To expand the reach of its cross-border payment capabilities, TransferMate Global Payments, the international provider of payments infrastructure as a service, is to collaborate with the global wholesale e-commerce platform Alibaba.com
Since the launch of the collaboration between the two parties, Alibaba.com customers can now benefit from preferential FX rates, quick transaction times, and no wire transfer fees when receiving and making payments. Likewise, TransferMate customers will also be able to access global markets when selling on Alibaba.com, broadening their reach to a wider international customer base.
Businesses that sell on a global scale online deal with buyers all over the world who want to pay in their local currency; which repeatedly proves to be a major barrier to trade. Using TransferMate’s platform, e-commerce companies can invoice their customers with a secure link, enabling the customer to easily pay in their home currency and allowing the seller to quickly receive the full amount either the same day or the next day; incurring no incoming bank transfer fees in the process.
This cross-border solution from TransferMate improves the cash flow of the billing business, which might normally wait days for payment completion. TransferMate’s store of global payment licenses allows transfers to take place at a faster pace, whilst also bypassing the traditional correspondent banking system, which retrieves transfer fees from the total payment amount; often leaving billers financially short of the full invoiced amount.
“We are thrilled to offer our payments solution to users of one of the largest platforms for global trade, eradicating traditional cross-border payment challenges for these businesses,” comments Sinead Fitzmaurice, CEO of TransferMate Global Payments. “TransferMate was founded to make international payments easier for businesses that wanted to transact globally, and we could not agree more with Alibaba.com’s mission to make it easier to do business anywhere. Together, we are bringing cutting-edge solutions to companies of all sizes, allowing businesses to expand their global reach.”
Companies buying on Alibaba.com will also be able to take advantage of the TransferMate service, using TransferMate’s online platform to make a payment for their orders. The quick transaction time and eliminated fees will facilitate happier suppliers, who can strongly expect to receive their payments in full and on time.