Xendpay, the world’s cheapest online money transfer service, has today announced the launch of Xendpay Business which for the first time will enable SMEs to make international money transfers for a fee of their choice.
Introducing the company’s successful “Pay What You Want*” model to the international business payments market, Xendpay’s new service removes the requirement for SMEs to pay an initial mandatory fee for money transfers and the company estimates that it could save businesses ££££s in transfer fees in its first year alone.
Despite an increasing number of UK businesses engaging in international trade over recent years, now accounting for over 15% in the non-financial sector, a recent survey of small businesses found that more than 80% of small businesses didn’t know the true cost of foreign exchange through their banks. Extraordinarily, the cost to SMEs for an international transfer made through their bank could cost up to 6%, in addition to hidden fees incorporated in the spread of the foreign exchange transaction. In total, hidden fees are estimated to cost SMEs a sum of £4billion, highlighting the extent to which banks are overcharging their customers.
SME’s currently tend to turn to other players like Paypal who they believe will offer a better deal along with the ability to integrate and help collect funds but their fees are still extraordinarily high; Xendpay Business is here to change that. As strong believers in brand loyalty, the firm are confident that their competitive offering and understanding of the struggles of being an SME or start-up will ensure that clients continue to benefit time and time again from this new tailored service.
Speaking about the launch of Xendpay Business, Paresh Davdra, CEO and co-Founder of Xendpay, said: “It’s been an incredible year for Xendpay. We are the first company to have scrapped compulsory fees in response to the industrywide lack of transparency and endemic rip off prices. I knew we could do better while still remaining viable.”
Xendpay’s “Pay What You Want” model, which aims to empower the users of financial services for the common good, has been endorsed by Wikipedia Founder Jimmy Wales and was recently accepted as a Clinton Global Initiative (CGI) Commitment to Action. Since the introduction of the model just over a year ago, Xendpay has seen its number of users and transactions increase twelve fold and has saved its customers over $3.2m (£2.1m) that would otherwise have been lost in uncompetitive or hidden bank fees.
Paresh Davdra said: “As Xendpay has shown, money transfers fuelled by voluntary contributions are no longer a pipe dream. By using and sharing the Xendpay experience, customers join in taking real action for a better global economy; ensuring more money reaches its intended destination.”
As a start-up entrepreneur himself, Davdra is committed to supporting entrepreneurs and start-ups to thrive in business, supporting a number of ventures including the Princes Trust to empower young Britons and International Widows Day to help provide financial and education resource to widows in developing nations who are often marginalised from the community.
Xendpay is available in over 180 countries and 48 currencies and is part of the Rational Group of Companies, which has made transfers in excess of $10billion since its inception in 2005.