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31/01/2012 -
As new payment technologies have emerged on a near-constant basis - helping to serve all aspects of m-commerce, online shopping, mobile transactions and credit card security - many market leaders have overlooked the considerable hurdles of cross-border payments.A study released this week by Western Union Business Solutions shows 35 percent of surveyed businesses cite hidden transaction costs as their biggest obstacle in making international payments. Twenty-eight percent of respondents pointed to currency volatility or payment timing.
Interestingly, only 40 percent of businesses claim that their company has a formal foreign exchange risk management policy.
"Effectively understanding and mitigating currency risk exposures is becoming ever more important to small and medium enterprises," said Ian Taylor, Western Union's regional divisional director for North America. "With the right payments provider, however, these businesses are in a strong position to seize opportunities internationally."
In regards to why firms choose certain payment processing services for their cross-border payments, 20 percent cited customer service or expertise as their main reason. The research points to the need for merchants to select their payment processors according to measurable criteria and market standings, as opposed to bank networks and mere habit.
