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Digital payment methods suitable for payroll management

Editorial Airtm

January, 18, 2024

8 min. reading

We are living in a world where digitalization has made us more connected than ever before. After all, companies hire employees from all over the world, but this requires optimizing international payment processes by having different payment methods! 

This not only improves the accuracy of a digital payment but also ensures the security and reliability of transactions, which reach any location quickly, regardless of distance, particularly when companies outsource workers globally. 

In this article, we’ll explore the most commonly used methods for international transactions – read on to find out more!

Why digitize international payroll management?

Digitization not only speeds up processes but also reduces errors and costs associated with international payments. By using digital methods, organizations can ensure that employees receive their payments in a timely and secure manner, regardless of their location in the world.

But to do so, it is also necessary to ensure international payment methods. In other words, no matter where you are or where your employees are, money can be sent securely. Fortunately, digitalization has brought many ways to send and receive amounts instantly.

Payment methods for international transactions

Let’s take a closer look at some of the payment options that are available today:

International Bank Transfers

International wire transfers are a traditional and secure way of transferring funds between bank accounts in different countries. This method involves the electronic transfer of money from one bank to another. Despite their reliability, they can be slower than other methods.

But that’s not all! They often involve fees for services provided by banks and possibly intermediaries. Before using them, it is essential to check IBAN and SWIFT codes to avoid costly errors in international transactions.

They are usually the most popular alternative for individuals and organizations. Of course, this does not necessarily mean that they are the best. Their most outstanding features are:

  • They are safe and reliable methods.
  • They are used to send and receive large sums of money.
  • It has the backing of financial institutions with a long history. 

It is one of the payment methods with the traditional operation:

  • You initiate the transfer by providing the beneficiary’s bank details.
  • The bank verifies the transaction and processes the payment.

Protection methods are as follows:

  • Identity verification of the sender and the beneficiary.
  • Banking security regulations and standards.

Regarding the use keys, it is recommended:

  • Carefully verify the beneficiary’s details.
  • Know the associated fees and exchange rates.

Payment methods: cryptocurrencies

Cryptocurrencies, such as Bitcoin, Ethereum, or USDC, are our digital dollar in Airtm. They are digital currencies that use cryptography technology. They secure transactions and control the creation of new units. These currencies offer fast international transactions. Being decentralized, they are also anonymous. For this reason, they do not depend on traditional financial institutions.

Among their main characteristics are

  • Decentralized and secure.
  • Volatile in terms of value.

The operation of the process is very technical. In short, it would be:

  • Initiate the transaction by providing the address of the recipient’s wallet and the amount of cryptocurrency to transfer.
  • The transaction is added to a block on the blockchain and confirmed by mining.

Protection methods:

  • End-to-end encryption.
  • Impossibility of hacking accounts, due to its security system. 
  • Use of hardware wallets for long-term storage.

Some recommendations to take advantage of these payment methods are:

  • Know the difference between stable and unstable currencies.
  • Use secure digital wallets for storage.
  • Have the possibility of using physical wallets for greater protection.
  • Knowing safe and reliable exchange platforms.
  • Knowing that, once the transaction is done, there is no turning back.
  • Discover ways to use or mine these cryptocurrencies.

Payment methods: online payment platforms

Online payment platforms are also modern solutions for international transactions. Especially for online payments and small businesses. These services allow users to send and receive money quickly and securely over the Internet. Many platforms also offer currency conversion services to facilitate transactions between different currencies.

Among their features are the following:

  • Quick and efficient.
  • Suitable for smaller-scale transactions.
  • Option to open wallets in multiple currencies.

The process of these payment methods works like this:

  • First, you initiate the transaction by providing the recipient’s email address or username.
  • The platform verifies and authorizes the transaction, transferring the money between the associated accounts.

About their payment methods, they are:

  • Two-step verification.
  • Fraud protection and refund policies.

Some recommendations to use them are:

  • Verify fees and associated commissions.
  • Protect account information to avoid unauthorized access.
  • Verify the recipient of each transaction.
  • Check the refund policies of each platform. 
  • Evaluate customer service.
  • Review the opinions of other users.
  • Check the usability and user experience of the platform.
  • Know the official customer service channels to avoid phishing.

Secure payment methods for successful payroll management

Efficient management of international payment methods is not only a necessity but a competitive advantage in the globalized business world. Furthermore, by understanding the features and keys to international transaction methods, organizations can ensure smooth financial management and foster positive relationships with their employees around the world.

Airtm, our global payments platform, offers secure and efficient solutions for international payments – the international payments revolution is just a click away! Open an Airtm account and enjoy all its features. For example, with an Enterprise account, ideal for organizations, we are waiting for you!

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Airtm is your solution! If you need to make payments to different countries at the same time, do it from one single place.

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