Previously, small and medium-sized businesses experienced significant difficulties when entering the international market. The first and main problem is the reception and transfer of international payments. Banks were the only alternative, but they did not offer favorable terms of cooperation: the commissions were too high, and the transfer speed was too low. Valeria Vahorovska, CEO of Fondy, told how online payment services are changing the game’s rules.
What are the features of the payment industry in Europe?
According to Valeria Vahorovska, the market changes rapidly and sometimes very sharply. The recent pandemic, when thousands of businesses had to go online in a matter of days, is a good confirmation. However, it is not only about external circumstances.
Customer preferences are also changing rapidly. That is why companies should follow all the trends, news, and industries that may be of potential interest to their target audience. They should adhere to their short-term and long-term goals while remaining flexible and proactive. This gives chances for success in conditions of constant uncertainty, emphasizes Valeria Vahorovska.
Another area that needs to be followed is the legislative and regulatory framework. Norms for different regions differ; moreover, they often change. Tracking them down can be very difficult and requires a serious team effort. However, it becomes commonplace when you work in the field of online payments, says Valeria Vahorovska.
The online payment industry itself is also changing rapidly. New technologies and opportunities appear almost every day. You need to have a sharp eye to understand which technologies will survive and become indispensable and which are fleeting trends. Companies should regularly introduce new technologies so that customers remain satisfied and do not change service providers.
How the Fondy payment platform works
Valeria Vahorovska emphasizes that the online payment system should satisfy a number of requirements, among which two are particularly important: first, to work with different currencies; second, to work with other electronic wallets and payment systems.
Fondy meets both requirements and, in addition, has a number of advantages. For example, it determines the geolocation of the user and offers the most common payment methods in a specific region out of more than 300 available. You can pay in a few clicks using both global and local cards.
Fondy Flow, the new company’s product, will simplify the process of international trade even more, adds Valeria Vahorovska. This is a service with multi-currency accounts, each of which has its IBAN. This allows you to conduct business as a local company and significantly save on commissions. Learn more about the possibilities of online payment systems for businesses.
