When you’re running a business, there are always ways to save money. And when you’re dealing with international suppliers, there are even more opportunities to save. With a little bit of effort, you can quickly reduce the amount of money you’re spending on international supplier payments. Here are some tips to get you started.
1. Use a reputable payment provider.
There are a lot of payment providers out there, and not all of them are created equal. When choosing a provider for your international supplier payments, be sure to do your research and choose a reputable company with experience in dealing with international payments. This will ensure that your payments are processed smoothly and efficiently and that you don’t incur unnecessary fees or delays.
Pro Tip: You can use a currency daily look-up and economic calendar to prevent such low inflation rates, in order to send money overseas.
2. Request quotes from multiple suppliers.
When you’re requesting quotes from suppliers, be sure to request quotes from multiple suppliers. This will allow you to compare prices and choose the most competitive option. It’s also a good idea to request quotes from different types of suppliers (e.g., manufacturers, distributors, etc.) as they may be able to offer different prices for the same product.
3. Negotiate payment terms.
Once you’ve selected a supplier, it’s time to start negotiating payment terms. If you’re able to negotiate favourable payment terms, you’ll be able to save money on your international supplier payments. Some things that you can negotiate include the payment method (e.g., wire transfer vs. credit card), the payment date (e.g., net 30 vs. net 60), and the currency exchange rate.
4. Take advantage of early payment discounts.
Many suppliers offer discounts for early payment, so be sure to take advantage of this if possible. By paying your invoices early, you’ll be able to save money on your foreign supplier payments while also helping to improve your cash flow situation.
5. Use technology to your advantage.
There are a number of technology solutions that can help you save money on your international payments. For example, e-invoicing can help you automate the invoicing process and reduce the amount of time and paper waste associated with traditional invoicing methods. Similarly, online banking platforms can help streamline the payment process and make it easier for you to keep track of your finances. By taking advantage of these types of technology solutions, you’ll be able to save time and money on your international supplier payments.
Conclusion
By following these tips, you’ll be well on your way to saving money on your international supplier payments. While there’s no one-size-fits-all solution, by taking the time to evaluate your options and select the most efficient method for your business, you’ll be able to reduce the costs associated with paying your international suppliers.
