Do more with less.
- Are you thinking of starting a small business?
- Does your current business require payments abroad, with recipients using mobile money?
- Do you need to get paid quickly and securely by your business partners?
This article is for you.
Here are 5 common problems faced by international small businesses. And how you can use Eversend to tackle them.
1. Meeting payment deadlines and liquidity
Instant. Money. Transfers.
No where is this more important than in small scale businesses. Where international money transfers may take days to actually be delivered.
There’s nothing much a business can do when the expected cash inflow isn’t met not because your customers haven’t sent the money, but because the sum simply hasn’t been delivered.
There’s a domino effect of late payments — both from the receiving and sending end.
Late payments on your end may strain relationships with your suppliers. Otherwise, if your incoming payments are late, the blow to your business liquidity may delay your other payment needs (e.g. mailing out your goods to another customer), halting the delivery of your services and goods to others.
Solution: Online payment systems
Example: Eversend gives you instant transfers.
It takes approximately 5 minutes to send international payments into a mobile money account (now available to Uganda and Kenya mobile money, expanding soon!). It’s even quicker for Eversend to Eversend wallet deliveries.
Get your customers to pay you using Eversend, or quickly pay your fees to a recipient abroad from your Eversend wallet.
Save your beneficiary details so you can send payments instantly and seamlessly next time!
2. Unpredictable exchange rates
Important when you trade in a foreign currency. Difficulty to forecast currency fluctuations flows over to uncertainty in your business financial projections.
Solution: Get a multi-currency e-wallet
With Eversend, load, convert immediately and store your money in your preferred target currency. Our USD, UGX and KES wallets are live, and we’re working to add more.
Lock down your money’s value so there are no surprises down the line. Send directly to a mobile money recipient when its due.
Even better, get your recipient to get an Eversend wallet and you can send to theirs for free.
How it works: (an infographic)
3. High cost of sending and receiving money from customers and partners
Payments form the backbone of every business.
Transactions range from B2B payments to your imports suppliers for goods to resell, to C2B sales payments from your customers.
For international businesses, the cost of sending and receiving money increases due to foreign exchange and service charges from traditional operators (i.e. banks and money wiring services).
This is bad news for small businesses. Smaller sums mean the cost of moving money across borders becomes relatively high — cutting into your potential profits. This gets harsher if the business’ profit margin is already low.
Solution: Low cost, transparent services
We believe your money should be spent on what matters, so we are working hard to bring you no-cost transfers.
Exchanging on Eversend costs 2–3.5%.
Top up method and delivery destination change the total cost of transfer. But we make sure to clearly show you the total cost in the app before you send your money so you know exactly what you’re paying.
4. Maximise processing with little manpower / doing more with less
Are you running on solo? How big is your company?
Small businesses thrive on resourcefulness. There’s enough to deal with in a day (from marketing, logistics, customer relations, etc.), that if there’s a way to cut out costs for IT and financial processing, you’d do so in a heartbeat.
Instead of jumping on the most established, expensive online payment gateway systems, you scout out alternative and affordable solutions and adapt them to your needs.
All extra costs can be justified when you’re at scale. All extra brainpower should be focused on the other things that matter.
Solution: Simple interface and in-app records
With Eversend, you can:
Import and save your beneficiaries for quick transfers the next time
Easily navigate and operate between your currencies
See a list of all your payments from your phone
Receive push notifications for all your international money activities from the app
All set up processes can be done on your phone. Simply register, verify your identity, and you’re good to go.
5. Coming soon: insurance for your work travels abroad
We will be rolling out travel insurance to be accessed from the app very soon, stay tuned!