Today, small and medium business owners operate in an increasingly global environment. With the advent of globalization, the need to make payments continues to grow, and along with it is the complexity of making large payments, especially paying suppliers overseas. Any small business owner who has had to pay a supplier overseas knows that foreign exchange via the traditional banking sector can be quite expensive and time-consuming with the regulations affecting this sector.
Klasha, a San Francisco-based cross-border payments solutions company building payment infrastructure for cross-border commerce in Africa, has introduced Klasha Wire. This feature allows businesses to send large payments to their suppliers overseas in local African currency (whether in Naira, Cedis or other African currencies) with ease. On the other end, the suppliers receive the money in the dominant currency of their choice (USD, GBP, EUR) in three business days.
There are numerous benefits to sending large payments with Klasha Wire, including cheaper exchange rates and lower fees with no hidden charges, faster processing and settlement time, multiple payment methods to choose from (Card, M-Pesa, Mobile Money, bank transfer, or Klasha wallet), 100% transaction security, and a user-friendly dashboard to track all payments made, making reconciliation much more effortless.
To what countries can payments be made using Klasha Wire?
Payments can be made to all countries in the world except Libya, Somalia, Iran, Iraq and Ukraine.
What is the transaction fee?
A minimal transaction of 0.7% of the amount sent is charged per transaction.
How can payments be made using Klasha Wire?
To make payments using Klasha Wire,
Visit dashboard.klasha.com to create a free account.
Go to Klasha Wire
Then click on “Make new payment”
Fill in the amount you want to send and the beneficiary details
Add payment details and upload your invoice
View payment summary and tap on “Make payment.”
With this feature, small business owners can now make large payments to suppliers overseas while lowering the transaction cost.