Jan 6, 2023

Modern Businesses Use Mobile Devices Not Letters of Marque

Modern Businesses Use Mobile Devices Not Letters of Marque

SMBs work around the world and on the go and are making more global payments than you may realize
SMBs work around the world and on the go and are making more global payments than you may realize
SMBs work around the world and on the go and are making more global payments than you may realize

If you’re a financial institution thinking international payments aren’t important to your customers, because ‘our business customers don’t even make many global payments,’ you may want to take a much closer look at your customer accounts.

In the past year 43% of all small businesses sent cross-border payments to their vendors. Whether they used your banking services, third parties like PayPal and Venmo, or another (larger) bank to facilitate their transaction, the volume in terms of clientele, transactions and dollar volume is undeniably substantial.

If you’re thinking, yes, we know this pent-up demand for international payments exists, what would you do if a customer sent a payment overseas and never received their goods or services?  There are LCs and trade escrows, but they’re just not cost-effective enough to work for transactions this small. LiquidTrust is here to solve all that for you. We have developed a simplified and cost-effective escrow-like platform that can be seamlessly added right in the middle of the payment flow and co-branded to fit perfectly into your own internal marketing plans.

It’s easy to take a quaintly myopic view of the modern business marketplace, and imagine business owners buying their raw materials from the local butcher or barrel cooper a few cobblestone roads from their corner shop. However, the data makes it clearer than ever that most small businesses are using digital devices to procure goods and services from partners in faraway places, to work with global contributors to all aspects of their own growth, and to reward those important vendors with prompt payments that avoid the significant bank fees or inefficient red tape traditional banking often requires.

With LiquidTrust Your Money is Always YOUR Money

LiquidTrust offers the best path of least resistance. Funds are securely deposited by the buyer in one location, held in escrow securely in an individual bank account under that buyer’s name, and released to the secure individual bank account of the seller the moment both parties agree the transaction is complete.

This pass-through method maintains the ownership of the funds for the proper party at all points during the arrangement, with a completely transparent online interface to ensure that the buyer and seller knows the status of their funds at all times.

When implemented correctly, financial institutions can drive supplemental revenue and deposits by making this innovative solution available to their business customers. Buyers can confidently make purchases from 175 countries around the world, and Sellers can focus on completing their work with peace of mind that only comes from knowing their payment has already been sent.

Finally, a way to help small businesses keep their payments flowing, with LiquidTrust!