Currency specialist Moneycorp is today unveiling its new global online payment request service, PayCollect, the first to be launched by a foreign exchange broker.
Moneycorp's PayCollect service is aimed at a wide range of corporate entities, from business associations, auction houses & estate agents to overseas property developers and golf clubs, who need to request and collect money from clients based overseas.
Recognising that consumers and businesses alike are often hit by extortionate bank charges, poor exchange rates and an unnecessarily complicated payment process, Moneycorp has designed a seamless and secure service that enables corporate entities and individuals to access commercial rates of exchange and significantly lower transaction fees than those offered by the majority of alternative systems. An individual or company completing an overseas payment through a bank could face a transaction fee of up to £40 in addition to poor rates of foreign exchange. However, the Moneycorp PayCollect service limits any charges and provides competitive foreign exchange rates.
Additionally with the online reporting tools, the payee can view transactional history in real time, seeing exactly when a client has made a payment to them.
Commenting on the implementation of the PayCollect service within her company, Money Mais, Director, Anne Grogan, remarks: "PayCollect has allowed a greater transparency of payments with our customers. The simplicity of paying by debit card speeds up the process and removes the need to follow up on overdue payments that would inevitably occur when using banks."
The PayCollect service enables the payer (requesting payment) to make an online payment using a credit or debit card which not only allows them to settle their invoices instantly but save them money.
The speed of the payment process is also a key benefit for the payee (making payment). Helped by the reporting and reconciliation tools, companies will see the time spent on chasing and allocating payments drastically reduced, which in turn will have a positive effect on cash flow and free up resources.
Marc Morley-Freer, Head of Payment Solutions at Moneycorp concluded: "Time, money and efficiency are crucial to all businesses and consumers. Given the amount of financial pressures that we are facing and the increasing levels of international transactions it is important that businesses have a secure and simple method of requesting and receiving payments from clients.
"We've endeavoured to respond to the needs of both the payee and the payer and taken away the headache caused by currency exchange. Our aim is that the PayCollect service will give companies and private individuals a level of service that is not currently offered by the high street banks."