PAYMENT SOLUTIONS
OwlPay: Best Cross-Border Payment Solutions for Singaporean SMBs
Say Goodbye to Hefty Fees and Lengthy Processes at Banks
Introduction
Cross-Border Remittance in the Modern Business World
In the contemporary global business landscape, cross-border remittance assumes a pivotal role in facilitating seamless transactions and bolstering partnerships among businesses operating across diverse nations. With the continuous advancement of technology and the ever-expanding reach of global supply chains, the significance of efficient and user-friendly cross-border remittance has become increasingly evident.
One of the primary rationales that underscore the importance of cross-border remittance is its role as a catalyst for global business expansion. The mechanism empowers companies to access new markets by effortlessly transferring funds, thereby establishing a foothold or making investments in foreign ventures. The level of flexibility broadens the horizons for growth and diversification, ultimately driving international business development.
Alternatives to Wire Transfers through Banks
In the quest for more efficient and cost-effective cross-border payment solutions, businesses are turning to digital payment alternatives that promise to revolutionize how funds are transferred internationally. These digital payment solutions offer advantages over traditional wire transfers through banks. Firstly, they are known for their speed and agility, enabling near-instantaneous transactions that significantly reduce the waiting times associated with traditional banking processes. This swiftness is particularly critical in the fast-paced world of global commerce, where delays in funds reaching their intended destination can have far-reaching consequences.
Furthermore, digital payment solutions often boast lower fees and transparent exchange rates. The traditional banking system is notorious for imposing hefty charges on cross-border transactions, including hidden fees and unfavorable exchange rates. In contrast, digital payment providers often offer competitive exchange rates and lower transaction fees, making cross-border payments more cost-effective for businesses of ALL SIZES. These cost savings can accumulate over time, contributing to improved profitability and a competitive edge in the global market. As businesses seek to streamline their international financial operations, these digital payment alternatives are becoming an increasingly attractive option for cross-border remittance.
In this article, we will discuss the advantages of using digital payment solutions, such as OwlPay, for SMBs, travel agencies, and importers/exporters in Singapore. These solutions can greatly streamline the cross-border payment process for entities, resulting in reduced costs and increased efficiency.
Table of Contents
Introduction
。Cross-Border Remittance in Modern Business World
。Alternatives to Wire Transfers through Banks
Businesses Best Suited for Digital Payment Solutions
。Challenges of Cross-Border Remittances
。Great for SMBs, Travel Agencies, and Importers/Exporters in Singapore
OwlPay: A New-Generation Integrated Payment Solution for Global Businesses
。Affordable Fees
。Security & Compliance
。Live Customer Service
。Collaboration across Industries
ConclusionBusinesses Best Suited for Digital Payment Solutions
Challenges of Cross-Border Remittances
In today’s globalized world, businesses often find themselves in need of better payment solutions. Traditional wire transfers through banks have long been the go-to method for such transactions, but they come with their own set of challenges.
One major drawback of wire transfers is the high transaction fees imposed by banks. These fees can significantly eat into the amount being transferred, making it an expensive option for businesses. Additionally, the process of initiating a wire transfer can be quite lengthy, often taking several business days to complete. This can be frustrating for those who require immediate settlement or need to meet urgent payment deadlines.
Another limitation of traditional wire transfers is that they are typically only available during regular banking hours. This means that if you need to make a cross-border payment outside of these hours or during weekends or holidays, you will have to wait until the next business day for your transaction to be processed.
Great for SMBs, Travel Agencies, and Importers/Exporters in Singapore
Fortunately, there are alternatives to traditional wire transfers that offer faster and more convenient solutions. One such alternative is utilizing digital payment platforms that provide integrated cross-border payment services. For manufacturers of smaller sizes, travel agencies that provide Hajj tours and need to pay their partners in the Middle East, or importers/exporters, these platforms offer reasonable fees compared to banks and ensure faster settlement times.
Moreover, digital payment platforms often provide favorable exchange rates, allowing businesses to save on currency conversion costs. Many of these platforms operate 24/7, providing round-the-clock service for those who require immediate assistance or need to make time-sensitive payments.
By exploring alternatives to traditional wire transfers through banks and embracing digital payment solutions, businesses can enjoy faster transactions with affordable fees, favorable exchange rates, and convenient all-year-round service.
OwlPay: A New-Generation Integrated Payment Solution for Global Businesses
Affordable Fees
As mentioned earlier, businesses often encounter transaction fees when conducting cross-border remittances through traditional banking channels. These fees typically fluctuate within a range of $25 to $30, contingent on factors such as the specific nature of the payment and the countries implicated in the transaction. Traditional banks, such as DBS, OCBC, or UOB, are constrained by a limited network of countries that support direct fund transfers. In instances where direct transfers are not feasible, intermediary banking services come into play, serving as a bridge to ensure the reliable global transmission of funds to these destinations.
These cross-border remittances generally rely on the involvement of a single intermediary bank. Nevertheless, certain situations, such as when the recipient country is at a significant geographical distance or experiences limited transaction activity, might necessitate the inclusion of an additional intermediary bank or even a third one. Each of these participating financial institutions imposes its own service fees, which, when combined, can result in substantial overall costs.
Given the potential for these fees to accumulate rapidly, it is wise for businesses to conduct thorough due diligence and gain a comprehensive understanding of all fees associated with a particular transaction before proceeding. This proactive approach can help in making well-informed financial decisions. As an alternative, businesses may explore payment systems or organizations adept at significantly mitigating remittance fees, ultimately providing a more cost-effective means of conducting cross-border transactions.
OwlPay provides SMBs, travel agencies, and importers/exporters in Singapore with favorable exchange rates when transferring funds to Asian countries such as Vietnam, Bangladesh, Nepal, Sri Lanka, and South American countries, including Brazil, Argentina, Colombia, and more. Businesses that engage in trade with suppliers from these countries may benefit from reaching out to OwlPay’s professional team. OwlPay can create a customized financial solution tailored to specific needs, potentially resulting in significant cost savings.
Security & Compliance
The advancement of technology has undoubtedly ushered in a multitude of conveniences. Nevertheless, it is crucial to recognize that the misuse of technology has concurrently given rise to an upsurge in criminal activities and scams. This unfortunate reality has, in many cases, engendered a degree of skepticism within the general public when it comes to embracing emerging technologies.
In response to these challenges, governments worldwide have instituted regulations mandating stringent operational and financial transfer protocols for businesses. These regulations are designed to combat financial-related crimes and ensure legal compliance. As a result, there is an increasing demand for compliance within the corporate sector.
To cater to these needs, OwlPay proactively works on protecting user funds and strictly adhering to legal requirements. OwlTing engages in partnerships with licensed financial institutions on a global scale to offer payment services and maintains a dedicated team of legal and compliance professionals to apply for financial licenses in various regions, including the United States, Japan, Singapore, the EU countries, and other key territories.
OwlPay takes risk management in transaction security seriously and follows industry standards, ensuring transactions are protected and secure. OwlPay leverages internationally recognized risk databases and implements essential measures like Customer Due Diligence (CDD), Anti-Money Laundering (AML), and the fight against the Financing of Terrorism (CFT). For instance, OwlPay collaborates with prominent compliance partners such as Napier, Dow Jones Risk Database, Chainalysis, and jumio, to uphold the security of both fiat and stablecoin transactions while preventing financial crimes.
At OwlPay, we prioritize legal compliance and fund security above all else. We understand the importance of these elements in providing a seamless and secure financial experience for our users. OwlPay has partnered with an innovative company licensed by MAS (Monetary Authority of Singapore) to provide its customers with favorable exchange rates. Rest assured that we take these matters seriously to ensure your peace of mind while using our services.
Live Customer Service
When you or your business finally decide to adopt digital payment solutions and proceed with digital transformation, OwlPay stands out as an innovative and reliable option. With its focus on cross-border payments and reasonable fees, OwlPay offers a seamless experience for businesses. While you may be excited to try various powerful features, including order and vendor management, one-platform reconciliation, and mass payouts, technical problems can sometimes arise in any digital platform.
OwlPay ensures that users have access to excellent technical support. Our dedicated team is committed to promptly resolving issues and providing assistance whenever needed. This level of customer service goes beyond simply providing documents or resources; it extends to live support, which allows users to have a worry-free experience, making OwlPay an ideal option for beginners.
Collaboration across Industries
OwlTing Group offers a diverse range of services across multiple industries. These include food e-commerce, travel itineraries, a hotel booking platform, a property management system, blockchain applications, and more. In addition to its proprietary e-commerce platforms, the company has extensive experience in multiple sectors and collaborates with government initiatives and private partners.
For instance, OwlTing Market is a business-to-consumer (B2C) fresh food e-commerce platform that primarily caters to consumers. It specializes in selling Taiwanese organic fruits and local products. On this platform, consumers can easily purchase fresh, high-quality organic food, thereby supporting the sustainable growth of local small-scale farmers.
On the other hand, OwlTing Experiences is a platform that offers a wide range of travel experiences. It goes beyond the popular tourist attractions and aims to provide travelers with profound and unique local experiences. OwlJourney, the hotel booking platform, allows travelers to book unique and distinctive accommodations.
In the realm of B2B services, the OwlTing Group utilizes cutting-edge technology to develop blockchain applications. OwlTing has partnered with the Forestry and Nature Conservation Agency (formerly Taiwan Forestry Bureau) to leverage blockchain technology for tracking forestry products. This collaboration supports the government in certifying legitimate operators and combating illegal logging.
OwlTing offers excellent SaaS products as well. OwlNest, OwlTing’s property management system, primarily caters to hoteliers. It has attracted clients such as the UNESCO World Cultural Heritage site Shirakawa Village in Japan; its customer base extends to various countries, including Taiwan, the U.S., Japan, Malaysia, Thailand, the Philippines, Cambodia, and more.
Leveraging its extensive industry experience and a portfolio of diverse collaborative projects, OwlTing is uniquely positioned to tailor financial solutions that perfectly align with the unique needs of its customers. The OwlTing Group is committed to supporting businesses in Singapore in their pursuit of improved cash flow and operational efficiency. Through these endeavors, OwlTing seeks to stimulate innovative collaboration opportunities, driving growth and prosperity within the business landscape of Singapore.
Conclusion
Importers and exporters, along with travel agencies, need regular cross-border payments due to the inherent nature of their operations. While smaller businesses also require such services, they often encounter challenges when negotiating transaction fees with banks. Therefore, these enterprises are exceptionally well-suited to leverage advanced, technology-driven financial integration solutions, offering them the potential to save time and financial resources.
For instance, OwlPay streamlines and economizes cross-border payments significantly. OwlPay effectively curtails transaction-related expenses, delivers favorable exchange rates, and bolsters transaction transparency and security. Even better are its other practical functionalities, encompassing order management, vendor management, and streamlined reconciliation via a unified platform. Furthermore, the solution automates data digitization, enhancing record-keeping efficiency and simplifying tracking processes.
Are you interested in exploring the benefits? Reach out to the adept team at OwlPay for a solution tailored precisely to your business requirements. Whether you possess a deep understanding of technology products or require guidance, the OwlPay team stands ready to elucidate the specifics and assist you or your team throughout the onboarding process!
Contact the OwlPay team & learn more about the special offers and solutions tailored to your needs: https://bit.ly/46iC7tw
Certain services may have additional eligibility requirements. Please contact OwlPay’s sales team for more information.
【About OwlTing Group】
Founded in 2010, OwlTing Group covers B2B, B2B2C, and B2C services. As a Taiwan-based company, OwlTing has branch offices in the U.S., Japan, Thailand, Malaysia, Hong Kong, and Singapore, and seeks to expand globally. In 2018, OwlTing announced an eight-figure USD investment from the Japanese financial giant SBI Group. In recent years, OwlTing has formed partnerships with government agencies, industry, and academia globally and applied blockchain technology to the FinTech industry, medical industry, automotive industry, defense industry, food industry, forestry, agriculture, etc. OwlTing aims to build blockchain services for various industries to solve pain points and improve industry ecosystems.
OwlTing Group: https://bit.ly/46k4UOc
OwlPay®: https://bit.ly/3Q2yHFs
Contact Us: owlpaysupport@owlting.com
