The textile industry has been booming for the past few years. Every year, India exports around 18.11 billion USD worth of textile products with ready-made garments accounting for a substantial portion of this market. According to niryat.gov.in, the market for ready-made garments reached 8,119 million USD from April 2022 to September 2022.
Within this thriving sector, Sterling Creations, a young textile export company specialising in women’s ethnic wear, has carved out its niche. When it comes to entering the global export market, there are various challenges faced by a business, mainly with international payments. Some of these challenges were also faced by Mr. Goyal and his company.
Company Background
Mr. Goyal started Sterling Creations in the year 2022 and most of the business comes from exporting textile products to countries with high Indian population. Some of these countries include the United States of America, Canada, and Europe. Their major focus in on the US as it has emerged to be the largest buyer of Indian textile across the globe.
Challenges Faced by Sterling Creations
There are various challenges faced by every company in the start, especially in terms of international exports. Sterling Creations has also faced their fair share of problems while succeeding in the international market such as finding customers, market research, shipping costs, and most importantly international payments.
Some of the major problems faced by them during international payments are as follows-
- Currency conversion
Every international business deals with multiple currency conversion and each transaction from countries like the USA, Canada, or Europe requires converting dollars or euros into Indian Rupee. This process of converting one currency to another results in diminishing profit due to the incurrence of heavy conversion fees.
- Delay in payments
There is often a delay when it comes to the traditional method of transferring money from one country to the other. It is a lengthy and time-consuming process. Due to this unpredictability, Mr. Goyal found it difficult to manage the cashflow of the business.
- High transaction fees
The international wire transfers come with high transaction fees for both the buyer and the seller. The additional transaction cost makes it difficult for their company to stand out in the global market.
- Limited payment options
Various platforms have restricted their payment options whereas many customers prefer using their personal account for payment. This can limit the potential customer base of the company.
- Compliance issues
To transfer funds internationally, it is necessary to navigate through complex regulations. Due to the complexities of cross-border transactions, Mr. Goyal was concerned about unintentionally violating rules.
How did BRISKPE help Sterling Creations with their international payments?
After encountering so many issues with their international payment, Mr. Goyal contacted BRISKPE to help their business grow in the international market. BRISKPE played a crucial role in enabling seamless global payments that helped them tap into a different consumer base and grow their business.
- Multi-currency accounts
BRISKPE provided Sterling Creations with both Euro and US Dollar accounts. “We got a Euro account. So, if someone wants to work with a Euro account, it would be helpful. There are also services available for US accounts,” Mr. Goyal explained. With this feature, you don’t need to convert currencies immediately, reducing associated fees and making bookkeeping easier.
- Real-time transaction
Unlike traditional methods, the payment arrives faster with BRISKPE. “We receive payments on time,” Mr. Goyal noted. As a result of these improvements in speed, cash flow was stabilised and new orders could be processed more quickly, which in turn helped with better financial planning.
- Flexible payment options
One of BRISKPE’s features that stood out for Sterling Creations was the allowance of payment into individual’s account. Mr. Goyal said, “Other platforms sometimes do not allow us to accept payments through personal accounts”. With the help of this flexibility, a new customer segment opened for the company.
- Compliance assurance
The BRISKPE platform is compliant with international financial regulations, so Mr. Goyal was worry-free about his transactions being illegal.
BRISKPE’s Impact on the Business
The main objective for BRISKPE is to always help businesses make their mark in the international market. It helped Sterling Creations with the following:
- Maintaining customer relations
A better and convenient payment method helped the company enhance customer satisfaction and maintain better relationships with their international clients.
- Easy scale of business
BRISKPE simplified their global payment process, which helped the business handle a larger volume of international orders.
- Competitive edge
Compared to its competitors, Sterling Creations provided a smoother transaction experience to its customers via BRISKPE that gives them a competitive edge over others.
Conclusion
Mr. Goyal is not just satisfied with quicker transactions but also with customer satisfaction he can provide with the help of BRISKPE. They have partnered up with BRISKPE to grow their business and not fall behind in the complex world of international transactions.
So, are you also struggling to receive your international payments?
It doesn’t matter if you’re a company or an individual- choose BRISKPE for easy and effortless transaction, today!
