By Ela Matters Staff 
If your business is part of a global supply chain, you’re going to need fast, effective international payments. Traditional banking options mean that trying to pay businesses in other countries can take several days to process, and in that time, currency exchange rates can change drastically.
To stay ahead in international currency transfers, read on for our concise guide.
The new demands of global trade
Following the US’s new tariff scheme, there has been an unprecedented strain placed on the global trade system. For 90 days, all countries (except China) will have rates set at 10%, giving them time to try and negotiate better deals with the US.
Of course, these changes are likely to disrupt supply chains across various industries and heighten uncertainty regarding international trade. To help ease this disruption, it has become increasingly important for US businesses that want to continue trading with international partners to upgrade to innovative payment systems.
Innovations driving international payments
To help US businesses continue trading effectively across international borders, there have been several recent innovations in the international payment space. For instance, options like instant settlement, multicurrency wallets, and real-time exchange rate locking have become invaluable for international currency transfers.
Instant settlement
Instant settlements aim to process payments immediately, giving the seller access to funds almost as soon as the customer has sent the money. Reducing the time lag gives both parties greater confidence in their trades and removes any anxieties surrounding the payment processes.
Multicurrency wallets
These wallets can hold different currencies simultaneously, meaning you don’t have to worry about exchange rates or exchange fees. Instead, you can trade effectively in your partner’s own currency, giving you greater financial protection and control.
Real-time exchange rate locking
Some services offer real-time exchange rate locking. This allows you to look at an exchange rate for a set time (usually less than a minute) before you agree to send over any money. This allows you to check if the rate is favorable, without forcing you to make an instant decision.
What to look for in a global payment partner
When choosing your global payment partner, you want an option that can help facilitate trade as quickly and easily as possible. Of course, there are several other factors you should consider, including cost structure, platform integration, and customer support.
Trying to find the right balance between these criteria can be challenging, but it’s important to prioritize the options that are best for your company.