Many business leaders across a variety of sectors are faced with challengers from all angles, especially those who operate internationally. It is quite cumbersome to assemble a quality team from across the globe, as well as finding customers to sustain the business. There are many moving parts that can potentially impede the progress of a business, none greater than finding a cost-effective payment solution.
Workers in different countries all require different types of payments, as they all have unique situations in terms of currency, taxes, and various other obstacles. Traditional types of payment methods like credit cards, bank wires, and payment platforms come with a wide range of fees. However, there is a new payment system on the block, facilitating this process for business owners- while charging a much smaller fee than their competitors.
John Rampton is the CEO of Due.com, a newly minted payment system that acts as a streamlined solution for business owners to make global payments, increasing their profit by substantially cutting down on fees associated with payment. The exponential rise of social media has shed light on a plethora of products and services available across the world, and business owners are tapping into the endless possibilities and earning potential of doing business internationally. Many software companies often outsource their work to India, Serbia, Russia, and other hotbeds for software development, with a significantly cheaper cost of labor. This is a tangible method of increasing the bottom line of a business, but paying these workers presents a set of challenges of its own. A viable solution would be to find an online payment platform that is able to send invoices, estimates, and quotes in different languages and currencies, simultaneously integrating the tax system of each different country.
The importance of keeping costs to a minimum, as well as avoiding fees, is of great value to any business owner. Rampton suggests four key things to be wary of when finding a payment solution, they are: no hidden or monthly fees, no per transaction cost, special rates for high-volume customers, and a guarantee. Due.com is a great payment system that incorporates these four elements, as they have a cost of 2.7% for all card types, no monthly fees, and no per transaction costs. If business owners are able to find a cheaper rate with another payment system, Due.com will beat it. The online payment platform has emerged as the premium solution for business owners, those who have a multitude of clients and workers across the globe.
Rampton also underscores the relevance of safety and security when looking for an online payment platform. If publicly traded platforms like Twitter can be hacked, as well as decentralized blockchain exchanges that store cryptocurrency, it is almost a sure thing that the average business owner is susceptible to such detrimental invasion. The 11th Annual Cost of Breach Study, sponsored by IBM, found that the average cost of a data breach grew from 3.8 million to 4 million dollars. This is a sizable increase, signaling the powerful impact a potential breach can have on a business. These potential risks are vastly increased when dealing with various financial institutions, languages, regulations, and tax systems.
Many online payment platforms have created a number of safety and security measures to counter these potential pitfalls, as they hope to keep the confidence of their consumers, ensuring that their personal information and data is protected. Rampton urges business owners to seek out a system that implements encryption technology that utilizes tokenization of data, upon reaching its servers.
Finances are the lifeblood of any growing business, and a necessary component to obtaining more finances lies in the integration of a payment platform that can provide safety and security to a business owner's workforce and clientele base. Not to mention, substantially reducing transaction costs that will imminently lead to more profit. Due.com is a must try for any business owner that has global operations.