The whizz of biz: Business payments with Machnet

4 mins
October 12, 2023
The wiz for biz

We’ve listened to you and the growing 150 trillion dollars cross-border payment industry to build APIs capable of swiftly (no pun intended) moving business payments from the US to anywhere in the world. Despite the growing trade of products and services, and the push towards efficiency and lower costs, making payments continues to be a bottleneck for businesses. But we’ve built APIs to change that now. APIs that address key challenges in business payments that have been tolerated for decades. 

What are cross-border business payments?

As we embrace a remote and global workforce, a relevant example is payments to employees around the world in localized payout methods. Cross-border business payments are money transfers between businesses or businesses and individuals in different countries. Usually, businesses are invoiced and based on the terms outlined in the invoice, payments are made. The payments could be made in exchange for products and/or services.

Cross-border business payments, traditionally conducted through banks, face several hurdles relative to domestic payments. Just to name a few: the high cost of transfers, limited transparency on cost, time, and process, long settlement periods, volatility of the foreign currency, and limited access. Even now, consider doing an international business wire transfer, we would love to hear about your experience. 

What have we done?

We have built our payments APIs in partnership with financial institutions and service providers to move money that keeps businesses running regardless of size, type and location- unless of course we really cannot help it.

  • Access at low cost: Cross-border payments, in general, is a highly fragmented market requiring licensing and oversight based on multiple different jurisdictions. It is both costly and time-consuming. But you hardly have to worry about any of that. You build your application and we will take care of the rest. It’s like having your personal tech, compliance, business, and partnership team of experts at work. 
  • Transparency on every level: For years, people have been sending money without having a clear picture of how much it will cost them. But, consumer demands are changing and leaning towards knowledge and transparency. We provide you with all the costs, rates, and time for every transaction so you can make it clear to your users from the get-go. Even if issues arise, we can track down exactly where in the process and get it addressed quicker. 
  • Customer-centric mantra: Cross-border payments are haunted by complicated processes, lots of paperwork, and slow feedback loops. Very few can provide the seamless experience that today’s users have the time and resources for. Our platform however works in real-time providing information on required documents, sharing feedback on each user’s behavior, and processing transactions. You can build applications and user flows that make sense for your users easily with Machnet. 

Who is this for? 

Regardless of whether you want to become a full-fledged payments company (hint: Wise) or want to build business payments capabilities for internal use, our solution will take you from start to finish, through the route of your choice. Fastest? No toll? Scenic? 

With the route you take, you can build exactly for your case. Users in the US can pay vendors and consultants globally, and businesses around the world can invoice US companies for goods and services, and collect payments for their business. 

We see the potential for facilitating payments of small and medium businesses in the US, considering their sensitivity to costs, flexibility in processes, and need for access and efficiency. Or to level up, pair it up with an invoicing platform for small and medium businesses in emerging markets to easily invoice businesses in the US. 

How does it work?

A user will visit your application and register a business. They will submit all the necessary information and our system will run checks to make sure we are not servicing anything illegal. While all this happens behind the scenes, the user can start sending money right away! They can see how much it will cost them, how much the recipient will get and when the recipient will get it. A stress-free process. 

The best part? While our APIs are built for you to create better experiences for your users, our dashboards and processes are set up for you to manage the payments of your users better! Whether it be checking the status of the transactions or nailing down settlement rates, it’s all there. Ready for you to use and master.

Three steps to getting started 

  1. Contact our Sales team for an introductory call. We are very interested to hear your use case and identify how our product can fit into your solution! 
     If you have not already, look into all the nitty gritty of business payments. With a good understanding, we can have fruitful discussions, bounce off ideas and help you get started.
  • Corridors you want to serve and their market sizes 
  • Ticket sizes and transaction limits
  • Preferred transaction speed
  • Preferred payment methods
  • Preferred payout methods and payout partners 
  • Settlement processes 
  • Liquidity management and pre-funding
  • Treasury requirements and processes.
  1.  Our API docs are open and accessible to all. Definitely check out our business payments use case page which will guide you through the APIs one step at a time.

  2. Start testing our business payments APIs in the sandbox and build your own application. Regardless of whether you have an in-house or an outsourced team, our APIs can be used to build seamless user-friendly applications.The user experience is up to you but we are always open to sharing insights. We are dedicated to your success and will guide you through the process from start to finish!
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