The challenge
Delivering multiple currency payments on time
10EQS prides itself on offering a unique service to the global business community. The company delivers an online solution that gives clients access to a full range of consulting services from over 12,400 market specialists in more than 110 countries. 10EQS selects its consultants based on their strategic and specialist knowledge, and on a project-by-project basis regardless of their location.
Due to the high number of consultants hired around the globe, 10EQS must send up to 100 payments in foreign currencies every month.
In the past, 10EQS struggled with costly international payments from banks and other service providers. In addition, inconsistent delivery timeframes made it difficult to ensure that their consultants were paid on time – a very important aspect for their business model. 10EQS needed a solution that delivered payments in a cost effective and timely manner, to ensure success for their clients and continue to attract the best in global consultants.
The solution
A dedicated international payments provider
After listening to 10EQS’ specific business needs, the specialist team at Convera suggested a solution that not only lowered their international payment costs, but ensured payments were delivered on time to their global consultants.
10EQS now utilizes Convera’s GlobalPay Platform, which provides increased certainty around payment delivery timelines – funds are generally delivered within two business days. Payments can be processed in over 140 currencies, across 200 countries and territories. A personalized account manager assists 10EQS with all aspects of its payments, from the latest currency market news to optimizing payment processes.
The results
Happier consultants and clients
By working with a dedicated international payments specialist, 10EQS has increased confidence that payments will reach their consultants in a timely manner. And, the company is able to view exchange rates before a payment is executed, which provides visibility into the true costs of their consultants’ fees
10EQS is also able to minimize overheads by leveraging Convera’s holding balances on the GlobalPay Platform, which allows the company to hold foreign currency funds without the need to open foreign currency bank accounts.
This means they can keep costs associated with international payments to a minimum, and focus on providing innovative services to the global business community.
The team at Convera provides us with knowledgeable and personalized service. Additionally, working with them helps to ensure our consultants are paid on time.”
Jlenia Bonatt
Director of the Swiss Branch
Ready to learn more about the latest in cross-border payments? Sign up for the latest currency and FX news to get market insights from our team of experts.
Plus, dive deeper into the trends shaping cross-border payments with our podcast, Converge.