Changera, a revolutionary cross-border payment platform, is not resting on its oars to improve payments in Africa and the world. Given this, it is with great excitement that we announce the introduction of the new FX feature on Changera Business. This is great news for business owners who carry out cross-border payments. This feature will easily solve common problems encountered while carrying out international transactions. With the FX feature, business users can send funds to US accounts as well as receive funds from their own US accounts seamlessly.
Since Changera’s inception in 2021, we have delivered on our value proposition to enable seamless and secure cross-border payments. The primary goal of our platform is to help individuals and business executives make a living on their own, and so far, we’ve been living up to expectations.
Changera is a social payment company that allows both individuals and businesses to carry out transactions and make payments swiftly regardless of location. With users spread across countries such as Nigeria, Ghana, Kenya, and Canada, Changera is recognized as one of the fastest-growing fintech startups.
Users can access features like local currency conversion, virtual dollar cards, and virtual accounts (Pounds, Dollars, and Euros). These features enable users to send and receive funds globally and also hold money across several multi-currency wallets.
The app is available for download on Play Store and App Store. You can also follow @Changeraapp on all social media platforms.
FX Feature: What is it?
We understand how difficult and exhausting it can be for business owners to carry out FX transactions. This is one of the most common challenges that businesses face all the time. That’s why we tirelessly work to provide innovative solutions to these problems. Hence, to help your business, we are launching a new feature that easily solves cross-border payment problems— the FX feature for Changera Business.
The FX feature is designed for the transfer of funds and currency exchange needs of our users while maintaining compliance and security of their funds.
Challenges of Cross-Border Payments
As we said, Changera’s mission is to provide solutions to problems business owners encounter during cross-border payments. Let’s take a look at some of these challenges and how they can be detrimental to your business. Also, keep in mind that when you sign up on Changera Business, these are some of the problems that your business will be able to tackle in real time.
It’s no wonder that cross-border payments are notoriously expensive. For one, there are many intermediaries involved in transferring funds from one country to the other, all of which charge fees for their services. Plus, there are regulatory costs to consider, and finally, FX fees will also be charged to convert one currency to another.
How does this affect your business? Retail and consumer customers will mostly consider prices before choosing a service provider. If the financial institutions they use cannot offer a competitive rate, they’ll simply go elsewhere. This means one less customer for your business.
It is justified that customers want to be confident that their money is safe and secure when making international transactions. Unfortunately, cross-border payment systems usually suffer from high-level breaches from fraudsters and hackers. The reason for this is not far-fetched. Every country has its financial laws and regulations. As a result, the cross-border payment system is at risk of being hacked when funds enter a country with relatively soft security and access policies.
What does this mean for your business?
Cyber security remains a huge concern for customers making international payments. Customers will be far less interested in using systems that aren’t reliably regulated or have the best compliance and security measures. Once again, this is a loss for your business.
International payments through traditional banks usually take longer to process compared to virtual payments. Again, the reason for this is the number of entities involved in the transfer of funds across countries. For example, if you want to send money from Nigeria to let’s say China, there will be lengthy steps to complete and this can delay payment.
What’s the implication of this for your business?
We know that in today’s world, many people are looking for the fastest and easiest ways to get things done. A cross-border payment system that is subject to delays is a red flag already. If your business can provide a payment service that is fast, secure, and cheap, best believe that it’s on the right path to success.
Lack of Transparency
Customers want real-time tracking capabilities and unfortunately, many cross-border payment systems lack transparency. Transparency is essential for customers and businesses who want to make sure they’re not incurring hidden costs.
How will a lack of transparency affect your business?
Better transparency is a huge benefit to your business. You can use real-time data to understand and improve errors impacting your profitability. Plus, you’ll be able to provide better services to your customers with insights gained from the data.
Changera: The Ultimate Cross-Border Payment Solution
Changera has just launched the FX feature on Changera for Business. This feature will allow users to send funds to US accounts directly as well as receive funds from their already existing US accounts. Apart from this, the following are the goals the new feature aims to achieve for businesses.
Enable business users to send and receive USD at competitive rates.
Ensure compliance with relevant financial regulations.
Encourage full transparency with users as there are no hidden fees.
Provide access to real-time exchange rates
Maintain transaction history for users, including all send and receive FX transactions.
The best thing you can do for your business today is register on Changera Business and enjoy all the possibilities that the FX feature offers.