Data Snacks, Member Exclusive

Data Snack: Inefficient cross-border payments are costing companies time and money

  • 89 percent of financial executives said they lost money because of inefficient payment processing systems.
  • A majority of people said they lost four to five percent of their revenue.
close

Email a Friend

Data Snack: Inefficient cross-border payments are costing companies time and money

Businesses with big ambitions can’t fully scale if they’re losing money working with clunky, antiquated systems to process international payments.

A majority of finance executives — 55 percent —  reported monthly revenue losses between four and five percent because of their current payment processing systems. Nearly a quarter said they lost as much as six to 10 percent.

SPONSORED

 

These findings were published by Flywire, a global payments enablement and software company. About 300 CFOs, VPs, controllers, and other executive-level finance professionals reported that problems in their international payment collection processes were affecting their business’ ability to scale internationally. 

One of the major findings was that businesses were losing revenue because of inefficiencies with receivables processing.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Data Snack: Inefficient cross-border payments are costing companies time and money”

Member Exclusive, Podcasts

Inside Cross River’s ecosystem of some of the best fintech brands

  • Cross River combines tech and banking to power brands like Affirm, Coinbase, Upstart, Upgrade, and Stripe.
  • Chief strategy officer Karan Mehta joined us at The Big Bank Theory Conference to discuss how Cross River’s technology enables the delivery of innovative financial solutions to millions of consumers and businesses.
Zachary Miller | December 03, 2021
Member Exclusive, The Customer Effect

‘New, different, and easy to say’: How fintechs go about choosing their names

  • Standing out as a company in an industry as fast-growing as fintech is no easy task.
  • Finding the right brand name can be a make-or-break for a lot of aspiring startups.
Rivka Abramson | December 02, 2021
Member Exclusive, Podcasts

‘Don’t let any legacy tie you down’: How Piermont Bank blends humans and technology to service midmarket SMBs

  • Piermont Bank serves mid market SMBs with a hybrid blend of digital and human bankers.
  • CEO Wendy Cai-Lee joins us on the podcast to talk about building a bank that addresses SMB pain points.
Zachary Miller | December 01, 2021
Data Snacks, Member Exclusive

Consumers may not get crypto, but they are buying it

  • With almost 2 in 10 people in the US owning crypto, crypto popularity continues to climb.
  • But crypto knowledge seems to fall quite a bit behind crypto optimism. Only 4% of people in the US can pass a crypto literacy quiz.
Rivka Abramson | November 29, 2021
Member Exclusive

‘It doesn’t happen overnight’: How Wise is expanding its banking relationships internationally

  • Wise may have shortened its name, but its roadmap continues to expand.
  • At Tearsheet’s Big Bank Theory Conference, Lindsey Grossman, director of product, and Ryan Zagone, head of Americas, talked about how the company is leveraging APIs to accelerate growth.
Rivka Abramson | November 23, 2021
More Articles