Startups target banks' small business customers in FX payments drive

LONDON - Revolut and TransferWise are signing up thousands of small businesses a month for foreign exchange payments, touting slicker service and lower fees as they try to take on banks in a sector with flows of $7 trillion a year.

“Small businesses don’t get any better prices than consumers,” said Stuart Gregory, head of TransferWise for Business. “You’re not getting speed, convenience, you’re not getting a good price.” It expects businesses to account within a few years for a quarter of its overall 3 billion pounds monthly flows, up from about a sixth, or 500 million pounds, today.

It has attracted 100,000 businesses — up from 33,000 last June — and is adding 3,000 to 6,000 customers a month. TransferWise declined to give its overall business customer number. International payment revenues across all customers top $200 billion-plus globally a year, according to McKinsey. Business-to-business revenues total $127 billion, although most likely comes from big lower-margin corporate customers.

“It’s an industry that has been using the existing platforms for decades with no innovation,” Forzley said, adding that Veem had more than 100,000 users, 2-1/2 times more than in early 2018.

A shout out must go to StarlingBank & their euro account in this sector. All the advantages of those companies mentioned in your report, but with the added customer protection gained from being in the Financial Services Compensation Scheme.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ingenico has introduced a business solution for phone paymentsBI PRIME: Leading point-of-sale (POS) terminal provider Ingenico introduced LinkPlus, a solution for businesses that accept phone payments. Need funding for inventory, advertising and employees payroll Google or email psmith.urgentcashadvancenowyahoo.com
Source: BusinessInsider - 🏆 729. / 51 Read more »

Small Business Are Having A Bigger Impact On Job Creation Than Large CorporationsHigh impact small businesses and startups are creating new jobs in the American economy. Early-stage startups and large companies not as much. Our job-creation strategies must reflect that. Isn’t this typical? Man lands on the moon! ;) heartmade4uonly supportsmallbusiness
Source: Forbes - 🏆 394. / 53 Read more »

Small Business Are Having A Bigger Impact On Job Creation Than Large CorporationsHigh impact small businesses and startups are creating new jobs in the American economy. Early-stage startups and large companies not as much. Our job-creation strategies must reflect that. mussurana
Source: Forbes - 🏆 394. / 53 Read more »

Beyond Tech Unicorns: What Other States Can Learn From Utah's Small Business EconomyWhat can other states learn from Utah’s tech powered, small business-friendly ecosystem? And how does Utah keep the momentum building for future generations of entrepreneurs? I believe there are three keys to planting seeds for future growth.
Source: Forbes - 🏆 394. / 53 Read more »

Best Ways To Find A Small Business MentorWhen starting a business in midlife, it helps to have a small business mentor. It's appropriate your lords must find a real job because nobody need a duke in so far island say that the polls and maybe the election. I hope the losers of the last games heard it in the U.S and stop dirty plans and get ready to retirement. Research them. Success can be media deep. 🤔
Source: Forbes - 🏆 394. / 53 Read more »