Best way to pay suppliers in the USA: A guide for UK businesses

Understanding payment options

1. Bank transfers

Traditional bank transfers are a common method. However, they can be costly due to high transfer fees and unfavourable exchange rates. It's essential to check these rates and fees before proceeding.
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2. Online payment platforms

Online platforms offer convenience and often better exchange rates than banks. They are ideal for infrequent, small to medium-sized transactions.
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3. International cheques

While less common, some businesses still use international cheques. This method can be slower and may incur higher processing fees.
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4. Credit card payments

Credit card payments are fast and secure, suitable for smaller transactions. However, they might involve additional fees and not be viable for large payments.
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Factors to consider

When selecting a payment method, consider the following:
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• Transaction fees: Compare fees across different methods.
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• Exchange rates: Fluctuations in exchange rates can significantly impact costs.
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• Payment speed: Some methods are faster than others.
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• Security: Ensure the method you choose is secure and reliable.
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• Ease of use: Consider the convenience of the transaction process.
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Equals Money's multi-currency account: A game-changer

Equals Money offers a multi-currency account that is particularly beneficial for UK businesses dealing with US suppliers. Here's why it's a superior choice:

• Competitive exchange rates: Equals Money offers competitive exchange rates for over 140 different global currencies, allowing you to get the most out of every transfer.
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• Multi-currency functionality: Send, receive and manage funds in 38 different global currencies (without conversion), reducing the need for multiple single-currency accounts and account details.
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• Speed and convenience: With same-day and next-working-day transfers, have peace of mind that your money will reach its destination quickly and safely.
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• Safeguarded funds: Protection of your finances is paramount. Equals Money protects customer funds via safeguarding, holding them in specially designated safeguarded bank accounts, separate from their other assets.*
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• Dedicated support: Navigating international payments can be complex. Equals Money offers expert guidance every step of the way.
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How Equals Money stands out

Equals Money is not just a financial service; it's a business partner that understands the challenges of international trade. Their customer service is tailored to support your business's unique needs, offering personalised expertise and solutions.
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Conclusion

Paying suppliers in the USA efficiently requires understanding the various payment methods and choosing the right one based on your business needs. Equals Money's multi-currency account offers an innovative solution for UK businesses, simplifying international transactions and increasing efficiency.

By leveraging the right strategies and tools, you can streamline your payments to US suppliers, fostering stronger business relationships and supporting your company's growth.