Navigating International Money Transactions: Crafting RFPs and Acquiring Payment Services Efficiently
The process of procuring cross-border payment services can be a challenging endeavour, particularly for companies new to the space or those looking to expand into new markets. This report delves into the intricacies of the procurement process, offering insights into common mistakes, best practices, and potentially beneficial strategies.
A solution-oriented mindset, rather than a technology-focused one, should guide this procurement. The RFP process, for instance, should prioritise good questions, formal processes, consistency, sufficient response time, following up on references, engaging the right readers, and initiating dialogue before the RFP.
Involving all stakeholders is essential for a successful procurement process. Dialogue plays a significant role in this, often preceding the RFP process. Identifying the right sellers for cross-border payment services is crucial, as it lays the foundation for a successful partnership.
Pilots offer an opportunity to test the effectiveness of cross-border payment services before full implementation. This step ensures a smooth transition when the services are fully integrated. Readiness for implementation is key to a successful procurement process.
The cross-border payments industry is dominated by partnerships and collaboration. In Germany, for example, companies using cross-border payment services include a wide range of businesses. Providers like Convera, which serves over 26,000 companies by managing currency risks and optimizing international payments, and platforms like Corefy that offer payment gateway orchestration especially for high-risk merchants, are among the key players. Major global payment processors like Stripe also facilitate cross-border e-commerce payments for companies operating in Germany.
A checklist for buying cross-border payment services can help ensure a successful procurement process. This includes being ready for implementation, identifying the right sellers, engaging in dialogue, and testing the services through pilots.
The benefits of buying cross-border payment services are numerous. They provide critical and effective solutions for companies, enabling them to step up their presence in the cross-border space or engage with it for the first time. Whether you're a new player in the industry, an experienced industry player, or a company expanding into new markets, the procurement of cross-border payment services can be a game-changer.
This report provides insights into the process by speaking to experts from across the cross-border payments industry. Their collective wisdom offers valuable guidance for companies navigating the complex world of cross-border payments.
