Managing international payments is never easy: let activpayroll’s solution enhance the performance of your process!
As a growing number of businesses expand to new locations across the world, the need to manage international payments also increases dramatically. International payments don’t just include employee salaries and wages, but a variety of statutory and third-party payments - a factor which makes developing an effective payments solution a complex challenge, and one which traditional banking methods may fail to overcome.
Conducting business on a global scale means getting to grips with a range of legislative environments, and the considerable logistical issues of coordinating with departments and employee populations in different corners of the world. Amongst those global challenges, payroll departments can expect to struggle with:
Our international payment solution helps organisations of every shape and size tackle the types of global business challenges listed above. Developed and implemented by global payroll experts, our solution is designed around a range of key features:
Our international payment solution provides customers with a reliable, accurate platform to facilitate payment of employees and third-parties in countries across the world, irrespective of location or recipient bank. The specific benefits of the activpayroll solution include:
We enable customers to send payments to employees and third-parties in multiple countries, in a wide variety of currencies.
Thanks to intelligent fund-routing across a global network, our solution makes foreign exchange conversions substantially less expensive than banks, saving customers money, time and effort.
Payments are routed in the fastest and most convenient way possible.
Our smart ‘track and trace’ capabilities enable activpayroll to monitor and receive status reports on all payments.
With one funding payment, our solution allows you to fund payrolls in multiple territories, from one centralised account.
Our payroll accounts are established on a per-customer basis, with no mixing of funds.
Each payment is made via file upload, protected by robust security measures. Bank validation or formatting issues are raised immediately by the payment platform.
After payments are made, we follow up by providing customers with monthly reconciliation and accounts statements - and access to a dedicated support team to help with problem payments.
In order to pay their international employee populations, many employers must choose between opening an in-country bank account to access local payment systems, or opting for international wire transfers. The problem is, wire transfers are often expensive, and may charge employees for receiving their salaries.
To address this issue, activpayroll has access to local, low value automated clearing houses (ACH) in over 60 countries, including Australia, Denmark, Hong Kong, Singapore and across the Eurozone.
Given the complexity of international tax and payroll legislation, we make compliance a key factor of our international payment solution. The measures we take to ensure compliance include:
We review and update data periodically to ensure we remain compliant with the latest legislation.
We source compliance information from a variety of sources, including in-country partner networks and payment providers.
Where it is not possible to make a payment, we offer alternative customer support options, including the provision of bank files to facilitate direct upload to banks.
To meet the unique needs of businesses and their employees, we tailor our international payment solution by conducting a thorough review of their global profile. That review involves establishing an overview of the countries which the solution needs to serve, and the volume and value of the payments which need to be processed.
Our review process is designed to set accurate and early expectations of what the payment solution can deliver - and ensure we have the information we need to be competitive. Reviews are conducted on a non-name basis in conjunction with payment providers to ensure we deliver the best rate possible for our customers.
A multinational US-based IT company needed to implement payroll for an employee population deployed over 23 countries, in 9 currencies, from a central account funded in Euros.
The solution needed to cover salary payments, statutory, third-party payments - and manage multiple payment dates, including a variety of important payroll sign-off dates.
Using one funding payment per month from the customer, activpayroll took responsibility for making all international payroll payments on time, managing dates and deadlines via our global payroll platform.
Our solution delivered significant savings on foreign exchange costs and transaction fees. It also generated a suite of payment reports, including statements and reconciliation provided on the first working day after the month’s end.
If you’re preparing to expand your international footprint, or seeking to optimize your existing payment solution, it’s important that you explore your options.
To learn more about our global payroll expertise, and how our international payment solution could work for you, contact us here.