Selling Cross-border Payments Across Sectors
In an interview with The Financial Revolutionist, Charles Rosenblatt explains how PayQuicker sells cross-border payment solutions across sectors, and outlines the company’s future as it moves into new markets.
Last year, PayQuicker launched Payouts OS, which lets PayQuicker’s payouts partners compete for client business, and solve clients’ specific needs (speed, cost, etc.).
According to Charles Rosenblatt, PayQuicker’s President, cross-border payments are only expanding in terms of volume and diversity of use cases. In particular, Rosenblatt said labor forces and supply chains are even more critical globally in our e-commerce-driven economy, especially given a more distributed and remote workforce. This requires more cross-border payments than ever before as well as different forms of payment, including for unbanked populations.
“As these companies want to try to extend their global reach, they need to have more varieties than just one bank transfer,” he said.
These mechanisms are inherently complex, giving companies additional incentive to use payouts solutions like PayQuicker. “Why would these companies want to create 15 bank relationships themselves?” Rosenblatt noted. “B2B cross-border payments are in the trillions, and are growing by the moment.”
PayQuicker emphasizes different use cases and product capabilities in conversations with potential customers. Some of its largest customers use cross-border functionality minimally and instead look for in-kind payouts capacities. Though Tupperware is a US-based company, the company’s priority in Canada, for example, is to ensure that its salespeople can get paid in the CAD they bring in.
Generally, Rosenblatt said, customers are solving for: speed and ease of transaction; configuration opportunities (API versus a whitelabel solution); breadth (number of countries clients can pay into); and methods of payment (e-wallets, crypto, bank transfers, prepaid cards, etc.).
Approximately half of PayQuicker’s sales are currently inbound, Rosenblatt said, though some of those inbound requests come after establishing connections with relevant stakeholders at trade conferences. PayQuicker is currently the payouts leader in the direct-selling market, and expects it will have to go more outbound as it moves into other sectors, because it’s a smaller player with less brand recognition in other spaces.
It’s now identified on the creator economy as a major sector it’s going after. Research and development companies and clinical trials fit its use cases well, too; it’s also expanding in freight, as well as education and tutoring, and gaming.
Across these sectors, PayQuicker has been able to emphasize its speedy operational capabilities. Clients can get onboarded in as little as three weeks. “Our systems are capable of getting people up and running very quickly,” Rosenblatt said. It believes its partner network will become a major lead-generation source across industries, and may also help retain clients through a comprehensive product network that can meet a range of customer needs.
Its emphasis on utility and relevance, rather than income through FX rates, will help it grow sustainably over time, Rosenblatt concluded.
“Our business is predicated on that belief,” he noted.
PayQuicker is an innovative global financial technology company that provides its clients with a robust payments and treasury platform. Since 2007, we have been revolutionizing payouts, allowing businesses of any size to offer instant global payouts in local currencies via secured bank accounts with prepaid debit cards, virtual cards, and mobile wallets. Our cloud-based and regulatory-compliant software stack enables clients to white-label our products, empowering fast and flexible spending options under their own branded experience. Our mission is to enable clients with superior payment and purchasing power that immediately drives business growth with every login, payout, purchase, or swipe.