Author: Corpay Cross-Border Solutions   https://payments.corpay.com/cross-border

Every day, businesses send hundreds of billions of dollars in payments through the global banking system. But many organizations fail to recognize how inefficient – and costly – this process really is. But many organizations fail to recognize how inefficient – and costly – this process really is.

Transaction costs may be relatively small on a per-transaction basis. But when one considers the sheer number and value of payments that are made each year, the tally of fees can reach into the billions of dollars.

According to our recent proprietary study, the average global premium charged to send a payment across borders is 3.39%. Depending on the region, this may affect anywhere from 4% to 25%–fully a quarter– of all transactions. Even when payments are made and received in a single currency, banks may charge significant administrative fees on each transaction.

This is quite clear to recipients, who see fees and exchange rate adjustments cutting into the amount ultimately received in domestic currency. To protect margins, many have no option other than to pass higher prices on to their customers – something that can hurt competitiveness and limit international growth.

The challenge is that many of these costs are not always visible to remitters. Businesses often don’t appreciate the impact that a more efficient payment process could have in driving down costs – and improving trading relationships.

Read Corpay’s White Paper to learn more.

To discuss your cross-border needs please contact  Danielle Orcutt, National Account Manager, Corpay (Fleetcor NYSE FLT) +1-929-504-8791 danielle.orcutt@corpay.com  https://payments.corpay.com/cross-border

About Corpay

Global businesses trust Corpay Cross-Border to power their international payments, execute plans to manage their currency risk and support their growth around the world. We aim to deliver unmatched service and expertise with respect to moving money globally. Utilizing our proprietary payment automation technology and currency risk mitigation solutions, we take pride in connecting companies large and small with the global financial markets and businesses all over the world.

You can feel confident working with Corpay, as we are backed by our parent company, FLEETCOR Technologies, Inc. (NYSE:FLT) a leading global business payments company based in Atlanta, Georgia, USA. FLEETCOR is a Fortune 1000 firm, an S&P 500 member and has USD $2.8B in annual revenue with a market capitalization of USD $18.2B (as of December 31, 2021).

To learn more contact Danielle Orcutt, National Account Manager, Corpay 929-504-8791 danielle.orcutt@corpay.com  https://payments.corpay.com/cross-border