According to The Economic Times, India’s overall exports in 2023-24 were $778.2 billion, with merchandise exports at $437.1 billion and services exports at $341.1 billion. 

With the growing export market, businesses need a payment provider that matches their unique needs, assists them in managing costs, and supports their global transactions. The following guide will help you choose the right provider that can help you streamline the cash flow of your business.  

What does your export service firm need? 

Begin by evaluating your export business’s specific requirements for a payment provider. Exporters often have distinct payment needs, so consider the following: 

• Transaction volume and frequency: The selection of a provider with a pricing model that aligns with the type of transaction you are handling can help you avoid unnecessary expenses, regardless of whether you manage numerous smaller payments or fewer, larger transactions.  

• Currency flexibility: If your clients are located across various countries, seek providers offering a broad range of currency options. This can help minimize currency conversion costs and streamline your pricing strategy. 

• Processing speed: Timely access to funds is essential for maintaining a healthy cash flow in the export sector. Some providers like BRISKPE facilitate payments within 24 hours, while others may take a few days. 

Tips to choose the right payment provider for your export service firm 

Business owners exporting goods and services abroad should check these 5 tips to choose the right payment provider:  

Prioritize security and compliance 

Managing international payments involves navigating strict regulations and addressing potential risks. To ensure safe and compliant transactions, it’s essential to choose a provider with a robust security framework. Key considerations include: 

• Strong data protection: Payment providers implement advanced encryption and fraud detection measures to secure sensitive payment information and safeguard client data. 

• Compliance with global standards: The provider should adhere to global regulations, including Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, to mitigate the risk of fraud. Compliance is crucial for facilitating smooth cross-border transactions and upholding your firm’s reputation. 

• Transparency in fees and charges: A trustworthy provider is clear about all fees, from exchange rate markups to processing costs, avoiding any hidden charges. Transparent pricing helps you manage your budget and prevents unexpected expenses. 

Check for integration and ease of use 

Your payment provider should integrate seamlessly with your current operations to ensure efficiency. 

• User-friendly platforms: An intuitive, easy-to-use platform can save valuable time for your team. Prioritize providers with accessible dashboards and mobile-friendly options for tracking payments on the go. 

• Accounting system integration: A provider that connects with your existing accounting software simplifies international payment management, helps monitor cash flow effectively, and streamlines bookkeeping processes. 

Compare transaction fees and exchange rates 

With frequent payment transactions, cross-border fees can increase rapidly. Some points to consider are- 

• Transparent fee structure: Providers may charge a percentage per transaction or a flat fee. Choose a structure that matches your transaction volume and value to help manage costs effectively. 

• Competitive exchange rates: Exchange rates significantly affect the final amount you receive from international clients. Some providers apply substantial markups, while others maintain rates closer to the market average. Comparing rates can help you select a provider that maximizes the value of your incoming payments. 

Look for added value 

Select a provider that not only meets your current needs but also offers added features and flexibility for future growth. 

• International payment options for your customers: By offering varied payment methods, such as bank transfers, credit card payments, and digital wallets, you can serve diverse markets and customer preferences.  

• Scalability: Ensure seamless support for your growing business by choosing a provider that can handle increased transaction volumes or additional currency options.  

Winding up 

Selecting the right payment provider is essential for your business’s growth. With BRISKPE, you can streamline your cross-border transactions and accelerate payments. Our platform prioritizes reliability and transparency, delivering payments within 24 hours and charging fees that stay under 1% (including GST).  

BRISKPE’s easy-to-use interface allows you to focus on serving clients and expanding your business without being encumbered by payment complexities. In the fast-paced world of exports, BRISKPE is the partner that empowers your business to thrive globally.