Why Sports Organizations Need Cross Border Banking Partnerships
Sports organizations that compete internationally make regular cross border payments in multiple countries, as the primary means of securing venues, paying vendors, and funding travel. This is not as straightforward as it sounds. Each country has its own regulations on how payments are handled within the banking system. One traditional solution has been to engage a multinational bank with various branches abroad, but the coverage may not be adequate or cost efficient for a sports team.
A better approach is to work with a payment provider that leverages cross border banking partnerships in every country, in order to facilitate fast, accurate, and legal payments. The provider becomes a single point of contact with a global network to make your cross border payments in any currency.
What Are Cross Border Banking Partnerships?
Cross border banking partnerships allow a single, centralized service provider to offer payments using existing national banks in destination countries. Because the provider has established relationships and has a transaction history, there are no payment delays or issues with compliance. The provider is also in a position to negotiate favorable fees and exchange rates with each banking partner, which reduces the cost of cross border payments.
Why Do Sports Organizations Need Cross Border Banking Partnerships?
The specific need for cross border banking partnerships relates to a sports team’s unique international activity. A team might compete in dozens of countries in a single season, making it impractical to engage with different foreign banks on their own. This is where a provider’s cross border partnerships become essential when executing and delivering payments for the expenses of international competition.
International Team Travel
Team travel expenses will often be paid to a foreign vendor using the local currency. This is true whether expenses are pre-paid, secured through a deposit, or paid after departure. A team can't afford to have its travel disrupted due to unverified payments or delays. Established cross border banking relationships in each country support timely and accurate expense payments by your sports organization.
Competitive Exchange Rates
A provider’s banking partnerships will ensure that currency exchange rates are fair and not subject to wide fluctuation or added margin. Exchange rates do change, but a payment partner is able to fix the rate within a given time period so that the actual cost of the payment is known ahead of time. Eliminating uneven exchange rates results in cost savings for your team with each transaction.
Transfer Funds Quickly
Because the provider has established communication and system integration with its partners, a sports team won't experience typical delays with currency payments. Funds can be transferred quickly from one central platform to the receiving business abroad. This creates peace of mind for all parties in what can be a critical business transaction.
Fee Free Cross Border Transactions
A provider that handles a large volume of client transactions will be able to offer fee-free payments. When you consider the fees charged by banks for even a single wire transfer, this can result in significant savings for a team making numerous payments. There is no reason to pay large transaction fees for cross border payments when fee free payments are available with an established provider.
Borrow Foreign Currencies
For international travel and payments, a sports team may have the need to buy currency. However, this can be cumbersome through a traditional bank. A better solution is for the team to borrow foreign currency through their payment partner, giving instant access to funds for any destination. This is both convenient and secure, with no need to transact outside of the platform.
Recurring Payments
Many cross border payments are recurring, as the same vendors and locations are used for events. A sports team needs a reliable means of making recurring payments without going through any repetitive steps. A provider with a centralized platform will allow you to set up recurring payments using their network of cross border banks.
The Best Cross Border Banking Partnerships for Sports Organizations
Premier Sports Network partners with a cross border payment provider that relies on banking partnerships to deliver its services. Our partner offers a global payment network accessed through a secure platform and supported by specialists that understand your sport team’s need for low cost, verified currency payments.
Contact us for more information on how our global provider uses cross border bank partnerships to facilitate your international payments.
