Breinrock

ASK IVA

IVA BOGICEVIC

Head of Payment at Breinrock

Dear Iva,

My brand is looking to expand into the boom markets of LATAM, Africa and Asia. However, one major hurdle is finding a stable solution that can not only accept the larger transactions of over ten thousand, also as with any brokerage we need the funds to clear quickly as they clients sometimes cannot wait 3-4 days taking the normal banking routes.

What do you suggest as a remedy to this?

Many thanks.

Dear Michael,

This can be a huge challenge, as people are fighting to get a solid foothold in this region, and providing a solid solution not only for your clients but also your brand to move funds globally is critical. One solution I would suggest is having a banking partner that offers local payment routes in the countries you need. The advantages of having access to a real local payment routes is that they will offer huge value to your service. With many brands looking to make a significant footprint within LATAM, Asia and Africa, it is still a relatively new market for many outside these regions, so you have to make sure your banking structure (and the provider you use) is on point.

If you have just the ‘standard’ system, this can act as a massive hindrance in some cases having to wait several long days for the transaction to be complete, which will create unnecessary friction between you and your new client.

What’s the answer?

Choose a banking partner where they can show solid local payment routes prior to signing up with them. With this you can have access to almost immediate clearance of funds leading to more fluid relationships with your clients.

Having access to this should probably be on your checklist when you use an EMI or banking partner. Moreover, if you are using a discount service that offers just a SEPA account and maybe two banking options you are going to find this a challenge for your brand to penetrate these markets. Going back to my mantra of you get what you pay for is incredibly relevant with a banking service. It is naive to assume that you will get this at a discount service price. Moreover, you should look at it as a value add to your service having solid access to new markets rather comparing it to a discount banking brand.

At Breinrock we have almost 70 local routes including all the major LATAM, Asia and African countries which will clear your funds in your Breinrock account in moments ending the stress and strain that other solutions can bring.

For more information on upgrading your banking structure, feel free to contact us to see how we can help you.

Thanks, Iva

To find out more about how Breinrock can help you, mail us on welcome@breinrock.com