In these times, actions speak louder than words. What you can execute successfully, can literally mean the difference between surviving this crisis or being a victim to it.
Here is a winning formula.
Money transfer businesses are not exempt from this crisis. No business is. The steps you take today to invest in pillars for your business to solidify it, are the steps that will go a long way to account for your survival in the long run.
Money transfer businesses are hurting in many ways. They are worried about going digital, having alternative methods of payments, finding technology and integration challenges from being an all analog company to being an all digital company. Like everyone else, they are worried about their future. Diminishing income is a downer as it is. But such indicators should not spell your demise. Those of you who will take action will hopefully NEVER have to put up a sign that says “Going Out of Business”.
We have been speaking to dozens of money transfer companies who keep telling us of their pain points. As a money transfer operator, you need to take very specific bold steps steps in order to make sure that you don’t go under and can weather this storm.
Here is what clients are requesting from us:
- Bank Account: Access To Banking. Having alternatives helps them sleep better at night and they also want to load-balance their risk with their existing bank(s). Talk to us. We can help.
- ACH Processing: Again, comes from access to banking, most of our MTOs have trouble maintaining and account, let alone be able to provide their clients with ACH payment processing. This too is an area where we can help you.
- Debit Card Processing: Card processing is something we can get you an underwriter to underwrite your merchant acquiring process. For you to start accepting debit cards on your website or on your app. Your customers will love it.
- Online Website/App: You need to go digital, or go home. Going online, getting a website that functions behaves like Zoom or other competitors for purposes of money transfer is what you need now. Not 6-months and US$ 50,000 later. You need it now. A platform that that has the ability and capability to have clients, digital customers, who are digital in nature. Who sign up by providing electronic KYC information. Can attach funds either via ACH or debit card and send money across the world.
- Expanding Network: Join our alliance. There is strength in numbers. Extend your marketing and sales tentacles to include other US states where you have no presence. We can help you partner with other like-mined money transfer companies, so you can split the revenue.
These are not hypothetical scenarios. These are deliverables we can positively deliver on. If you’re interested, contact us and let’s talk.
You will not win by standing up and facing the win. You will only win by your actions that can improve the customer journey.
This page was last updated on January 16, 2023.