Do you know which features to look at before choosing a money transfer platform for your business?
There are a number of factors that define your money transfer business like platform success rate, integration time, pricing, etc.
So, if your answer to the above question is No, don’t worry, this blog will give you a checklist of 6 features you should refer to before choosing a money remittance platform.
Easy To Integrate
Is the platform Easy-to-Integrate?
This should always be your first question when you discuss with a company about integrating their services into your website. Your business should not get affected if the integration takes longer (say a month).
For example, with Eko API Widget you can integrate multiple money transfer APIs and go live within a week.
Understand the integration process before you jump to conclusion. It’s wise to always keep your website developer in the loop if you are a non-technical person. He/she will be able to give you a clear estimate of the amount of time it will take to integrate.
Do check out their API documentation as a first step – Does it have sample responses, error codes, code snippets in different languages?
High Transaction Success Rate
It really hurts when a transaction fails or goes awaiting. Before you opt for a remittance money transfer service from a service provider, you should ask “What’s their transaction success rate or how many TPS (Transactions Per Second) their platform can handle?”
If you start using a service before asking this question and face frequent transaction failures, you may lose your customers fast and it will hamper your business.
Secure And Safe
Last year a news got viral when Amazon’s Alexa ordered dollhouses after hearing its name on TV for all those people who did not disable the voice ordering or did not add a password to their device.
Cryptocurrency is another industry that faces serious security issues. Take for example Bitcoin. Their wallets have loopholes that can be easily exploited. Cyber attacks on Bitcoin are very much real. In fact, Bitcoin was one of the most targeted industries.
We are surrounded by technology and sometimes even the most secure system gets hacked.
Adding security protocol in each API requests makes your system hack proof.
For example, to avoid any fraud, your system should ask for a secret PIN or OTP before making any transaction. This will make your transaction secure.
Also, make sure the sensitive data is encrypted from your server to your service provider’s server.
These features ensure a safe and secure transaction.
Dashboard To Manage Business
The dashboard should provide all necessary reports (like product-wise business growth, invoices, etc.) all in one place so that it’s easy for you to analyze the growth, compare month-wise profits and generate invoices.
It should give you a clear picture of how your money transfer business has performed and the profit you make out of your remittance business.
The dashboard that we give to our enterprise partners, helps them easily track their transactions and business growth.
Quality Of Customer Support
Even the finest technology sometimes face a technical issue. That’s normal. But what if the transaction is stuck and your customer is waiting outside your shop to transfer money?
It’s very important to ask your service provider “What’s their TAT (Turnaround Time)?” i.e. how much time do they take to resolve different kinds of problems such as
- Response Awaited
- Transfer done to wrong account
- eValue service for NEFT/RTGS/IMPS/Intra-banking
It is best to go with a company that gives 24*7*365 days support.
We all get attracted to the product that offers more at the least price, but does that product help you build your brand successfully?
Price is important, but the cheapest product is not necessarily the best. Somewhere quality is always compromised either in terms of customer support, security, transaction issues or difficult integration process.
So, don’t let the price of the product define your business. Choose the service which best suits your requirements.
Since you are building your brand, you should tie up with a company and a platform with whom you can do long-term business, innovate continuously and implement new stuff easily.
You can not afford to invest time and money into multiple integrations.
Over To You
I hope this post will help you choose the best money transfer platform for your business.
If you know of any other feature in a money remittance platform that’s not listed here do let us know in the comment below. We would be happy to add it to this blog post.
If you are looking for a money transfer platform fill your name and contact number here or write to us at firstname.lastname@example.org and we will get you started instantly.
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To your success!