weeks behind schedule.

Jeeves Pay is a single account with interoperability that can streamline your domestic and international B2B payments. You can unify all your B2B payments with Jeeves and avoid juggling several providers with different systems and prices.

You get our free expense and spend management system where your team can:

• View and download all your transactions, including your B2B cross-border payments through Jeeves Pay. 
• Filter data for detailed insights about company spend based on country, date range, or currency.
• Create spending limits for individual employees or contractors.
• Sync your global spend data with ERP and accounting programs like Xero, QuickBooks, NetSuite and SAP for easier reconciliation and reporting. 

Get more details about how your finance team can dramatically lower their admin with Spend Management for Finance Teams: One Tool for Global Companies.

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Bypass slowdowns from local banking red tape and regulations

When suppliers won’t accept credit cards, you may need to spend time applying for local credit. Even with strong revenue, your company could get stuck with slow approval processes and bureaucratic hurdles in many countries.

In some cases, you may have to wait for available cash to self-fund important purchases, which can slow down your business momentum and upset customers.

Your Jeeves account gives you access to multi-currency corporate credit cards and B2B international transfers. Once you have a Jeeves account, you won’t need to get additional approvals to make a business payment. 

As a current Jeeves customer, you can send your first online payment in a few clicks by using credit to pay via wire transfer with Jeeves Pay. 

Your supplier payments will never get stuck in 5 to 7 days of international red tape with Jeeves Pay. Our Know-Your-Customer (KYC) and Know-Your-Business (KYB) compliance checks happen immediately, with no additional wait times. Your B2B transfers can arrive instantly, in less than 24 hours, or a maximum turnaround time of 3 days. 

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Additional benefits of Jeeves Pay

As a Jeeves Pay client, you automatically receive access to an entire financial stack and payment infrastructure on the Jeeves fintech platform. Your Jeeves account includes:

• Unlimited physical and virtual corporate credit cards issued in different currencies.
• Access to financing with Jeeves Capital.
• Spend and expense management for your global company.
• $100,000+ in partnership discounts and perks.
• Access to 1300+ airport lounges for all card holders.
• Integration with your ERP or accounting software, such as Xero, SAP, QuickBooks, and NetSuite, to automate your bookkeeping, accounting and reporting.

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How Jeeves Pay helps a LatAm startup pay their suppliers and grow their business

Jeeves Pay is popular among our current clients that range from e-commerce and manufacturing to SaaS and consulting companies. Here's how the online marketplace Laika makes cross-border payments and domestic transfers with Jeeves Pay:

Accelerate your B2B cross-border payments with Jeeves Pay

Our Jeeves Pay solution can help you steer clear of administrative headaches caused by snail-paced B2B cross border payments. You’ll pay your suppliers in a flash – usually less than 24 hours. With Jeeves Pay, your finance team can:

• Get on your suppliers’ and vendors’ best-customer list and all the perks that come with it.
• Send payments in a few clicks, so you can spend more time on analysis and strategy.
• Pay large invoices with peace of mind even with difficult-to-predict cash flow.
• Sidestep tedious banking, credit, or financing applications in multiple countries.

Ready to skip the long wait times of B2B cross border payments? Sign up for a Jeeves account today in only 5 minutes. You can get a response in as little as 24 hours.