Doing business overseas can yield tremendous financial benefits, opening the door to a world of potential customers that can tremendously increase the profits of a business. However, international business presents a great obstacle when it comes to paying your employees and receiving payment from overseas. Many payment platforms come with monthly fees, hidden costs, and other financial issues that can severely hamper a business owners bottom line, if they are not using the right payment platform. Credit cards, online payment processors, bank wires, and other forms of payment all have fees that can substantially impact the profit of such a business.
John Rampton is the CEO of Due.com, and he lends his expertise on the matter to help international business owners achieve successful financial expansion. Rampton says that going global has many opportunities, giving the business owner the ability to outsource employees to cut costs, as well as tapping into brands and services that have gained international notoriety through various social media platforms. Notwithstanding the immense appeal of doing business overseas, receiving payment and paying workers presents a unique set of obstacles. Rampton emphasizes the need to find a secure payment platform, one that can pay out in different currencies, send invoices and quotes in different languages, all while properly incorporating the tax system of each country a business owner is working with.
Keeping costs low is a priority, as paying excessive fees can substantially impact profits, and ultimately hinder the growth of a business. Rampton says that there are four key elements to look out for when choosing a payment platform, they are: no hidden or monthly fees, a guarantee, custom rates for high-volume customers, and no per transaction cost. For instance, Due.com has a cost of 2.7% for any type of card with no monthly fees or per transaction cost. They also promise that if a business owner is able to find a better rate, Due.com will beat it.
Rampton is a firm proponent of the safety and security features of a payment platform. When IBM sponsored the 11th Annual Cost of Data Breach Study, it found that ?the average consolidated total cost of a data breach grew from $3.8 million to $4.8 million dollars.? This is a significant finding as the cost for stolen confidential data increased by $4, from $154 to $158. The risk of a breach is becoming more and more prevalent, as seen by savvy hackers that were able to steal millions of dollars worth of cryptocurrency, from arguably the safest online exchanges, which utilize decentralized blockchain technology. Hackers have also had an impact on presidential elections, who is to say that your business is not susceptible to such detrimental breaches?
Given this current landscape and the alarming pitfalls it presents, Rampton urges business owners to find a payment platform that focuses on safety and security. Many payment platforms have become cognizant of this disturbing trend, instilling safeguards to protect their users from such breaches of personal data and sensitive information. Rampton says that to avoid such issues, a business owner must look for a payment platform that incorporates encryption technology which tokenizes data when it reaches servers. Adherence to the PCI Data Security Standard (PCI-DSS) is integral in maintaining effective business operations.
Finances are the pillar of any growing business, and a sustainable business with financial longevity must find a payment platform that combines safety and security measures, the capability to serve an international pool of clients and workers, and a price that cannot be beat. Due.com is flawless in executing these elements, and it is quickly becoming the premier solution to streamline international payments for the modern business owner.