Technocash

Compare instant B2B to this sad wire transfer story

You sent a wire transfer for an urgent payment and look at the trouble you had. "Urgent deal, please pay!" So, you sent a wire transfer, but it was late in the day for trade business and you missed the cut-off time for wire transfers.

Another day gone!

Then next day you get a phone call about your wire transfer from the bank, your IBAN number doesn't look right, please confirm the details. Sure, you email the payee to resend their wire transfer payment details. Then contact the bank and they check the new details are right. BUT they now ask for an intermediary bank because they can't send to the payee's bank directly. Ouch! So you cancel that wire transfer payment.

Another day gone!

What else can go wrong? Of course it's always the urgent wire transfer that have trouble. Luckily you have an alternative bank to use and re-issue the wire transfer with them. It's OK, but the fist bank still has the funds. So you wire the needed funds to yourself at the second bank so they can process the now urgent wire transfer. Great!

Another day gone!

So eventually the wire's gone. It's in the bank system, running through the intermediary bank, to the beneficiary bank then finally to the payee. It's arrived - yeah! However your wire trnsfer really needed a detailed reference to identify the payment as being for order number XXX or invoice number YYY.

The payee rings and asks "Have you paid, did you send the wire transfer?" - you then need to send proof of payment. That's because they are waiting for a wire transfer receipt to be mailed to them so they can be sure you actually paid. When will this back and forth ever end? (P.S. Have you ever also had to do a wire transfer trace because the funds didn't seem to arrive?)

You might like to consider an alternate system ideal for traders, import, export and investment participants.

Read Business Account FAQ

Before we discuss how trade improves with treasury services we should explain what treasury services are.

Do you make wire payments to various members or investor? Well if you do then you probably have to manage client payment details. You don't get paid for it. You spend time answering emails about why the payment hasn't arrived. Infact we imagine a large effort is spent administering client financial transactions. What if there was a better way?

What if there was a better way? Imagine the work in managing thousands and thousands of clients who change bank details, change addresses, phone numbers, emails. So now consider they manage it all themselves. Brilliant idea you say. But how?

But how? What you need is a place your clients can take control of their money and information so you can easily transact with them. It would be good to pay investment monthly returns using your member number only, right? If you could upload a payment file and disperse all the monthly returns easily in one go it would really save your time. Gain valuable time needed to grow your business because your clients manage their own money in a secure login. It doesn't even matter what currency you use.

Treasury includes Deposit Collections. You are like many businesses where most incoming funds are about the same amount. What if everyone sends you say $5000.00 each. How do you track who paid what. Who do you provide the products and services? You probably spend time sorting out incoming payments. What if there was a better way? Could your clients just send you funds and somehow you can easily track the incoming funds?

But how? What you need is a place your clients load thier own funds and can send you money using a membership reference, thus creating a proof of payment for accurate tracking function. It doesn't even matter what currency they use.

Guess who does all the above. Of course Technocash does this and more. Because you can see how the same treasury principles can apply to business networks you now know part of the reason you are invited to get a business account. In fact the answer to how all the above works can now be answered.

How to Treasury. Its easy when you provide your clients with Technocash accounts so they manage payments, transfers and deposits and leave you to see your well identifed incoming and outgoing transfers. This is a good thing and helps all parties involved in the financial network.