How to Pay Your International Suppliers and Employees With Rayan Cramer
Find out more about PingPong payments and get a free 3 months of using the service via the link https://usa.pingpongx.com/
You can always send us a request at ritzarm.com or simply schedule a call via Calendly https://calendly.com/ritzarm/first-discussion
00:12 In this episode
01:02 Hi Ryan
02:21 We save people money
03:09 Too good to be true
05:20 Can I use a credit card
06:28 New Habits
07:35 Safety is the foundation
12:41 Reliable ecosystem
14:05 We all understand
15:15 Pay attention to commissions
19:48 Time is money
23:06 Can i just use Ping Pong
24:28 When will I receive my money
25:38 Pay with Ping Pong
28:21 Those who were constantly busy are now looking for work
29:19 Who does Ping Pong work with?
30:39 Summing up
Sending money internationally just got easier – and cheaper.
Making hundreds of transactions a month to employees, suppliers, outside entities can add up quickly. You’re also spending time going to banks on multiple occasions. While it only takes a few minutes, it will end up costing you time that you can’t get back. Your time is valuable, and you don’t want to waste it on something that can be streamlined.
As an Amazon seller, you’ll probably send and receive international payments on a regular basis. Sending money to different countries can be expensive, tedious, and sometimes risky. Our CEO Izabella Ritz met with Ryan Cramer from PingPong to discuss the PingPong B2B global payment solution for international businesses and how they help sellers save tens of thousands on payments to suppliers, manufacturers, and international employees – all while ensuring security.
PingPong Charges Only a 1% Conversion Fee On International Transactions. That’s it.
Traditionally, sellers send and receive money for international transactions through banks by going in person and requesting wire transfers. Currency conversion rates, whether paid by the sender up front or the recipient in their country, can be 3-5% and can take up to 7-10 business days. Sending money on platforms like PayPal can have conversion rates of 7%.
“The purpose is to eliminate the multiple doors you have to go through when transferring money internationally,” Ryan explains. They partner with banks like Chase and Wells Fargo to open virtual accounts on behalf of people and business entities. Through these accounts within the PingPong ecosystem, users can send money safely, effectively, and quickly. It is only intended for B2B use, and B2C when paying the salary of an employee or contractor.
PingPong charges only 1% conversion fee on your international transactions. As your business scales, PingPong scales with you and supports your growth, dropping their conversion rate to as little as 0.3%. The ecosystem is used for international transactions to suppliers or manufacturers during production, as well as to international employees who you’ve outsourced for your administrative or other production tasks. There’s no cost to sign up, and it’s free to send money within the United States.
How Does the Conversion Work?
The conversion fee is actually the only fee you’ll pay with PingPong. Hard to believe? We thought so too. But it’s true. Sending money within the ecosystem is instantaneous, Ryan explains. You’ll see it within your PingPong account immediately. If you’re sending or withdrawing money to an external account, it will take 24-72 hours to clear. If you’re sending payments to different countries using different currencies, the money will need to be converted, which is what takes place within the PingPong ecosystem.
You are also able to have multiple “bank accounts” within your account. For example, you can have an account that holds dollars and one that holds euros. Leaving your money in euros instead of converting it back to dollars can eliminate the conversion fee. If you anticipate sending money to a German entity, for example, you can then send it for free because it’s already in the correct currency.
PingPong’s Global Compliance Team is Dedicated to Preventing Fraudulent or Nefarious Transactions from Taking Place.
PingPong follows a process called KYC: Know Your Customer, Ryan describes. Because they are regulated by OFAC and other international compliance entities, they verify financial, account, and business information. They may ask for your tax ID, passport, or a driver’s license. The verification process usually takes 24-72 hours.
Supplier fraud is common in this industry. Some suppliers might change addresses often or require more money up front and it’s not something that can be traced or remedied. Because of this, PingPong encourages sellers and users to do their due diligence to avoid fraud. At the same time, PingPong has a responsibility to make sure nothing illegal is being done with the money being moved around their ecosystem. Their global compliance team does this by checking each entity before you send payments to make sure they are a legitimate business and that they are receiving the funds for what they claim. Because of the multiple steps and layers of verification required to enter their ecosystem, the chances that you’ll deal with a bad actor is low.
7 years, $100 Billion in Monies Moved.
Find out why more and more sellers are using PingPong to pay their manufacturers and employees by checking out PingPong’s website. You can also reach out to Ryan at email@example.com to learn more about the solutions and services they provide.