Those surveyed included issuers, acquirers and PSPs as well as merchants, for a rounded view of the market, covering issues such as speed of money transfer, fees for international payments, and FX rates. The survey reveals that, of these businesses, 63% are not satisfied with how long international transfers take to arrive in the recipient’s account.
Moreover, 38% believe they get a competitive FX rate for cross border payments with their current provider. Still, a third of respondents haven’t even looked around at other options – with lack of time for research given as the most common reason.
Anders la Cour, Chief Executive Officer of Saxo Payments, explains why the company carried out the research: “With international trade increasing rapidly, payments processes need to keep up to ensure they do not hold businesses back from their full potential. Traditional cross-border bank transfers are no longer the only solution, but we wanted to know if companies are aware of the alternatives or simply sleepwalking through the process, paying high fees for poor foreign exchange rates and slow transfers.
The survey shows that businesses would be willing to switch provider if they could see the benefits. 79.4% stated that if they found a solution which cost less, they would change payment provider, and 63% said that a service providing faster transactions would push them to make the move.
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