In a world where small and medium-sized enterprises (SMEs) make up more than 90% of businesses globally, navigating financial challenges can be a daunting task. Late payments, inefficient systems, and high transaction costs create significant obstacles that can stifle growth and disrupt supply chains. Recognizing these hurdles, Tranglo has rolled out an enhanced payment solution aimed at promoting better cash flow and overall financial predictability for SMEs. Tranglo Business, the new all-in-one payment solution, introduces a streamlined user interface, a self-onboarding experience, and fixed transaction rates to cater specifically to the needs of SMEs in over 60 countries. This upgrade represents a significant step towards fostering a more inclusive financial ecosystem, underlining the vital role SMEs play in global economic development.
A Comprehensive Solution for SMEs
Late payments are one of the most disruptive challenges faced by small and medium-sized enterprises, with approximately two-thirds of SMEs identifying it as a major hurdle. Adding to the complication, 55% of large organizations report intentionally delaying payments to suppliers, causing a ripple effect that impacts supply chains and overall business operations. Understanding the gravity of this issue, Tranglo’s enhanced payment solution aims to tackle these pain points head-on. Tranglo Business allows for instant payments, real-time foreign exchange (FX) rates, and multi-currency transactions. This means that SMEs, including academic institutions, import/export traders, e-commerce businesses, and gig workers, can enjoy faster and more efficient financial operations. With 80% of transactions processed instantly and 24/7 availability, SMEs have greater access to needed funds, thereby enhancing their cash flow management and financial stability.
Financial Predictability and Planning
A major highlight of the updated Tranglo Business solution is the introduction of fixed transaction rates, tackling the issue of uncertain fees. This improvement enables small and medium-sized enterprises (SMEs) to better manage their finances by removing the unpredictability of fluctuating transaction costs. With stable fees, SMEs can more efficiently allocate resources, directly boosting business growth. Jacky Lee, CEO of Tranglo, stressed that these updates are tailored to promote SME growth and create a more inclusive financial ecosystem. This strategic enhancement aligns with World Bank data revealing an average global remittance cost of 6.2% per transaction, emphasizing the economic strain high transaction fees can place on business profitability.
By addressing financial barriers, Tranglo aids SMEs in overcoming cash flow challenges, ensuring they remain competitive. Tranglo’s advanced approach with its improved solution delivers tools that cater to SMEs’ unique requirements, ensuring they have the financial stability and predictability needed for sustained growth. Amid the complexities of modern supply chains, Tranglo’s innovative payment solution is a beacon of support, empowering SMEs to thrive and expand in a demanding economic landscape.