Using Remitr's Global Business Accounts (GBA), small- to medium-sized businesses (SMBs) in Canada can access unique accounts in U.S. dollars, British pounds and euros as well as routing numbers to help with the cumbersome costs and time it takes to do business internationally. The idea is for those SMBs to get paid "like a local business," even when doing business around the world and in other currencies, according to the release.
eCommerce, exporters, Software-as-a-Service and other customers using Remitr will be able to receive and hold funds in three currencies, save money on exchange fees, set up bank accounts, and handle billing without working with an international entity to do so, the release states.
eCommerce companies doing international business can avoid the current pitfalls where they incur 3 percent charges on items sold internationally, and another 3 percent charge when transferring their earnings back to Canada, according to the release. With Remitr, those fees can be avoided, and the money can be in the SMB owners' hands faster.
Remitr Co-Founder and CEO Kanchan Kumar said the idea is to boost efficiency and capitalize on the move to digital during the current pandemic economy, where people are spending more time and money online.
"Not only does GBA replace untimely and inconvenient checks, it also cuts out the fragmentation of using one provider to collect payments and another to convert it back to the business's Canadian account," he said, according to the press release. "At a time where cash flow is king and more and more businesses are moving to digital payments, we're dedicated to providing a more seamless banking experience where multi-provider friction is a thing of the past."
GBA comes at a time when the aforementioned pandemic has spurred shifts to doing business digitally.