Cross-border payments and remittances are a widely used mode of international remittances. It is a highly reliable mode of remitting as it takes minimal time to reach its destination.
The conventional money transfer business is also a channel for international remittances. Both the modes are useful for transferring money from one person to another. The process of cross-border payments and remittances saves lots of time and that too without any hassles.
There is no need to wait for days for a transaction because the time span is less than a few hours. Moreover, the payment is easy through which the amount can be transferred in a large amount within a very short period of time.
The timing of payment also matters a lot. For instance, if there is a scheduled event and the date falls on a holiday or a public holiday, the employees of the business involved may not have the time to go from one place to another to make payment.
The only way out for the businesses is that by making a payment and waiting for another time for sending the payment to the receiver. In this case, the payment is made by the sender and when the recipient receives the payment he can clear it as per the agreed date.
The same concept is applied with the cross-border payments and remittances also. The cross-border payments and remittances help the receiver of the money to claim the amount from the sender. A claimant can use the funds of his receiver without any delay.
This is possible because the receiver of the international remittance has a mobile number of his own and can contact the sender himself. Therefore, the sender gets no reasons to keep the money.
If the recipient is not aware of the sender or the process of payment, the traditional method of making payments is not applicable. The sender has to provide all the information regarding the recipient and his contact details in advance to the recipient.
In this case, the electronic transfer can be done online through a suitable payment gateway for conducting the transfer. This is the reason why the traditional mode of making international payments is no longer applicable.
Since there is less risk involved with the traditional method of making such transactions, more people are converting to this method. This is one of the reasons for the boom in the popularity of the cross-border payments and remittances.
Apart from the service providers there are a number of online payment companies who deal in the online payment services. They deal in all kinds of electronic transfer transactions and are preferred by many customers.
It is also available for small businesses who do not have the funds to fund the different kinds of payments. The cross-border payments and remittances are fast and secure ways of sending money without delay.