Money20/20 Europe is in full swing, and the event is wasting no time discussing the year’s most imminent topics in corporate finance. Saxo Payments reportedly decided to focus on one in particular with the release of a new whitepaper outlining the pain points of cross-border payments in the world of B2B.
An announcement made on Monday (April 4) said Saxo’s paper is the result of research and a survey in the industry. Analysis found that 63 percent of businesses are dissatisfied with the length of time it takes to compete a global payment.
More than one-third (38 percent) are convinced that their cross-border payments provider already provides competitive rates, but nearly the same amount admitted that they hadn’t shopped around for a better deal.
“With international trade increasing rapidly, payments processes need to keep up to ensure they do not hold businesses back from their full potential,” said Saxo Payments Chief Executive Officer Anders la Cour in a statement announcing the paper. “Traditional cross-border bank transfers are no longer the only solution, but we wanted to know if companies are aware of the alternatives or simply sleepwalking through the process, paying high fees or poor foreign exchange rates and slow transfers.”
The company pointed to customer service and day-to-day processes that prevent business owners from seeking out a more efficient and cost-effective way to transfer money across borders.
“This could be a mistake for any business, as there are big savings to be made by switching provider or indeed using a number of suppliers to provide the best possible solution to meet the individual requirements of the company,” la Cour continued.
Saxo’s survey also found that the majority of companies — more than 79 percent — agreed that they would switch payment provider if they found another that cost less. Further, 63 percent said they would switch if they found a provider that conducted faster transactions.
La Cour described these results as “the most exciting part,” signaling potential in the industry for alternative global payments players to snag market share by encouraging businesses to research alternatives and educating potential clients.
“It is time for businesses to reassess their priorities, to see just how much they could benefit from streamlining their payments process to ensure it performs better for them,” the executive continued.