Choosing a global payment tool for your team or business

Handling payments for a team or business that works internationally can be tricky if you don’t have the right tools. Different currencies, transfer fees, and delayed payments can quickly become a headache. Choosing the right global payment platform helps you pay staff, contractors, and vendors quickly and securely, while keeping costs low.

The right tool makes managing international payments straightforward, saves time, and ensures your business runs smoothly. In this guide, we’ll look at what to consider when selecting a global payment solution for your team or business.

Also read: Four important reasons why your business should have a foreign bank account

Popular payment solutions for teams and businesses

When you’re running a business or managing a team internationally, choosing the right payment tool makes a huge difference.

1. PayPal

PayPal is widely known and easy to use. Businesses can send invoices, receive payments, and pay suppliers in multiple currencies. It’s great if you need a quick, familiar solution, though fees can add up for currency conversions and large transfers. For smaller teams or occasional international payments, it’s a convenient starting point.

2. Wise

Wise is designed for transparent, low-cost international transfers. You can hold and send multiple currencies, pay contractors, or move funds between accounts with minimal fees. It’s especially useful for businesses that work with multiple clients globally, helping keep cash flow predictable and avoiding unnecessary losses on conversions.

3. Revolut

Revolut offers multi-currency accounts with competitive exchange rates and fast transfers. Businesses can manage payroll, set budgets for teams, or pay suppliers internationally. It’s ideal if you want a mobile-friendly platform that keeps your international finances organised and gives your team easy access to spend in local currencies.

4. Grey

Grey is a modern solution built for businesses that need speed, transparency, and flexibility. You can hold USD, EUR, GBP, and pay or receive in local currencies, all with competitive rates and minimal fees. For teams, it offers easy tracking, reporting, and seamless global payments, making it a smart choice for growing businesses working internationally.

Also read: How to expand your business internationally: 5 proven strategies for global expansion

How to choose the right payment tool for your business

Choosing the right payment tool for your business or team isn’t just about sending,  speed, costs, and peace of mind also matter.

1. Security

Your money has to be safe. Look for a payment tool with strong security measures like encryption, two-factor authentication, and fraud protection. Knowing that transfers are protected means you can focus on growing your business instead of worrying about lost funds or hacking incidents. Security should always come first, especially when dealing with international transactions.

Steps to ensure security:

• Check if the platform offers two-factor authentication.
• Look for encryption and secure login options.
• Read reviews about fraud protection and account safety.
• Test small transfers first to verify security.

2. Fees

Not all payment tools are equal in terms of costs. Check transfer fees, conversion rates, and any hidden charges before signing up. A platform that keeps fees low and transparent ensures more of your revenue stays in your business, while also avoiding unpleasant surprises when sending or receiving money across borders.

Steps to manage fees:

• Compare transfer fees between platforms.
• Check conversion rates for your most-used currencies.
• Look for hidden charges, like withdrawal or maintenance fees.
• Calculate costs for typical monthly transactions to see the real impact.

3. Customer support

Good support can save you time and stress. Whether you have questions about transfers, account issues, or currency conversions, responsive customer service helps you solve problems quickly. Look for tools that offer multiple support channels, like live chat, email, or phone, so you’re never left waiting when you need help.

Steps to evaluate support:

• Check if live chat, email, or phone support is available.
• Read reviews about response times and helpfulness.
• Test their support with a small query before committing.
• Make sure support covers international issues or currency problems.

4. Speed and reliability

Delays in payments can hurt cash flow or slow down projects. Choose a platform known for fast and reliable transfers. Timely payments help you manage payroll, pay vendors, and keep your operations running smoothly. A reliable system reduces stress, keeps clients happy, and lets your business operate without unnecessary hold-ups.

Steps to check speed:

• Ask about average transfer times for your currencies.
• Test small payments to new accounts.
• Check uptime guarantees or reliability stats.
• Look for platforms with notifications to track transfers in real time.

Choosing the right payment system isn’t just a nice-to-have, it’s integral to keeping your business running smoothly, especially when it comes to paying employees or managing international payments. Grey simplifies this process by offering fast, secure, multi-currency payments, giving you full control and transparency.

Sign up or download the app to run your business smoothly.

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