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Overview

Scaling an international business requires a cross-border payments solution that can compete on speed, cost, and security. That also enables enterprises to introduce innovative features, improve customer experiences, and grow their markets.

PingPong’s powerful network of local payment rails, robust technical and compliance infrastructures, and competitive foreign exchange (FX) rates check all these boxes:

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Why are cross-border payments important?

Despite their importance, global payments continue to be a challenge for many business teams. They’re typically slow, expensive, difficult to track, and subject to complex regulatory burdens.

Luckily, that’s changing. While cross-border payments have historically been left to legacy banks—due to the extensive technical infrastructure, compliance programs, and liquidity they require—fintech solutions now offer a valuable alternative. Platforms like PingPong are using proprietary networks of fast, local payment rails to make global transactions more efficient, more affordable, and better positioned to meet the needs of modern businesses.

In this guide, we explore 12 ways that a one-stop, cross-border payments platform like PingPong can help you leverage a more reliable network of global payment rails, enhance your service offerings, and expand seamlessly into new regional markets.

1. Embed multi-currency accounts and frictionless global payments into your platform

Your customers need an easy way to send, receive, and manage funds from overseas—without the hassle of juggling multiple bank accounts, the expense of FX and transaction fees, or the risk of holding balances in unstable currencies.

With PingPong, you can create a one-stop ecosystem of connected, multi-currency accounts for your customers by embedding our API directly into your back office.

From there, they can instantly open accounts in new currencies, convert funds in real time at a low cost, and receive and issue cross-border payments, all with just a few clicks and without ever leaving your platform. This means a better UX, happier customers, and stickier products—not to mention the opportunity for added revenue with every transaction.

What does this mean for different types of businesses?

Marketplaces

Offer sellers multi-currency wallets that allow them to do business anywhere in the world and withdraw earnings in their currency of choice.

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E-learning platforms

Collect tuition from international students online in their local currency—or disburse funds to remote teachers in real time.

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ERPs or logistics platforms

Enable customers to store multi-currency funds to pay overseas suppliers and service providers—or convert them as it suits their business.

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Fintechs or neobanks

Gain a competitive advantage by provisioning customers with built-in, multi-currency wallets and the ability to manage finances across borders.

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PingPong operates on an efficient network of local payment rails, which allows us to keep costs low along with our access to interbank rates. Our robust regulatory infrastructure also allows us to take care of all compliance requirements for you—while still giving you full visibility into each transaction, fund, and account flow to reduce risk. 

Integrating with our API is simple, and there are over 30 PingPong offices around the world ready to provide high-touch support in your preferred language and time zone.

2. Access a reliable network of local rails to solve your cross-border payment problems

You might think you have cross-border payments covered. That is, until you expand to a new market, have an existing payments provider go out of business, or acquire another company—only to find you don’t have access to the payment corridors you need to operate it.

PingPong’s comprehensive coverage means you’ll only need one cross-border payments provider moving forward (us). We offer a proprietary network of local payment rails in 40+ global markets, plus SWIFT international transfers in 200+ markets around the world, for transactions that are often real-time and always fast.

PingPong is one of few players in the global payments space to hold licences and qualifications across major economies like China, Hong Kong SAR, Japan, Europe, and the United States. And we’re fully regulated in every region of operation. That means we not only get your funds where they need to go, but we also handle all compliance controls on your behalf.

That includes know-your-customer (KYC), anti-money-laundering (AML), and anti-terrorism financing (ATF) checks—so you can stop worrying about payment details and get back to planning your next business move.

3. Manage multiple currencies from a single platform to drive efficiency and minimize risk

Often, managing funds in multiple currencies means maintaining multiple accounts across different regions and different financial institutions.

Not only does that lead to administrative overload, but it also makes your own capital difficult to access. You likely face lengthy transfer delays and steep FX fees every time you want to convert one currency to another to withdraw funds or make a payment. And your only alternative is keeping funds in currencies that could fluctuate and lose value over time.

One recent report found that volatile markets and unpredictable FX rates are the top concerns among cross-border businesses when it comes to managing global funds through inefficient processes.

That’s why PingPong makes it easy to manage your global capital from one consolidated platform. Our multi-currency accounts allow you to collect and settle in the same currency to avoid cumulative, back-and-forth FX fees—or to instantly convert funds at transparent, competitive rates whenever it suits your business.

4. Collect payments in local currencies to improve your margins

Until recently, collecting global payments involved opening overseas bank accounts or waiting on slow international wires—plus cutting into your margins with steep FX and cross-border fees just to receive your hard-earned revenue in your preferred currency.

According to Deloitte, around two-thirds of global business executives report being stuck with up to 3% in FX fees and $10 to $50 in cross-border fees per transaction, which can be a hefty sum at scale.

PingPong uses our unique global network of payment rails and financial licences to provide you with local receiving accounts through our platform. That means you can collect, track, and manage incoming funds in local currencies (or convert them to your currency of choice at industry-leading rates) without the headache of coordinating numerous foreign accounts.

Our FX rates decrease with volume, so the more business you do, the lower your costs.

5. Make fast, fully automated cross-border payments for better relationships

Traditional bank transfers and international wires are notoriously slow and frequently result in late or even missing payments. Whether you’re settling with overseas marketplace sellers, suppliers, service providers, or contractors, they’re relying on you to provide prompt payouts—and any delay can cause irreparable damage to your relationship.

Payment speed remains the most common pain point in cross-border trade, with more than 70% of businesses experiencing delays of 2 to 10 days or more.

And the consequences fall on everyone. Suppliers that aren’t paid on time may face financial risk, and many end up delaying the delivery of products or services or increasing prices as a result.

PingPong ensures your global partners are paid quickly, in their preferred currency, and with no hidden fees. Funds are transmitted along our network of local rails instead of through sluggish international wires.

Our API can drive further efficiency and cost reduction by automating payment schedules and allowing you to benefit from any early settlement discounts.

Keep in mind, our payments platform can be customized to fit a range of business scenarios. For B2B transactions, you can send paperless invoice requests to suppliers and track their payment preferences. Or you can use our mass payout option to save time and cut administrative overhead by sending instant or scheduled payouts to multiple accounts at once.

6. Reduce your cross-border payment costs for a healthier bottom line

One of the most pernicious problems in cross-border payments is high and unpredictable costs. Legacy banks often hide fees like transfer charges and commissions behind inflated FX rates, making it hard for businesses to spot the difference between necessary and unnecessary expenses.

According to data from The World Bank, the average cost of a cross-border payment is currently 6.25% of the transaction amount, with banks charging the highest fees at over 12%. To put that into perspective, that’s an additional $120 for every $1,000 you issue in payments.

High transaction costs not only cut into your profit margins, they can serve as a significant barrier to expansion and innovation.

PingPong allows you to use like-for-like currency settlement to avoid FX fees altogether—or, if you must convert, to take advantage of industry-leading FX rates that decrease with higher volumes.

Our unique network of global payment rails also means you won’t need to work with (and pay for) multiple payments providers to get the coverage you need.

For further savings, platforms can customize payment settings in a way that benefits their business. Instead of routing all funds to sellers, a marketplace could choose to disburse funds in stages—or to extract fees directly from incoming transactions, avoiding the need for an invoicing cycle or for customers to convert funds back and forth to cover costs.

For example, if a marketplace charges sellers 5% on each transaction, a sale of $100 could automatically route $5 to the marketplace, $5 to shipping, and $90 to the seller, each in their currency of choice.

7. Offload KYC and other compliance obligations, so you can focus on your business

AML infractions cost financial institutions over $8 billion in penalties in 2022 alone.

Any business payment comes with a number of compliance requirements, including:

  • Anti-money laundering (AML) and know-your-customer (KYC) checks
  • Transaction monitoring programs to identify and report suspicious activities
  • Due diligence screenings to root out high-risk individuals

These obligations are only amplified at the international level when funds must cross several currencies and legal jurisdictions, each with its own rules and regulations.

Failing to meet compliance standards can come at a high price. According to SWIFT metrics, up to 10% of cross-border payments are regularly withheld for further review.

But keeping up with them can be costly, too. In fact, businesses around the world spend an average of $206 billion every year on financial crime prevention.

The good news? PingPong takes all compliance requirements off your plate. We’re equipped to cover AML and KYC across different regions.

Plus, we’re fully licensed and regulated in all markets of operation—including those with high capital control policies like China and Vietnam. It’s what’s earned us the trust of the tier-one banking partners, like Citibank and Wells Fargo, we collaborate with to keep your funds secure.

8. Provide banking-as-a-service (BaaS) or payments-as-a-service (PaaS) as value-added features

You may have considered adding banking-as-a-service (BaaS) or payments-as-a-service (PaaS) features to your software platform—only to be discouraged by the complexity of the technical infrastructure or the scale of the regulatory compliance requirements.

It’s estimated that businesses can increase revenue by 2-5x per customer and expand into new vertical markets, simply by adding financial services to their platform.

PingPong can simplify the process by giving you direct access to ready-made banking solutions like multi-currency accounts and cards, as well as cross-border payment capabilities, so you can manage transactions on your customers’ behalf.

We handle not only the end-to-end integration process but all related compliance measures, so you can get up and running and see results quickly.

9. Offer flexible checkout methods to stimulate sales

Providing flexible options at checkout is important for any platform that collects payments, but it’s especially critical in e-commerce.

PingPong offers an innovative checkout solution that lets you accept local payment methods as well as all of the major card schemes.

Our solution grants you access to a high number of different payment methods from customers in over 70 countries, with comprehensive coverage of the most common alternative payment methods (APMs) in Asia. 

This allows your customers to capitalize on new sales opportunities and increase the revenue they generate through your platform—while providing you with a competitive advantage.

10. Support flexible spending options like prepaid cards in local currencies

Banks and other legacy players may cover the basics of cross-border payments—getting your funds (eventually) from A to B—but they offer limited options around how to actually spend them in local currencies.

With PingPong, you can issue instant, customizable Mastercard or Visa cards to your customers or staff. PingPong cards can be tailored to your specific needs, whether that’s allowing customers to load funds from their own multi-currency wallets or pre-loading cards yourself for quick payouts. From there, the funds can be used at merchant locations worldwide.

What does this look like in action?

Marketplaces

Can disburse earnings to sellers and allow them to make quick card payments to suppliers and service providers in their currency of choice.

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E-learning platforms

Can pay teachers in local currencies that they can use right away, without the hassles of bank transfers or conversion fees.

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Fintechs and neobanks

Can empower customers with value-added services and features that allow them to spend using their preferred method and currency.

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Multinational corporations

Can issue cards to different teams and employees, so they can make essential business purchases and payments across regional markets.

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11. Recruit merchants in China and across Southeast Asia to quickly scale your market

For marketplaces looking to grow their seller base in China and throughout Southeast Asia, PingPong offers seamless integration with our KaiDianTong program, which leverages our strong relationships with international markets. 

With one-click shop opening, our vetted, high-quality merchants can quickly onboard to your platform and begin selling right away.

12. Bring all of your cross-border payment ideas to life with hands-on support

With 30+ offices around the world, the PingPong team is ready to provide integration support in your preferred language and time zone. We’ll not only help you get up and running quickly, but we’ll also help you customize our platform to fit your specific business goals and to power any number of innovative use cases—even beyond the ones covered in this report.

If you’re looking to get a quick feel for our platform, or you just need an interim solution while transitioning to our API, PingPong also offers an enterprise-grade, web-based portal that lets you launch cross-border payments without any development.

Additionally, PingPong can act as the payment service provider (PSP) of record for marketplaces wanting a lighter-weight solution. In that role, we onboard new merchants, run KYC, and equip your sellers with virtual accounts, so you can disburse funds using your preferred local payment method.

To sum it up: Our job is to ensure you can go to market or expand to new regions without constraints—and with a one-stop, fully automated global payments platform at your fingertips.