The direct selling industry, known for its adaptability, is gearing up for transformative changes in 2024. The traditional face of direct selling is changing. Embracing innovation and agility is becoming crucial as companies respond to evolving consumer behaviors and technological advancements. Corporate executives need to stay ahead of these shifts to drive growth and retain a competitive edge. Let’s delve into the key trends reshaping the landscape: 

Affiliate Programs Revolutionizing Sales 

More than 35% of existing direct selling companies are anticipated to incorporate affiliate programs, emphasizing straightforward selling, and offering attractive commissions ranging from 15% to 40%. Start-up companies have adopted this approach right from inception, acknowledging the appeal of simple, high-commission structures. 

This allows the direct sales industry to compete with the retail industry. More than 80% of retail brands use Affiliate Marketing programs. And 80% of advertisers set aside approximately 10% of their marketing budget for these projects. Why? Because it helps businesses reach more people, drive leads, and boost sales, all without spending much money on hiring a marketing company. 

The affiliate program offers an appealing alternate avenue to generate revenue for companies with the Baby Boomers, Gen X, Millennials, and Gen Z, who may have no interest in team building but will promote and sell products they believe in. Plus, it allows the affiliate to sell multiple products from different companies with no conflict of interest.  

Attraction of Different Generations 

Affiliate marketing is drawing in younger generations like Millennials and Gen Zers who are adept at social selling. The ease and familiarity of affiliate-based models resonate with these demographics, influencing their engagement within the direct selling space.  Research shows that this type of model is in tune with bloggers, influencers, university students, and young parents who are searching for an avenue of additional income stream that is time flexible. 

Payout Frequency and Adaptability 

To get ahead in the race for attracting talent amongst the growing gig economy, direct selling companies need to pay attention to the evolving preferences of their field. A recent study conducted by Dr. Robert A. Peterson and John T. Fleming and sponsored by PayQuicker found that 83% of gig workers cite the importance of being paid immediately for performance when looking for a new gig (The Future of Work: Insights into the 2023 Gig Economy Workforce). Companies that offer flexible payment options and safe, secure, speedy payments—usually on the same day—provide a better experience; improve attrition rates; and become more attractive to those entrepreneurs looking for a side or full-time home business to join. Instant payments build loyalty, trust, and engagement. This, in turn, creates a desire to grow their businesses and the desire to increase income. This adaptation aims to retain talent and remain competitive in the dynamic market. 

Global Expansion and Localization 

With the world becoming increasingly interconnected, direct selling companies will focus even more on global expansion. However, localization will be critical for success. Executives understand the diverse market nuances, adapting strategies accordingly, and establishing strong local networks and partnerships. We know the world is smaller because of our ability to communicate face to face via technology like Zoom, Teams, etc. It can be as simple as speaking in the country’s native tongue vs English, (with a translator if necessary), or even ease of commissions transferred to the local currency.  

AI Integration for Enhanced Efficiency 

AI, including chat-based technologies like ChatGPT, is becoming a staple both in corporate operations and field activities. Field leaders are leveraging AI-driven posts to support and guide their downlines, streamlining operations and enhancing productivity. In 2024, more companies will also utilize AI to support their leaders in the field and keep costs down. 

Amplified Social Media Support 

Field members now expect an array of social media posts—up to 20 different choices per week—to amplify their online presence and reach. Providing diverse content options empowers distributors and fuels their social selling strategies. Their posts need to give the potential consumer a reason to buy through them vs someone else. The objective is to gain traffic and convert that traffic into customers and sales; companies that are supporting this will see more traction than ever before in this space.  By being diverse, it generates more traffic to their business and will far outreach their personal circle of influence. This, in turn, opens opportunities to reach the right people.   

Resurgence of Live Events and Recognition 

Regional and annual/bi-annual conventions are experiencing a resurgence, significantly impacting company growth, and fostering brand loyalty.  On-stage recognition at these events is imperative, driving motivation and engagement among field members.  There is nothing like receiving an award or walking on stage in front of peers.  In the past, before the world was on lock-down, most direct sales companies focused on driving their team members to live events regionally monthly, quarterly, bi-annually and annually, knowing that this increased retention with the field and belief in the company. With the lock down, companies got very comfortable with Zoom and Team events, and while it has become a fantastic add on to businesses, and cost effective, it does not replace live events. More and more companies that did return to live events in 2023 are promoting more live events in 2024 than ever. 

Incentives and Travel Programs Driving Engagement 

Companies are elevating incentives and incentive travel programs, incorporating both sales and recruitment criteria. This dual-pronged approach not only motivates sales but also fosters team building and network expansion. 

In summary, the direct selling industry in 2024 is undergoing a profound transformation driven by affiliate programs, AI integration, increased social media support, and a renewed focus on live events and incentives. Corporate executives are embracing these trends to navigate the evolving landscape, foster innovation, and maintain a competitive edge in this dynamic sector. Adaptability and responsiveness will be key in seizing the opportunities presented by these industry shifts.  

Here’s to an exceptional 2024 for the industry! 

PayQuicker is a leading provider of financial transaction and treasury management technology and innovation for a wide range of industries requiring mass payouts to their participants. Our cloud-based and regulatory-compliant BaaS software stack offers custom-branded global treasury solutions that power clients to seamlessly deliver secure, instant payouts and digital wallets to millions of consumers, independent contractors, distributors, influencers, and affiliates around the globe. Schedule a free demo to learn more about the PayQuicker global treasury management solution.

The post Direct Selling Industry Trends for 2024: Navigating the Evolution for Corporate Executives  first appeared on Direct Selling News.

In this new digital world, they expect whatever business(es) they choose to work with to be current with trends, simple to operate, profitable—and FAST! Plus, the competition to attract and retain field members is fierce in today’s workforce.

With a 3.7 percent unemployment rate, US employers are aggressively competing for workers everywhere—and the direct selling industry is no exception. Every direct sales business needs a strong, reliable, engaged and satisfied field, so the race for attracting talent in a competitive landscape can be challenging. The direct sales landscape (like all other industries) is unrecognizable compared to a decade ago and even more so in the past three years. Is this a good thing? YES!

The direct sales industry can compete within the gig economy and win! As a channel, we have so much more to offer. We are, after all, The Original Gig. Working from the comfort of home, low start-up cost, quick compensation, company support and personal growth can be much more attractive than many other gig opportunities out there.

Flexible Financial Freedom

How can we do that? Attracting new entrepreneurs means satisfying their expectations. Companies that offer flexible payment options and safe, secure, speedy payments—usually on the same day—provide a better experience; improve attrition rates; and become more attractive to those entrepreneurs looking for a side or full-time home business to join. Instant payments build loyalty, trust, belief and engagement. This, in turn, creates a desire to grow their businesses and the desire to increase income. It becomes a snowball effect.

Instant payments are key to unlocking the vast talent pool of the growing gig economy. The Future of Work: Insights into the 2023 Gig Economy Workforce study conducted by Dr. Robert A. Peterson and John T. Fleming and sponsored PayQuicker found that 83 percent of gig workers cite the importance of being paid immediately for performance when looking for a new gig. The importance of immediate pay for performance was endorsed by the gig workers surveyed, particularly women. A large percentage of the direct sales industry salesforce are female and being paid immediately for performance was stated as more important for female gig workers.

Instant Payment Supports Retention

When asked, “How do you primarily use the money you earn from your gig,” 49 percent of the gig workers surveyed in 2023 stated that they used their gig earnings to pay household bills. This percentage is a significant increase from 2020, when 37 percent of the gig workers surveyed stated that they used their gig earnings to pay household bills. This 12 percent increase for households indicates that independent contractors are relying on being paid on time to pay their bills. Getting instant access to commissions earned could create more loyalty to the brand and support retention of the salesforce.

Another important factor is security and fraud protection. This is extremely important to today’s salesforce. Having a secure, safe platform with secure commission accounts that ensures authentication of the user; has multifactor authentication; bank-grade security; and is compliant with regulations worldwide allows the field to feel safe with their earnings that are deposited into a personal account.

Additionally, a brand debit/credit card validates and helps to promote the entrepreneur’s business, while a reliable payment back office that tracks payments, expenses and even offers tax documents increases the loyalty, trust and belief of the entrepreneur.

Plus, the ability to purchase anywhere with personal branded debit cards (virtual and plastic) instantly, with the option of mobile wallets, is a competitive advantage in the marketplace. Multiple, flexible payment options are key as well. Instant access to a virtual card that they can start spending on immediately upon registration is also extremely important. They want to use their earnings immediately.

What Entrepreneurs Want—and Need

This is what today’s entrepreneur wants with their commissions. While faster payments are just one of many ways that the relationship between the field and the company becomes stronger, it IS known as one of the top items on their checklist when choosing a company to represent.

One last observation which I think is the most important is that those who have fast access to their earnings work harder and more frequently. People love getting paid for a job well done and seeing it in black and white. It helps as a motivator to work toward that $500 needed to pay bills, a mortgage, pay down debt, etc. This is the golden nugget, that intangible that makes a difference. There is no better satisfaction for everyone involved in this industry than seeing those goals achieved and success attained. I’m glad we are all a part of the equation to help their success in an ever-changing and complex economy.

In conclusion, direct selling organizations need a secure and compliant solution to deliver payouts to their salesforce with minimum overhead that caters to the diverse payment needs of all global demographics. Keeping sellers engaged in today’s competitive market is a top priority, while increasing internal efficiencies and reducing costs are key to business growth. Faster payments to your distributors mean they grow their business—and yours—faster.

With over 30 years of experience in the direct sales industry, Darla Brown is a seasoned executive who began her career as a distributor in the field and then moved into the corporate world of direct sales as an executive in sales, marketing and management. As Global Vice President of Customer Growth at PayQuicker, Darla supports new and existing clients with their global payout needs.

From the November 2023 issue of Direct Selling News magazine.

The post How to Get Ahead in the Race for Attracting Talent first appeared on Direct Selling News.

The hyper-focus that many leading brands have on both gaining and maintaining a customer is astounding. They know what the cost is to gain, retain and lose a customer. They know how to convert their audiences into lifelong shoppers or distributors, scrutinizing and optimizing shopper experiences for long-term success.

Here are some key learning points on the customer purchase journey.

1 / Frictionless Payments

Why not go check-out free? In EMEA, linking up with a large retail technology partner has enabled just that. After tapping in with a credit card, sensors detect what you put in your cart—and what you put back—and then you simply walk out when you are done. No lines, no checkout, no time wasted.

In both the online and offline environment, anything that causes friction during that all-important payment journey can increase cart abandonment. Innovative companies may benefit from viewing their payment processor as a revenue generating partner versus a cost center. What if you could decrease cart abandonment and increase sales? What is a 10-15 percent increase in sales worth to your company?

Digital wallets and innovative payment solutions focused on speed and convenience—such as the modern checkout Skipify—are disrupting what shoppers typically expect the checkout process to be. Paying with one click, wherever you are and whatever you’re purchasing, plus having your information stored for accelerated checkout in the future, may soon be the norm.

Whilst new payment technologies speed up the purchasing journey, they also help keep shoppers and companies safe. Biometric checkout (fingerprint and facial recognition) decreases fraud, increases acceptance rates and simplifies the customer checkout experience. You simply look at or touch your device, and you’ve paid.

The modern shopper increasingly expects a simple payments experience, where losing your card and needing to update it across services when it expires is a thing of the past.

2 / Declined Customer Transactions

Declined customer transactions are lost customers and distributors. Do you know what your lost customer and distributor cost is?

More than $443 billion worth of orders are falsely declined every year due to fear of fraud, yet only one percent of orders are actually fraud.

Each card issuing bank has certain rules to dictate which transactions they accept or decline. Issuing banks are much stricter on eCom transactions versus card-present transactions. Knowing how to present key information, the appropriate networks, exception rules and track record are all key to improving acceptance rates.

Some payment providers have specific authorization maximization products that only charge for the service when they successfully improve acceptance rates. I have seen direct selling companies increase their acceptance rate by seven percent just by using the right payment partner. What would a seven percent increase in your payment acceptance do for your business?

Of course, it is still important to identify fraudulent transactions when they do arise by enabling the right fraud prevention tools and measures. Merchants pay on average $3.36 per lost fraud dollar. Credit card fraud occurrences are up 161 percent since 2015. Online fraud is set to exceed $200 billion between 2020 and 2024.

3 / Localization

When customers are not able to use their preferred currency or payment types, they may not complete the transaction and could take their business elsewhere. Payment habits continue to shift away from cash and credit cards towards digital wallets and other alternative payment methods like buy now, pay later.

Digital wallets comprised 48.6 percent of eCommerce transaction value globally in 2021, or just over US $2.6 trillion. Wallets are projected to rise to 52.5 percent of transaction value by 2025. Some shoppers are dissuaded from purchasing cross-border because of hidden fees and customs charges, so transparency and up-front costs can improve confidence. Even better, make the international shopping experience feel domestic and ensure costs are kept down, shipping is fast, and returns are just as easy.

For markets where you have a high volume of established sales with a local entity, you may want to set up a local merchant account with local processing to minimize foreign exchange expense and increase your payment acceptance rates. Find out which markets your payment partner has local licenses for to set up a merchant account for you. This can eliminate additional contracting entities and costly technical integrations that must be constantly maintained.

Driving Growth and Retention

In my short time at Worldpay from FIS, I’ve learned the future of retail success lies in a balancing act between key priorities. Many leading brands are great at making it easy to buy their product or service, and through select partnerships and integrations achieve speed, security and convenience for the customer, whilst also optimizing their revenue and limiting risk.

The very definition of a ‘seamless’ service is that the shopper doesn’t know which components were brought together to enable them to sit back and relax, knowing their item is on its way without a hitch. 

Michael McClellan has been in the direct selling industry for 20+ years and oversees the direct selling vertical market for Worldpay from FIS. Worldpay is the largest payment processor in the world.

From the November 2022 issue of Direct Selling News magazine.

The post 3 Lessons for Direct Sellers from Top Global Brands first appeared on Direct Selling News.

Citcon, Inc. the leading mobile wallet payment provider enabling global commerce at scale, announced that it has expanded its global footprint to encompass South Korea and Japan. Currently employed by over 30,000 merchants including Nuskin, Usana and New Age, Citcon has been pioneering the way for alternative payment methods.

Merchants using Citcon‘s global payments gateway can now transact with consumers in most of the APAC markets using all local payment methods, including more than 30 locally issued credit and debit cards and eight popular digital wallets, all through a single payments gateway.

Additional benefits to merchants:

• Preferred payment options: 70% of online transactions are paid with locally issued cards.
• Flexible payment methods, including credit cards that support payments in monthly installments.
• Higher approval rates with local acquiring when accepting credit and debit card transactions.
• Reduced risk: 3D Secure product can be used for major international card brands which will reduce fraud related chargebacks

Retail ecommerce and digital sales in Asia Pacific totaled nearly $2.99 trillion in 2021. Japan and Korea are the 4th and 5th largest markets for digital sales and ecommerce transactions in the world, and the 2nd and 3rd largest in the region ranking only behind global leader, China. Together Japan and South Korea account for more digital commerce than Germany, France and India, combined.

Citcon’s global payments solution simplifies the complex challenge of integrating and managing multiple payment methodologies to enable cross-border commerce.

For more about the features and benefits of the Citcon platform for direct sales merchants currently operating in or considering expanding to Japan or South Korea, please see these two new market perspectives from the global payment experts at Citcon: Japan Payment Methods: What Merchants Need to Know and South Korea Payment Methods: What Merchants Need to Know.

The post Citcon Expands Global eWallet Offerings for Direct Sales first appeared on Direct Selling News.

It’s easy to fall in the trap of focusing on an immediate need. A “we’ll cross that bridge when we come to it” mentality can help you solve problems quickly; however, decisions you make today may limit your company’s options tomorrow. Thinking ahead is the first step in implementing payments strategically. Take a minute, grab a notepad and pen, and try to answer the following questions:

• What is the long-term vision and goal for your company?
• Will the payment solution you’re currently using (or considering) still work for your company at your next stage of growth? The stage after that? 
• What will it cost to change to another provider if this solution can’t scale with your company? How long will the transition take?

If you struggled to answer these questions, you’re not alone. Most company executives (direct selling or otherwise) aren’t able to provide immediate answers either. However, finding these answers will help you understand how the decisions you make will impact your growth potential.  

The 8 components of a strategic payment stack

Payments are not just a necessary aspect of day-to-day operations. They can be a major strategic asset. An optimized payment stack—that utilizes the right partners and technology—will minimize common growth blockers, quickly scale into new global and domestic markets, and empower you to maximize your potential revenue. The following eight components are essential to creating a future-proof payments strategy. 

1. Connectivity 

It’s somewhat paradoxical that providing customers with a simple, one-step payment option on the frontend requires multiple complex and fragmented systems on the backend. Trying to manage and maintain payment infrastructure yourself can get very expensive and time consuming. Instead, look for an orchestration platform that connects you, through a single point of integration, to payment tools and services that will help you expand into global markets when you’re ready. It will not only save you time and money, but it will also alleviate frustration. 

2. Control 

Many payment gateways lock you into their service by maintaining ownership of your data and tokens. Look for payment orchestration platforms where you maintain control over your data assets. This gives you the freedom to adapt and change your strategy without disruption or the threat of losing customers. 

3. Security 

Compliance and security is arguably the most important aspect of your payment stack. Blocking fraud not only protects your customers, but it also protects your bottom line. However, you have to be careful not to block legitimate sales. Statistics show that 25 percent of consumers do not complete a purchase if their initial payment transaction was declined. Look for platforms that help you find the balance between security and customer experience. 

4. Optimization 

Just because a payment stack is functioning does not mean that it is optimized. Look for an orchestration platform that can make your transactions smart. The right technology can dynamically send transactions to the most effective gateways, enhance payment performance, and minimize fees. 

5. Recovery 

Many failed payments are due to issues on the consumer’s end of the transaction (e.g. outdated payment information, credit limits, etc.). You want a payment recovery tool that automates and streamlines communication between you and your customers in order to help recover revenue that would otherwise be lost. 

6. Redundancy

The cold, hard truth is nothing is 100 percent reliable. Servers go down, software gets hacked, and companies go out of business. The best way to minimize damage from unexpected disasters is to secure your data in multiple locations and formats. This allows you to implement new solutions quickly if one aspect of your payments system fails. 

7. Adaptability

Technology is always advancing. You need an orchestration platform that not only allows you to adopt the latest advancements quickly, but also minimizes the development expense of new technology, compliances, and software. 

8. Optionality

Being locked into a particular service or software impedes your strategic future. Tomorrow is never guaranteed. Even the most educated and thought-out decisions may fall flat due to unforeseen events. The only way to overcome the unknown is ensuring you have multiple options now and in the future.  

Finding the right payment service partners

The payments industry is an intricate mess of processes and systems. It requires years of experience in order to create a payment infrastructure with the eight components previously mentioned. Partnering with the right payment service providers will give you the experience you need to design a simplified, scalable, optimized, and competitive payment stack. 

Don’t be afraid to ask direct questions to your current or prospective payment service partners. Ask about the specific components in this article. Tell them about your future ambitions and ask how they can help you reach them. If you do not take control of your commerce future, it will end up controlling you. Don’t limit your future potential.  

Nexio’s unified payments orchestration platform is designed to make your commerce future strategic—because a strategic future means your options will never be limited by borders or technology. Find out more at nex.io/8-components. 

The post Make payments a strategic asset first appeared on Direct Selling News.

Major companies are making serious moves in the cryptocurrency space. Some are exploring accepting online payments in some form of cryptocurrency. In August, Amazon and Walmart posted job openings for product leaders to develop digital currency and blockchain strategies. Both listings indicated the companies are exploring ways to expand payment options for customers. “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” a spokesperson for the company told CNN Business.

On AMC Theaters’ earnings call in August, the country’s largest theater chain announced plans to accept Bitcoin for tickets and snacks by the end of 2021. “I’ve had to learn more in the past six months about blockchain and cryptocurrency than I learned about it in the entire decade before that,” CEO Adam Aron said on the call. “We’re quite intrigued by potentially lucrative business [opportunities].”

Other major companies accepting some form of cryptocurrency include AT&T, the Dallas Mavericks, Microsoft, Tesla and Twitch. United Wholesale Mortgage, the country’s second-largest mortgage lender, announced plans in August to accept cryptocurrency for home loans by the end of 2021. “We’ve evaluated the feasibility, and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” CEO Mat Ishbia said in the company’s Q2 earnings call.

Customer Demands

According to a New York Digital Investment Group study conducted in April 2021, 46 million Americans (about 17 percent of the adult population) own at least a share of Bitcoin. Pymnts, a payments-focused publication, surveyed 8,000 U.S. customers, including current and former cryptocurrency holders, as well as non-crypto owners. The survey found that both are interested in crypto payments, with 93 percent of crypto owners saying they would consider making purchases in crypto in the future. Even most of those who do not hold crypto (59 percent) were interested in using it to make purchases.

When it comes to increasing security and privacy, 60 percent of crypto owners said they were “very” or “extremely” interested in crypto payments for these reasons. If a crypto payment option was automatically available at checkout when making online purchases, 57 percent of crypto owners said they would be interested in making such purchases. However, just 21 percent of non-owners said the same. Regardless of purchasing interest from the two groups, the majority of both groups said there is not enough crypto payment adoption in the marketplace. More than 30 percent of respondents indicated that they would spend more if crypto was an additional payment option to typical options such as credit cards.

Crypto Options in Direct Selling

I-payout, one of the most popular pay systems in the industry used by several successful direct selling companies, has featured a Bitcoin payment option for years. So, direct sellers have the option of “getting paid in Bitcoin” along with several other choices such as bank transfers or debit cards. Accepting cryptocurrency from customers is a totally different matter, but as we’ve seen, customer interest is certainly growing. Processing Bitcoin payments is also cheaper. Most Bitcoin payment processors, such as BitPay, charge 1 percent, while traditional credit card transactions cost around 3 to 4 percent per transaction.

The post The Crypto Payments Race is On first appeared on Direct Selling News.

Providing competitive advantage can be accomplished through implementing strategic payout processes and technology. Partnering with the right global payout platform can help treasurers of international businesses achieve both.

In this article, Joe Bertalli, PayQuicker Chief Financial Officer & Treasurer, shares four tips on how treasurers can add value and reduce risk with improved global treasury management for global payouts:

1. Manage globalization
2. Mitigate risk
3. Enhance cash flow and liquidity
4. Reduce cost

1. Manage Globalization

As the trend of business globalization continues heavily in the direct selling space, treasury is an increasingly international operation. Implementing a global treasury system is an important initiative for international businesses to ensure operational proficiency and compliance with local practices and regulations. Treasury rules and regulations vary between countries and can be a complicated area to navigate. It is essential for companies that are expanding globally to recognize that business practices can differ in local markets. The complexities of treasury are magnified as companies expand into emerging markets or multiple markets simultaneously. Businesses can structure their governance systems to recognize these global differences and strengthen their responsiveness to local requirements. This can often be a headache for CFOs and treasurers, especially in emerging markets where governance is often weak or nonexistent. It is critically important to select partners and service providers that understand local markets and effectively respond to varying practices and regulations to lift the burden off internal finance teams.

Globalization Summary

• Recognize business practices can differ in local markets
• Rules and regulations can differ across countries
• Structure governance systems to recognize these differences and strengthen responsiveness
• Choose a partner that understands these differences

2. Mitigate Risks

With global growth comes the onset of more complex treasury activities and corresponding risk. There are three very important risk areas for treasurers to consider to lower their company’s risk profile including:

• Foreign exchange
• Money laundering
• Taxation
• Data and information security

Foreign exchange risk: Companies can reduce foreign exchange (FX) risk and manage working capital more effectively by matching local currency revenues with payouts in the same local currency. There is a strategic benefit for global direct selling businesses to match local currency revenues as most distributors prefer to be paid in local currency to avoid the burden of FX fees that they would have to bear if they are paid in US dollars.  By conducting payouts in local currency, global businesses can gain a competitive advantage while reducing foreign exchange risk.  

Money laundering risk: Anti-laundering regulations across regions must be met to reduce risk and to ensure smooth and timely execution of payments and transfers. Treasury departments of global enterprises are tasked with the crucial responsibility of eliminating the risk of fraud and asset mismanagement.

Taxation: Tax is a complex, yet integral, subject for businesses that is dependent on many factors unique to each company. Treasurers of US entities must strategically manage their foreign profits and repatriation of those profits to ensure the most tax efficient structure. This can be a complicated task for treasury teams.  Consultation with a tax professional is essential to formulating and executing any tax strategy.

Data and information security risk: The threat of cyberattacks continues to grow and treasury is a prime target for hackers and fraudsters. Corporate treasurers need to ensure their financial data, and that of their distributors, is protected and secure.

3. Manage Cash flow and Liquidity

Ensuring cash is in the right place, at the right time, in the right currency is an omnipresent never-ending key focus for treasurers. Corporate treasurers safeguard cash flow and make sure funds are circulating around the business smoothly. Effective global treasury management ensures the financial health of the company by optimizing liquidity and carefully managing relationships with banking partners, ensuring cash is available and payments are made and received on time.

Streamlining global payment processing is an important part of managing and optimizing cash flow. It minimizes costs associated with the complexity of supporting numerous countries and currencies, increases the speed and efficiency of payouts, and consolidates corporate global treasury reporting. In the rapidly evolving world of payments, global enterprises are able to track real-time payment data and instantly respond to their liquidity position.

4. Reduce Costs

We live in a world of constraints and achieving global treasury goals on, or under budget, is part of the treasurer’s daily charge. Partnering with a global treasury management solution helps treasurers achieve payment processing goals. Treasurers should ensure the following needs are met when choosing the right solution for their global company:

• Consolidate payments with a global payout provider
• Reduce cost of ACH/EFT payments and paper checks
• Reduce rework of correcting failed ACH/EFT transfers
• Avoid security risks by eliminating burden of storing personal banking information
• Eliminate FX fees with local currency payout options
• Redeploy resources to value added activities

In today’s fast-paced global economy, treasurers are critical leaders who deliver tremendous value to companies. This value is enhanced when treasurers merge their traditional role of managing risk and providing liquidity with executing strategic vision and providing competitive advantages.

Providing competitive advantage can be accomplished through implementing strategic payout processes and technology. Treasurers have the vision and, with the right global payout platform that provides valuable tools, global businesses can effectively manage payouts to countries across the world with local currencies to gain a competitive advantage.

PayQuicker is a leading provider of financial transaction and treasury management technology and innovation for a wide range of industries requiring mass payouts to their participants. Our cloud-based and regulatory-compliant BaaS software stack offers custom-branded global treasury solutions that power clients to seamlessly deliver secure, instant payouts and digital wallets to millions of consumers, independent contractors, distributors, influencers, and affiliates around the globe. Schedule a free demo to learn more about the PayQuicker global treasury management solution.

The post 4 Tips for Treasurers to Reduce Risk and Add Value with Global Treasury Management first appeared on Direct Selling News.