Businesses would like a greater level of cost transparency and tracking when it comes to making and receiving payments, according to new research from Travelex global business payments.
Businesses are still struggling with efficient payment systems: over half reported having problems with overseas payments in the last twelve months. Frustrations among respondents include the time taken for international funds to be received and funds to clear (44%), the hidden fees involved (35%) and the time it takes to investigate missing payments (24%).
As a result, companies are left feeling dissatisfied and disappointed by the service they have received, and also the cost – almost half are fed up with intermediaries taking a slice. A further 41% are demanding improved visibility for their transactions, so they can track their payments.
Ideally, finance directors want instant results –more than half would like to see instant payments and receivables as a positive development in the area of payment processing. A further 43% would like to see the introduction of a tracking system monitoring every step of the transaction.
Tony Wilson, director of Travelex global business payments said the current economic climate means financial directors are looking to rein in unnecessary spending. “As the credit crunch takes hold, time and money counts more than ever, and businesses are clearly looking for faster and more cost efficient ways to pay.”
© Crimson Business Ltd.
