Paysend Launches Cross-Border Payments Solution for Small Businesses in US

Paysend has launched its cross-border payments solution for small businesses in the United States.

The expanded availability of Paysend Business follows its successful implementation in the United Kingdom in 2022, the company said in a Thursday (May 11) press release.

“We know that cross-border payments can be a pain point for many small and medium-sized businesses, and we’re committed to making it simple and affordable for them to manage their finances globally,” Ashley Mallett, head of the business-to-business (B2B) division at U.K.-based Paysend, said in the release. “Our platform offers a range of features that make cross-border payments faster, cheaper and more convenient than ever before.”

PYMNTS research has found that some small and medium-sized businesses (SMBs) have increasingly become entrepreneurial on a global scale, launching international ventures online.

However, lacking access to the necessary financial services to power their international reach has been a key constraint, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration.

The report found that 27% of SMBs see the complexity of cross-border payments as a hindrance to their ability to grow, and just 23% of SMBs find their current cross-border payment solutions to be very or extremely satisfactory.

The Paysend Business solution allows SMBs to create online business bank accounts to receive, spend and exchange money in more than 30 currencies, according to the press release.

The platform has tools to help both SMBs and enterprises pay suppliers in foreign currencies, receive payments from overseas customers and manage a global payroll, the release said.

“In the U.K., Paysend Business has helped businesses save money on international transactions and streamline their payment processes,” Paysend said in the release. “The expansion into the U.S. market reinforces its commitment to providing innovative and reliable cross-border payment solutions to businesses worldwide.”

The launch of this platform in the U.S. comes three days after Paysend announced that it has partnered with TelevisaUnivision to promote money transfers to Latin America.

In that partnership, TelevisaUnivision, a Spanish language content and media company, will use its reach to help Paysend scale the presence of its global card-to-card payments platform in the U.S. and globally.