• Is your bank giving you the forex support you need?
• A smart NEW forex payment platform designed to support growing SME’s.
• How Hygiene Africa turned their forex payment headache into a simple process with massive savings.
BY cASSANDRA jANE bARKER, fx paymaster contributor
If your business makes foreign payments, then you’re probably familiar with the amount of admin required to process an international payment through the bank.
On that note, lets dive straight into the second part of our 5-week educational forex programme where we’ll show you how to streamline your payment workflow and save hundreds of hours per year in unnecessary administration. Time & energy you can put back into growing your business.
Dustin McDermott
Managing Director – Hygiene Africa
For years we struggled with ABSA. Our suppliers in Italy would send us an invoice and we’d just pay it. We assumed the payment process and exorbitant fees would be the same across the board, so never even considered looking for an alternative.
Using FX Paymaster has changed our business! We do everything online now and no longer deal with the bank directly. Our beneficiaries are all pre-loaded in the system, we select who we want to pay, and all the payment forms are automatically completed for us. A process which used to take hours, now takes seconds.
Banks are slow and difficult to deal with
Banks take a heavy-handed approach to everything which often results in the process being complicated, slow and frustrating. A process which should be simple and only take 24 hours can take up to 5 days through a bank.
The South African Reserve Bank (SARB) has strict regulations on general monetary flows in and out of the country. As such, forex transactions often require a lot of administrative work, an arduous process when done through a bank.
For example: a client wanting to import something usually has to print their documents, fill out loads of complicated forms, email their documents through to the bank and then send the original documents to the bank later. They then still have to follow this up to ensure everything has been received and the payment has been processed, often without knowing the rate of exchange used for the transfer. This is time consuming and frustrating for business owners.
Time savings are also cost savings
The time it takes to transfer money abroad and chase banks can add up. When using a traditional bank to transfer funds, you can also expect poor rates and hidden fees. But with FX Paymaster’s new online payment solution for businesses, there are no sneaky charges or lousy exchange rates. Beneficiary details are pre-loaded so there is also no more admin, the system will automatically complete the paperwork so you don’t have to.
Transfer money online, a radically better way
Transferring money should be quick and easy not slow painful. FX Paymaster use the latest technology to increase efficiency and reduce unnecessary administrative processes. Their online payment solution is simple, quick and easy to use. There’s no more admin or complicated paperwork and chasing banks and dealing with delayed payments is a thing of the past.
A cheap, fast way to send money abroad
Register online for free. Login and select the currency and amount you would like to transfer and book the rate live. Enter the payment details for the company you want to pay and upload your supporting docs. Pay for your transfer and FX Paymaster will handle the rest.
NEW – Great fixed forex rates for business payments
FX Paymaster exchange rates and fees are fixed upfront for total transparency. Business customers are charged a fixed spread of 0.5% from market and only pay R 250 per payment to transfer funds abroad.
Try FX Paymaster. Sign up in minutes, cancel anytime.
You don’t need to switch banks in order to take advantage of their rates. They’ll open a new account in your name at their partner Bank. The account is completely free and there’s no obligation to use it. Your funds are always secure. When transferring money, you will always fund your own account. FX Paymaster is an Authorised FSP: 46213
