Choosing the Most Secure Cross Border Payment Provider for Your Business

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Christopher Jan Benetiz

For businesses, the Internet serves as the gateway to reaching new markets. You have access to localization services, geo-targeted advertising, worldwide shipping, and all the other services that make international marketing possible. There are also online tools and resources you can use to study foreign markets before you dive in.

However, the availability of these services does not make running an international business any simpler. Cross-border payments, for example, present several challenges that business owners must face such as the added cost of international transfers, the complexity of managing several foreign accounts at once, and the security risks involved with holding money internationally as opposed to maintaining a single domestic account.

As a startup or entrepreneur, you want to ensure that receiving money from clients and customers is as seamless and secure as possible to ensure that you can get your hands on their payment without any troubles.

To help you choose the best cross-border payment service for your business, here are some of the critical factors you should consider:

1. Cost

Here’s the deal – cross-border payments can be expensive. Payment service providers can be manageable and somewhat sustainable, but they may result in substantial losses in the long-term.

As a business, you should always prioritize cost-effectiveness when considering services you would like to avail. Aside from the cost of setting up, also look at other charges such as transaction fees, conversion fees, withdrawal fees, and so on. Keep in mind that these charges vary greatly depending on the company you choose.

When it comes to cost, one of the most economical options would be Payoneer – a cross border payments solution which offers global receiving accounts, and allows you to get paid from online marketplaces and direct clients with their billing service solution. Payoneer is much more affordable than the more well-known PayPal option. That said, it is a good idea to check out capabilities of Payoneer to see if it is a good fit for your business.

2. Time to Receive

                                                      Image by Foto-Rabe at Pixabay

Reliability is critical when it comes to payment systems. After all, you are basically putting your company's finances in the hands of another company. Even the slightest delays may cause administrative problems in your business or tarnish your brand's reputation if a customer waits too long for a transaction.

That is why it is important to check for any policies that involve holding periods and other expected delays with fund transfers. For example, PayPal has a policy of holding the funds of new accounts for 60 days while further withdrawals take 3-5 business days. You may instantly transfer the money to your bank account, but you will incur additional charges in doing so.

Aside from existing policies, also check if a service is prone to crashing and unexpected delays. These are far worse since they could come at the most inconvenient times. Moreover, for this, your best bet is to check around for customer feedback and reviews. As a rule of thumb, don't trust too much on new companies with little to no feedback, reviews, and testimonials.

3. Security

Of course, safety is a big issue when it comes to online payments. Make sure the payment service provider of your choice complies with the PCI DSS or Payment Card Industry Data Security Standard, which ensures security for credit card transactions. There are also payment companies that offer additional protection against fraud for both sellers and buyers.

Bear in mind that it is entirely possible to encounter dubious claims and chargebacks from shady customers that aim to scam businesses. Although there are refund policies that help protect the buyer, it should not be such a fast and easy process that the business cannot react to counter fraudulent claims.

Additionally, the payment service provider should commit to investigating each claim and allow the seller to offer evidence of a completed transaction. This includes proof of shipment or proof of delivery. To acquire these documents, make sure you use a shipping service that offers online delivery tracking. Once you have proof, there should be an extremely low chance for the fraudulent claim to pull through.

4. Ways to Access the Funds

                                                            Image by TBIT at Pixabay

When choosing a payment platform, make sure it is easy for you to access your funds through the payment company's site. Consider checking a site's interface first in reviews or with a free account to see if the interface suits your preferences. Also, check how online transfers work and see if they support wire transfers, credit cards, e-wallets, checks, or any other payout solution you might use.

Some payment service providers also include additional accessibility features such as multilingual support, third-party app integration, and simplified currency conversions. Also, check if a company has a mobile app so you can manage your funds from anywhere.

5. Platform Compatibility

Last but not least, you should ensure the payment service provider is completely compatible with any external software, platform, or service you are using.

For example, Shopify as your e-commerce platform support multiple international payment gateways, allowing your customers to complete transactions with just a few clicks of a button. For online shops that are run using a different platform, you need to make sure that you choose a payment gateway that it supports to avoid getting problems with receiving payments from customers. Worst case scenario is that your chosen payment gateway is not supported by your platform. If this occurs, you may have to choose a different payment gateway because transitioning from an e-commerce platfom to another is much more inconvenient.

To check the compatibility of payment services with a given platform, only test the platform's main website or contact their customer support. Take note that this is also an opportunity for you to test the dependability of their customer service, which is crucial if you need help managing your money on the internet.

Conclusion (and what you need to do)

In the age of globalization, it is important for businesses to establish a reliable system for making cross-border payments. This is a component of providing a seamless experience for you and your clients. Lastly, remember that it is a critical business decision that can affect how you run your company from this point moving forward.

To make it much easier for your end, search for comparison charts like this one from FormStack that pit different payment gateways to the test. The payment gateways are tested by referring to the criteria mentioned above and more to provide you a glimpse on how they work. Determining the factors from the chart that you prioritize the most as a business owner will help you find the best payment gateway for you. Also, it helps that you test out the service provider first to see if it does live up to its reputation as explained in the comparison chart.

If you feel comparison charts are not as comprehensive, then in-depth reviews of the payment gateway ought to do the trick. Once you have found a payment gateway to your liking, you can search for full-blown reviews of its services to help you further weigh if it is worth you time to use it. Aggregate review sites like TrustPilot and G2 Crowd are great places to start because they collect objective and unbiased reviews from different users to supply you with all the information you need to make your decision.

Ultimately, you will have to get your hands on your payment gateway of choice to truly see if it does the things as advertised for your business. Most of the time, assuming that you have done your research, you will be able to use your chosen payment gateway without problems. If you were not able to research hard enough for your chosen service provider, then expect problems to pop up while using it.

Choosing your payment gateway is serious business, especially if you are truly serious about yours. By following the guidelines and tips mentioned in this post, you should be able to run your business with a secure and convenience payment gateway for you and your clients.

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Practical Tipid Tips for Every Pinoy

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Saving is fun once you fully understand its purpose. For me, being a "Kuripot" is some sort of a compliment because I know that I'm not depriving myself and I'm doing it for myself and for my future. Here are some practical saving tips that you can also apply for yourself and your family. Some of them are old school but still effective...

Heto ang mga ginagawa ko ngayon. Lifestyle kasi yan at mindset:

1. Baunin ang tissue ng KFC dahil mas mahal ang Kleenex. Mainam ding pang-wipe ng printer ink na natapon ‘pag nag-refill.

2. Humingi ng madaming catsup ng McDo kahit walang french fries. Masarap ketchup nila. Or magpatakeout kasi parang 2 yrs na ata akong ‘di nagMcDo. Sa trabaho ko, libre merienda.

3. Mangolekta ng flyers para gawing scratch papers ang likod. ‘Yung glossy ay gawing bookmarkers at pangscrap book at pamaypay ng anak ko. At pera-perahan niya (playmoney). Pwede ring pambalot ng regalo. Promote environmentalism!!!

4. Tumawag muna sa lahat ng department store/hardware store/appliance store para magcanvass ng presyo ng mga gamit bago pumunta doon. Tipid sa pamasahe at sa oras. Magpareserve sa pinakamura.

5. Umupa/Kumuha ng bahay malapit sa palengke, simbahan, ospital, bangko, mall, munisipyo.

a.Mura ang tahong, dilis,isda,tuyo,gulay,bigas sa palengke.

b.Walking distance lahat sa akin pati simbahan at ospital.

c. ‘Pag katabi mo ang mall, di ka na maaaddict magmall. As in magkukulong ka na lng siguro tulad ko. Araw-araw mo ba namang madaanan. Nakakasuya ding lagi mong nakikita sila.

d. Tapos ang business permit in 1 day mga January 2 or 3 dapat para walang pila at wala pang extra requirements na maiisip lang nila along the way.. Pero binabayaran ko ‘pag malapit na ang deadline. Wag deadline, sayang oras. Although mas magaling asawa ko. Nagpapareassess hangang more than 50% less na ang babayaran niya.

6.Kontakin lahat ng bangko at itanong ang pinaka magandang time depost rates nila. Isearch sa net pati sa directory.

7.Magcanvass ng mga schools para sa anak ko.

8. Manood ng cooking shows para magkaidea kung paano magluto ng masarap kahit hindi kumain sa labas. Although ‘di ako mahilig magluto. Nagkaka-idea lang ako kung paano papasarapin ang mga normal na pagkain.

9.Magtiramisu kapag mura ang mangga at avocado.

10. Mag icecream pag buy one take one na.

11. Mag-ham after ng Pasko at Bagong Taon. May buy one take one.

12.Huwag bumili ng tuyo kapag malapit na ang Mahal na Araw.

13.Makipagmeet sa National Bookstore kung may ka-meeting at magbasa-basa muna ng mga business books o self-help books.

14.Huwag mimintis sa BIR mahal ang penalty.

15. Hanapin ang balita sa net. Mahal ang dyaryo.

16. Maglakad ng isang kanto para ang 7 pesos na pamasahe sa tricycle ay 6pesos na lang.

17. Turuan ang anak mula 1 yr old pa lang na masama ang hotdog, junkfood at mavetsin sa kanya. So no choice na magtuturo ng kung anu-ano sa supermarket. Chocolates at ice cream lang pwede..hehehe. Na gusto ko rin.

18. I-advance payment ang mga bayad sa iyo kung may negosyo ka na applicable ito. May iba pa ring hindi gagawa nito.

19. Turuang maghugas ng kamay nang tama ang anak. Mahal ang ospital.

20. Maglagay sa mutual fund kapag biglang magkapera na hindi inaasahan at extra money mo lang ito kung iisipin.

21. Huminga ng malalim kapag natetempt bumili ng kung anu-anong bagong damit, gadget, etc.

22. Turuang mag-CR ang anak bago matulog. Mahal ang pampers at magpalaba ng comforter. Mahal din ang bagong kutson.

23. Sumali ng paluwagan at dapat sa unahan para matime deposit ang pera. Yung interes ay part ng panghulog mo.

24.Magkachecking account na may 3.5% interes at gawin mo na lang na savings account. Wala pang problemang pondohan ng pondohan. Sayang pamasahe.

25.Mag-white shirt. ‘Di halata pag nauulit. Kaysa bumili ng de color na grabeng eye-catching ang design. If ever, de color simple lang dapat.

26.Huwag/iwasang mag-smoke o uminom ng alak. Mahal ang yosi at alak. Mahal din ang gamot at oxygen tank.

27.I-check kung namemaintain ang mga deposits sa bangko. Mahal ang penalty. 150 yung sa akin.

28.Maging maingat sa gamit. Mahal ang bags.

29.Labhan ng maayos ang damit. Isampay kaagad. Hindi na kailangang plantsahin. Promise. 5 yrs na akong di nagpaplantsa. Bumili rin ng damit na hindi lukutin.

31.Umattend ng mga free seminars. Lapitan ang guest speaker at magtanong nang magtanong. May mga mababait naman at willing talagang magshare ng ideas nila.

32. Wag tumaya ng lotto. Ang liit-liit ng chance.

33. Maging magalang sa lahat ng tao.

a.Makakadiscount ka sa palengke. May dagdag pa sa suki.

b.Mapapadali ang pag-aayos ng mga dokumento kahit sa BIR or munisipyo pa…magsungit ka…

masusungitan ka rin. Umayos ka at matatatakan ang dokumento mo ng hindi oras…hehe.

c. Sa bangko, mabibigyan ka ng reconsideration sa mga rates.

d. Sa grocery, tutulungan kang magbuhat ng pinamili mo.

e. Sa tagaputol ng linya ng tubig (na di mo napansin na deadline na pala, dahil nagbakasyun ka at ‘di nakapagonline banking), hihintayin kang magbayad at babalikan ka na lang to get the OR number.

34.Makipagkaibigan. Marami silang magandang advice.

35.Magbasa ng PMT.Marami kang mapupulot.

36. Magdasal at magpasalamat lagi sa Diyos.

  credit: moneylifeblood.net

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Anu Nga Ba Ang Mutual Funds?

Your Guide to Smart Investing in Philippine Mutual Funds

Halos araw-araw, may mga nagtatanong sakin ng “Aya, wala kasi akong oras para aralin ang stock market at bantayan ito, ano pa ba ang options ko?” o kaya naman, “Aya pwede bang ikaw nalang mag-manage ng pera ko?”

I always answer them, if you do not have the time, patience, and expertise to monitor the stock market, you have an option to invest in a mutual fund.

Mutual Funds

What is it?

Ang mutual fund ay ang pinagsasamang pera ng iba’t ibang investors at ito ay pinangangalagaan ng isang fund manager. The fund manager will then invest the money in different instruments like stocks, bonds, or both, that can potentially make the money grow long-term.

A Jeepney Ride to Mutual Funds 101

If you are an avid reader of our blog, you are already used to the concept that investing is a journey. In order to get to your destination of financial freedom, you can ride different vehicles to get there.

When you invest in the stock market yourself, para kang nag-mamaneho ng sarili mong kotse. Whether to turn left, right, slow down, or go faster – diskarte mo na yan! Ang importante lang, you SHOULD know how the stock market works and the risks involved, the same way you should know how to drive a car safely.

But if you don’t know how to drive, pwede kang mag-jeep! At sa pagsakay mo sa jeep, kasama mo sa byahe ang iba’t ibang pasahero na kapareho ng ruta ng pupuntahan mo. Para din sa mutual funds where the passengers are investors like you and the jeepney driver is the fund manager.

You trust that the driver will get you to your desired destination safely, the same way you will entrust the fund manager your money, keep it safe, and make it grow. And the same way you pay the jeepney driver, investing in mutual funds has fees too.

The Different Routes

Jeepneys have different routes which tells us where they will go, pick-up, and drop-off passengers. Depending on their specified route, they cannot go anywhere when they feel like it.

Mutual Funds have “routes” too! As I have mentioned earlier, the fund manager can only invest in an instrument depending on how the fund was set-up. To understand this better, here are the different types of mutual fund:

1. Money Market Fund

Kung sandali lang ang gusto mong byahe, at kakailanganin mo yung pera ng madalian, you can get a money market fund where the money is invested in short-term debt securities (bonds). It’s less risky than other funds, but it also has low returns.

2. Bond Fund

Kung kakayanin mo naman ang byahe na medyo matagal ng kaunti, meaning you’re somewhat in between short-term and long-term investing, you can consider investing in a bond fund.

Simply put, ipapautang ang pera sa gobyerno o sa mga company sa Pilipinas kung saan tutubo ito ng interest. It has lesser risk than other funds, at mas malaki ng kaunti ang returns compared sa money market funds.

3. Balanced Fund

Isa pang bagay na mutual fund para sa medium-term investor ay ang balanced fund.

The money is invested in bonds and also in the stock market. If you’re willing to take a risk, but not too much, and you want higher earning potential than a bond fund, this is an option for you.

4. Equity Fund

Lastly, kung kaya mo naman ang malayuan na byahe na tatagal ng 5 years or more, at naiintindihan mo ang mga risk sa stock market at willing ka naman tanggapin ito para sa posibilidad na mas malaking kita ng pera mo, equity fund ang bagay sayo.

There are more types of funds depending on the company offering them.What’s important is that you know: 

Where does the money go? 

How long can you wait? and

How much risk can you take?

How You Make Money

You earn in mutual funds through price appreciation. When you invest in a mutual fund, you are buying shares of that particular fund based on its NAVPS or net asset value per share. Tumataas o bumababa ang NAVPS depende kung lumalago o hindi ang pera kung saan nag-invest ang fund manager.

If the NAVPS of the mutual fund where you invested appreciates, you can sell your shares for a profit. Likewise, if the NAVPS depreciates, you may incur a loss if you sell.

What is the best?

There are a lot of companies in the Philippines that offer different types of mutual funds. I hope by now, the very first thing you ask whenever you are looking at any investment is whether it beats inflation or not. (Read: Every Filipino’s Guide to Inflation)

To know the daily performance of legitimate mutual fund companies in the Philippines, go to the official website of the Philippine Investment Funds Association (PIFA) at www.pifa.com.ph

Is it for you?

So if you want to be diversified, invest a small amount, and have someone who will do the thinking and monitoring of your investments – mutual funds MAY be the most suitable investment for you!

Do you want to learn how to become a smart-saver? 

  Subscribe to my blog for free: 
                          
 www.investambayan.com

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  investambayan@gmail.com

Aya Laraya is an investment advocate,has 25 years of experience in the different financial industry in the country. From stocks, insurance, mutual funds, and real estate.; he provides Filipinos with practical advice in determining the most suitable investments for their particular needs. He started investing while he was still in high school.

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Yuppie- Gets (Yes, My Yuppie Regrets)

Spending is something we like to do because we want to treat ourselves with things that can make us happy. There's nothing wrong with that, but most of the time we are blindly led to the destructive habit of overspending and later we realize we made a big mistake.

This year will mark my eight years in the work force (yes, eight years, where has all the time gone?). Graduating and working at 20 has allowed me to experience the joys, pains, and yes, regrets in how I handled my money. I recall starting off with a measly salary barely enough for my gas, food, and other things I wanted to buy. As any fresh graduate would understand, the first few years you are paid in experience and for a time that was okay. Thankfully, I lived with my parents and got to keep most of my money to myself. Unfortunately, this wasn’t such a good idea since I spent it on nonsense things and I ended up with no discipline with regards to my finances.

Fortunately, my dad put a stop to it by giving me responsibilities at home and by God’s grace, at 27, I am slowly learning to save and invest wisely. Now, we look back on the purchases I wish I didn’t spend so much money on.

1) Branded Bags.

Hermes Bag

My parents constantly reminded me that branded bags are not an investment. And while they encouraged me to invest on a few classic pieces, they also told me to do so when I had extra. However, my persistent 22-year-old mind insisted on buying bags first before anything else (like savings) on installment. This was insane on my part because it simply meant that a) I didn’t have the money to pay for it and b) I would still be paying for it even though I no longer liked it. I’m not saying that you shouldn’t buy branded bags but it would be wise to buy it when you can fully afford it and by that time, you can also choose the ones you really like instead of settling for something that’s cheap. Believe me, like in life and love, patience is also a virtue when it comes to buying stuff we really want.

2) Clothes on Installment.

Expensive Clothes

I previously shared that I had my first credit card when I was 23 and I immediately activated it because my favorite clothing store offered a six months, zero interest deal for a minimum of P5,000. Thinking that the clothes in my closet were not enough, I went crazy in the store and continued paying for those clothes even though they were already faded, ripped apart, or no longer fit. The lesson learned here is to only but what I currently had the money to pay for, that way I don’t feel guilty wearing clothes that I didn’t fully pay for yet or feel bad when they no longer fit or no longer in style. (Another tip: buy classic go to pieces!).

3) Weekly Gimmicks.

Republiq party

I’m not saying this to be a Tita or a KJ Lola but one of the biggest money waster for me was all the weekends out with my friends. To be clear, I have never been the party animal so what I spent on these night outs were probably mediocre compared to what other people my age have spent. Some of my former friends and I used to go around our village in the South for food, a few drinks, dessert, and coffee. I didn’t realize how much money I was spending to hang out with friends (because let’s admit it, we’re never paying just for our own food, we’re splitting the bill, period). And while being with friends is always a good thing, it’s wise to not keep up with joneses and pretend we have a thousand bucks or more to burn every night in a new restaurant. Always find the perfect balance so you don’t eat like a peasant during the day in order to party like a king at night.

4) Cheap Clothes.

Cheap Clothes

I always thought I couldn’t afford store clothes so I always relegated myself to buying in tiangges and while some tiangges produce really good clothes (I just probably never had the knack for it), I realized that I was spending more because these clothes did not last and faded quickly so I needed to replace them monthly. I recall my dad saying that it was okay to buy a few items of clothing that lasted for years instead of buying them by the bulk but wasting them away because they were not of good quality.

5) Excessive Food.

Expensive restaurants

I used to be an emotional eater so I spent a good part of my brokenhearted years spending way too much on excessive food. I recall constantly using my credit card to buy junk food for my brother and I to enjoy even though my mom prepared perfectly good and healthy food at home. Soon, the credit card bill piled up (how embarrassing that it all went to food and the grocery!) and I realized that the added weight plus the interest that went to food was just not worth it. It has gotten so bad that food became excessive and a vice more than a source of enjoyment.

Runner Up: Excessive Phone Lines

I used to have a problem with impatience (hehe, obviously) and I immediately wanted to get the brand new phone I’ve always wanted. Because of this, I would constantly pester my dad to get me a new line. This is bad news kids because at the end of the day, without realizing it, you already have three lines under your name, all of which you have to pay for. So again, be patient, as long as your phone is still working enough to text, call, browse, and take a selfie, you’re okay.

To end, spending really isn’t bad but it’s important to always be responsible. There is so much freedom in having a little money saved up every month and to not have your back against the wall. By not spending on stuff that you don’t need, you also have more room to be generous and help others who are in need. For me, sharing with others have been more meaningful than any food, branded bags, or clothing.

It is truly by God’s grace and wisdom that I can now enjoy that freedom and no longer have any Yuppie-Gets.

credit:  www.marvingermo.com

Do you want to learn how to become a smart-saver? 

 Subscribe to my blog for free: 
                          
 www.investambayan.com

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 Investambayan Fb Group

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 @investambayan 

 You can message me here: 

 investambayan@gmail.com

Carla Bianca V. Ravanes is a graduate of International Marketing Major in Advertising from the American City University and is currently a lifestyle columnist for The Manila Times and a Publicist for Perk Communications. It’s her goal to make finances topics relatable to the ordinary yuppie.

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