Supply Chain

Best practices for sending and receiving international payments safely

July 8, 2020 Leave a Comment

Guest Contributor, Payoneer

Over the last decade, the digital payments landscape has undergone a significant structural shift and has continued to grow with popularity worldwide. Whether you’re paying for a received product from a global vendor, or transferring payroll to a remote employee, it’s important to know how to protect yourself when sending and receiving overseas payments. Here are some of the best practices for sending and receiving international payments safely.

Online payment platforms can help you make this process even easier. However, regardless of the convenience, moving funds digitally can be an easy way for criminals to steal your information so it’s crucial to know how to handle these payments beforehand.

Here you’ll discover some best practices to send and receive international payments safely.

Lock Your Device
Whether you’re using a desktop computer or mobile device, do make sure that it’s completely secure. Update the device’s operating system and any software or applications that you will be using to transfer the payment. Double check that your anti-virus program is up to date and running correctly and make sure you’re not being targeted by financial malware that could possibly steal your personal information. Furthermore, never use public computers or shared devices when transferring funds.
Always Check Payment Details
Even if you trust the individual or business that you are sending a payment to or receiving a payment from, it’s critical to verify all the information, including full name, account numbers, email address, phone numbers, etc. Do note that once a transfer has been made, it can’t be undone. Reviewing transaction details is also crucial for receiving payments – a bogus sender can use your personal information to steal your information.
Create Strong Passwords
The best passwords can help thwart any type of attack so the stronger it is, the less likely that a scammer will be able to hack your account. We don’t suggest using your birthday, address, name or other easily obtainable personal information. Instead, use a mixture of characters including numbers, different letter cases, and symbols. Multi-factor authentication (MFA) can also help protect you from scams by letting you know right away if someone is trying to access your account.

Summary

With today’s advanced technology, fraudsters are getting better at convincing victims that they are legit, so it’s important to remain alert. These vulnerabilities attest to how important it is to use a payment provider that is trustworthy and secure. For efficient, safe and secure cross-border payments, open an account at Payoneer.com today. See below for more about sending and receiving international payments safely.

MORE ABOUT PAYONEER’S SERVICES:

Send and Receive International Payments Safely with Payoneer

Payoneer’s cross-border and all-in-one payments solution enables businesses, freelancers and sellers worldwide to pay and get paid globally as easily as they do locally. The security of customers’ payments is Payoneer’s number one priority, and so you can trust that your funds are safe when working with us and continuously communicate with our customers in order to quickly detect suspicious activity. Payoneer offers a variety of safety methods that keep bots and hackers from reaching a user’s account.

2-step verification* – This helps ensure that no malicious actors are able to hack your account.
Bot-locating software – Tracks bot activity on our website according to typing speeds and mouse movements.
Duplicate-site tracking – Tracks duplicate sites when attackers try to fool users into visiting the fraudulent site and entering their login details.
Proactive user–account searches – Multiple cyber-intelligence services are used to proactively search both the clear and dark web for compromised customer account details, meaning if a user’s login information is found, the user is immediately notified, and their password is changed.
*Currently, 2-step verification is available in Europe and certain other countries and is expected to be fully rolled out in the coming months.

Send International Payments with Payoneer Make a Payment – Need to pay a remote team member, supplier or contractor? Payoneer’s Make a Payment Service enables you to pay them using your Payoneer balance, whether they have a Payoneer account or not. If your client is a Payoneer user, it’s completely free! If not, you can simply pay them via bank transfer. Make a Payment allows you to send payments to more than 200 countries! Pay your Remote Contractors – Send individual payments to your contractors* for one-time projects or schedule automatic, monthly payments for ongoing work. You choose what works for your business. Send payments via credit card, bank transfer, or ACH bank debit.

*Currently this service is only supported for businesses located in the United States (subject to eligibility). We are working on supporting businesses located in Canada, UK, Europe, and Australia.

Receive International Payments with Payoneer Receiving Accounts – Payoneer’s receiving accounts enables you to receive local bank transfers from companies and top marketplaces in the US, UK, EU, Japan, Canada, Australia and Mexico, all directly to your Payoneer account. Your receiving account acts just like a local bank account, so you’re essentially receiving an international payment via a domestic wire transfer. Just provide the details of your accounts to your clients and then they can easily send you a payment as if they were around the corner.

Request a Payment – The Request a Payment service makes it simple for you to send your client a bill directly from the Payoneer platform. Invoice your client a payment request and they can pay you directly online within minutes using the payment method of their choice. Have your client choose from several ways to pay you, either via local bank transfer, credit card or ACH bank debit.

It’s that simple! Marketplaces & Networks – Get paid from companies and marketplaces like Upwork, Airbnb, Amazon and more, as well as from thousands of Payoneer partners, directly to your Payoneer account. Simply choose Payoneer as your preferred payment provider, receive funds from an endless number of companies and withdraw to your local bank account or at ATMs worldwide.

Once you’ve received payments from abroad, Payoneer allows you to easily access your funds via the following methods:

Payoneer Prepaid Mastercard® – With our Prepaid Mastercard®, you can use your card anywhere Mastercard® is accepted, including online and in stores or withdraw at ATMs worldwide.
Withdraw to Bank – You can withdraw your funds from your Payoneer account to your local bank account in local currency.

Riverbend Consulting would like to thank Payoneer for contributing this article to our blog.

Recession-Proof Your Amazon Business

July 1, 2020 Leave a Comment

Ways your Amazon business can power through the pandemic

By: Sanam Hakam, Guest writer

Forward-thinking entrepreneurs can add real value to people’s lives and will be monumental to the way this economy moves forward, both during and post-coronavirus.

Since the global outbreak of COVID-19, the economy has taken a significant downturn. Although experts were raising some red flags earlier in 2019, COVID-19 has shocked the system with unforeseen problems. Recessions are a part of the churning economic cycle – a devastating time with years of recovery to follow.

Even now, business owners are finding themselves bracing for more potential economic ‘unknowns.’ The prudent entrepreneur should make sure that they are prepared and properly positioned for any impact that this pandemic might have on their Amazon business.

How can you recession-proof your business?

First of all, let me start off by saying that no product or business is 100% recession-proof since there are so many moving pieces that can impact the health of your business. However, I’ll be sharing time-tested (and Great Recession of 2007-2009-tested) strategies to help you plan for and safeguard your business.

Protect your Supply Chain

It’s no secret that the outbreak has affected global supply chains, especially manufacturing that takes place in China. Communicate with your suppliers! Your suppliers should have an idea of how this might affect you. Talk to them and see how you can work together to mitigate the disruptions. You can also discuss what products are more crucial to your business and should be placed on priority. In this way, if there is a delay, you are at least equipped with your best sellers. In tandem to this, look for alternative suppliers. You should understand that your suppliers may hit more road blocks that are unforeseen right now.

Diversify Your Selection

Broadening your line-up may be the key to surviving during this global health crisis. If you are still not selling items in some of the recession-proof and COVID-19 trending categories, now is the time to look into it. Also, be sure to review your inventory management. See if there is anything you can do to lower inventory expenses without sacrificing the quality of your products. Ask yourself is there a drop-shipping alternative that will work for you so you can eliminate shipping and warehousing costs?

Communicate with your Customers

Make sure you let your customers know what is happening and what your plans are for the coming days, weeks, or months. Practice transparency by publicly addressing common customer frustrations like delivery delays, stock outs, and share internal sanitation procedures.

When this is all over, business owners who continued to connect and engage their buyers will come out in a better position than those who decided to stop, drop, and hide when business got tough.

Maximize Digital Channels

Use social media to communicate, educate, and understand your customers’ needs and challenges during these unprecedented times. Ensure that good information about who you are and your brand is still out there and attracting some followers. If your brand is well presented, when “normalcy” returns, you’ll be able to get the ball rolling with your business.

What thrives during recessions?

While a lot of businesses across major industries struggle during times of recession, there are a handful of business that are sustainable during these times.

Investopedia lists the top 10 companies that did well during the last Great Recession of 2008.

Company Name (Ticker)	1-Year Total Return	Industry
Dollar Tree Inc. (DLTR)	60.8%	Discount Stores
Vertex Pharmaceuticals Inc. (VRTX)	30.8%	Biotechnology
H&R Block Inc. (HRB)	25.8%	Personal Services
Amgen Inc. (AMGN)	24.3%	Drug Manufacturers-General
Old Dominion Freight Lines Inc. (ODFL)	23.2%	Trucking
Walmart Inc. (WMT)	20.0%	Discount Stores
Edwards Lifesciences Corp. (EW)	19.5%	Medical Devices
Ross Stores Inc. (ROST)	17.6%	Apparel Retail
Alaska Air Group Inc. (ALK)	17.0%	Airlines
Hasbro Inc. (HAS)	16.8%	Leisure

Source: YCharts

Key Takeaways:

Even when times get tough, and consumers are earning less, they need basic, staple products like food and household supplies. To save money, people turn to cheaper alternatives – hence, the discount stores do well. And the Walmarts of the world make the cut as an affordable alternative.

Recession or not, you need healthcare. Especially amidst COVID-19, this recession is more in need for healthcare and medical supplies than any other economic downturn. Who could’ve guessed that we’d be hit by a global pandemic the same time the economy was projected to spiral downward?!

The trucking or airline success in the 2008 recession is not so relevant now. In these weird times, even travel and freight is taking a hit.

Product Tips:

List discounted essential items, preferably those with a longer shelf life – such as canned goods, dried fruit, kid-friendly snacks, and pet foods.

Sell health-related goods such as saline solutions, toilet paper, baby wipes, towels, gloves, masks, sanitizers, cleaning supplies, and first aid kids. With the current pandemic, don’t be lured into driving up costs for these in-demand goods – Amazon has slapped many with price gouging suspensions.

Offer affordable entertainment and learning opportunities. At-home learning items like jigsaw puzzles and board games have been top sellers on Amazon in the last month. More kids are learning and gaming at home.

DIY, gardening, gaming, home gym equipment, arts & crafts = everything that people can do while they are at home. That being said, when you list products in these categories you’ll be catering to the new “COVID-19 at-home trends” and may be able to power through this pandemic and hard economic time.

Ways to Power Through This Recession

Although, you may feel the urge to huddle up and ride out this economic storm, it’s prime time to take some action, make some changes to your Amazon product line, and let the sales slowly follow.

If you need help streamlining your Amazon business and want to intelligently manage your inventory and restock in these times, the SellerMobile team is available to guide you through the process. It’s more important than ever, to manage your cash flow, prevent over-purchasing, and plan around your suppliers’ new lead times!

Special thanks from Riverbend Consulting to SellerMobile Marketing Director Sanam Hakam for being our guest writer.

About SellerMobile

SellerMobile is an advanced cloud-based software solution, created to help Amazon merchants gain a more competitive edge in the marketplace. They offer a full suite of mobile and web-based tools and analytics. Their tools include: automated pricing; inventory and order management; analytics and reporting; buyer/seller messaging; feedback and reviews and more.