By Jay Dahal, Co-Founder of machine†
It’s 2022 and the world is becoming more digitized by the minute. People learn to maximize technology and API is central.
You get things done almost instantly thanks to this digital messenger, the API. Think of API as your personal assistant and everything you find on the web as shops in a mall. API is tasked with understanding what you are looking for, such as tickets, a flight or online information. After it determines what you’re looking for, it asks the suppliers what they have and delivers those answers back to you.
And once you’ve seen all your options, you can tell API which one to buy, where to get them delivered, and how you prefer to handle payment. That way you don’t have to connect to all these different suppliers, you just have to instruct him to do all those digital errands. Here’s how to implement an API:
A few decades ago, sending money around the world had enormous friction. Nowadays it is smooth and a week of waiting is now doable in minutes.
International banking became such a hit that the service to send money to another country generates approximately $29 trillion as of 2019, and you no longer need to be a bank to offer these services. That’s the beauty of API: instead of having to go through tons of phone calls, emails and regulations, API coordinates the information with the correspondent banks and exchange offices, allowing you to serve your customer faster and start offering banking products. And while you shorten the time, you can spend time doing the things you do best and thinking of ways to expand your services.
Embed a remittance product
Companies looking to tap into the international market are looking upwards as long as they are able to replicate service quality and make internal processes as seamless as possible.
Step 1: Do your homework for domestic expansion. How do companies operate in the country you want to reach? What do you need to make this possible? Who should the competitors pay attention to?
Step 2: Arrange all internal processes to make it easy for your partners to transfer individual payments. You can do this by embedding a remittance product, powered by a cross-border money transfer API, into your current business infrastructure.
Step 3: Make sure all business SOPs are in place! From brand guidelines to marketing materials, keep them handy so your potential partner can see how seamless your business processes are.
Once you’ve done all this, all they need to do is sign the contract, pay the subscription fee, and start transacting.
Pro Tip: Take some of that $29 trillion and add remittance as a revenue stream into your business model. That means your customers can buy your products from all over the world and send them as gifts to their loved ones in another country, or even send store credits to their friends around the world.
With remote working becoming a preferred option, more and more marketplaces are coming to life. Some are industry specific where you can search for influencers or writers, some are marketplaces for project collaborators and some are for full/part-time remote workers. As the tech startup grows, so does the competition.
That means talents all over the world are constantly looking for places that will not only give them jobs but also cost less to receive payouts. Most marketplaces still rely on today’s payment aggregators which we know are not only more expensive but also slow and disjointed.
As competition gets tougher, every cent in service costs can make or break your business. To get ahead, try to find a Money Transfer API company that can bundle services through their platform, in which API plays a vital role. Your goal is to find an effective payment processor so that your customers can receive money faster and cheaper. Unlocking this will allow you to expand into the global market with payment API.
Ultimately, successful entrepreneurs understand that it’s all about relationships. How does a customer feel when they buy from you? Do they feel cared for? Are their needs taken into account? How easy is it to make that purchase? If you can make the sales process faster and seamless, then do it. If you can assure your customers that there is a way to send and refund their money if you don’t deliver, you build trust. If you can serve your customers better and faster, then go for it.