We all know how easy it is to do nothing. Whether that’s postponing going to the gym, sorting out our home and contents insurance, or making sure our savings are working for us. When it comes to global payments, it is easy to “set and forget” transactional processes. We put it in the “too hard” basket and don’t revisit it as often as we should.

The global payments industry, as with every other industry, is being directly impacted by digital disruption and higher customer expectations. Global payment revenues neared $1.9 trillion in 2018 with traditional banking still making up approximately 50% of all transactions, but innovations in the retail banking sector are impacting commercial banking…potentially to the benefit of the manufacturing industry.

AFEX research found that 37% of Australian businesses said their profitability had been impacted by global payment issues in the last 12 months. Without the right strategy, integrated workflow and systems in place, is your business exposed?

Simplifying the Global Payment Process

Companies needing to make global payments are often thwarted by a range of bank fees and manual, inefficient processes. These can add to both costs and overheads. And yet both can be easily reduced, if not eliminated through the introduction of new, integrated workflows.

Many of the manufacturing organisations we work with (who of course have Salesforce) make global payments to suppliers, and receive global payments from customers. Integrating their Salesforce instance to their global payments solution can lead to significant increases in operational efficiency, and therefore savings in costs.

Even something as simple as making global payments 24/7 through an organisation like AFEX and taking advantage of real time exchange rates can provide businesses with considerable savings over the course of a month, quarter, or year.

Recently, SalesFix has been talking to AFEX about a partnership to deliver value to both of our customers by developing strategies that will enable your business to decrease your risk and exposure to global exchange rate fluctuations. AFEX has a number of case studies that show improvements in profitability of around 5% as a result of improved decision-making on timing and risk, and/or the more efficient use of technology.

Take a look at AFEX’s video for more information, and talk to us about how we can deliver greater efficiency into your global payments process.