Being a business owner that conducts operations overseas is a formidable endeavor, as it requires coordination of matters in different time zones, as well as the intricacies of dealing with employees and clients that are in remote parts of the globe. There are tremendous benefits as well, as having access to a global market can exponentially increase profits and provide untapped earning potential, that may be limited if a business solely operates in the U.S. Arguably the greatest obstacle to furthering the business is finding a viable method of payment, one that can cut costs and provide a level of security.
Traditional methods of payment like credit cards, bank wires, and payment platforms often have excessive costs and fees that can severely hamper financial growth. John Rampton is the CEO of Due.com, and he implores business owners to find a payment platform that can send estimates, invoices, and quotes in different languages and currencies, while maintaining compliance and integrating the tax systems of each respective country. Outsourcing work to cut costs and having the ability to find clients internationally are great ways grow a business, and it is imperative to have a payment system in place that can maintain smooth operations, while cutting costs and letting the business owner capitalize on a global market.
Rampton says that there are several parts a payment platform must have to help a business owner prosper- no per transaction cost, no hidden or monthly fees, a guarantee, and a custom rate for high-volume customers. Due.com has incorporated these necessary elements into their payment platform, as they have a 2.7% fee for any type of card, with no monthly fees or per transactions costs. If a business owner is able to find a better rate, Due.com will beat it.
Rampton strongly emphasizes the need for safety and security in payment platforms, as breaches have become too common of an occurrence to ignore. When IBM Sponsored the 11th annual Cost of Data Breach Study, they found that the average cost incurred from breach of confidential data rose by $4, from $154 to $158. This is tangible proof of how data hacks can harm a business, and that everyone is exposed to such scary threats. The use of different financial institutions, tax systems, currencies, and languages serve to create greater exposure to such risk.
Payment platforms have recognized the need to enact safeguards to prevent the continuance of such alarming trends, as they seek to retain their users to keep their business up and running. Rampton suggests using encryption technology as a means to counter this phenomenon, utilizing methods like the tokenization of data and adherence to the PCI Data Security Standard (PCI-DSS).
The key to a successful business is properly managing finances, and it starts with finding the right payment platform. Due.com is such a platform, as it is an industry leader in price, as well as safety and security protocols that can protect a business from the growing world of internet hackers.
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