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Businesses would like a bit more ‘Big Brother’ style scrutiny when it comes to making payments: four in ten UK finance directors are calling for far greater cost transparency and tracking of all their domestic and international payment transactions, according to new research from Travelex Global Business Payments.
 
Forty-four per cent feel that the amount they have transmitted should be exactly the amount received by the payee - with no intermediaries ‘clipping the ticket’.  A further 41% are demanding improved visibility for their transactions, so that they can effectively track the payments that they make, while 40% want to ensure that payment delivery is guaranteed.
 
These views are a direct reaction to the finding that a staggering one in two businesses (52%) report having had problems with overseas payments in the last twelve months.  Frustrations amongst respondents include the time taken for international funds to be received and funds to clear (44%), the hidden fees involved (35%), and the time it takes to investigate missing payments (24%).
 
In an ideal world, finance directors want instant gratification – more than half (55%) would like to see instant payments and receivables as a positive development in the area of payment processing.  A further 43% would like to see the introduction of a fully tracking system, monitoring every step of the transaction, while three in ten (27%) would value automatic reconciliation.
 
However, they are not quite ready to be upwardly mobile - as yet they have not embraced the idea of mobile payment processing using handheld devices, with just 6% in favour.
 
Tony Wilson, director of Travelex Global Business Payments said: “As the credit crunch takes hold, time and money counts more than ever, and businesses are clearly looking for faster and more cost efficient ‘ways to pay’.  However, there is some good news for UK exporters despite the current climate: by launching GlobalPay, we can seriously cut the cost and increase the speed of international payments. This means one less worry for UK companies and gives them the peace of mind to focus on their core business.”
 
The research is part of an ongoing study by Travelex Global Business Payments into the pain points caused to businesses by making international payments.

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Related links

• Travelex