If your fast-growing company makes B2B cross border payments regularly, you may be looking for solutions to solve common challenges like these:
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:
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.
Jeeves is an innovative all-in-one payment stack for international scale-ups and enterprises that can help you:
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 one-of-a-kind credit-backed global payment service to resolve your biggest business-to-business (B2B) roadblocks without depleting available cash.
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 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.
Here’s how Jeeves Pay can speed up and streamline your B2B international transfers:
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:
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).
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:
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:
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:
If you’re a fast-moving international company, payments are coming and going every day. It only takes a few extra-large supplier invoices to throw off your regular billing cycle.
Jeeves Pay won’t touch the available cash in your bank accounts when you send cross-border digital payments. Our B2B payment service is credit-backed. It means you can pay invoices throughout the month even when liquidity is low. Then pay us at the end of the month after your customer payments arrive.
With Jeeves Pay, you can make all your international and local payments more cyclical, creating a harmonious cash flow.
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:
Get more details about how your finance team can dramatically lower their admin with Spend Management for Finance Teams: One Tool for Global Companies.
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.
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:
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:
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:
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.
Written by Suzanne Berthuy