How to Grow Your Money Transfer Business in 2021
Starting a money transfer or bureau de change business is always challenging. You have to consider a lot of things such as the start-up cost, facilities to put in place, influences of foreign exchange rates, the kinds of financial services your business should offer to customers, the mode of operation and all that.
Then there are competitors to think about, trends in your industry, and game-changers. Every money transfer operator started with more or less these challenges. Running and maintaining a money transfer business is another issue altogether.
Technology has exploded in Fintech within the last decade, springing up new payment methods, specialist remittance companies, and new start-ups entering the money transfer industry. While this might sound like bad news, it is not when you begin to compare the increased demand for money transfer services worldwide especially post-COVID.
Money transfer is a serious business. Staying ahead requires your attention to industry trends, and knowing how to get from point A to point B; preferably, on a skyward curve.
If you are thinking about how to start your money transfer business, then this is for you. In this post, we have explained 3 ways to grow your money transfer business in 2021.
Start Online Remittance
The traditional way to send money across borders in the past was through agency networks – individuals and businesses that perform cash pick-up and delivery services. Many money transfer operators still rely on this model of business today.
The ever-increasing cost of remittance is closely tied to the industry’s dependency on these agency networks, as observed by the World Bank. To stand out from the crowd and grow your business, you need to move to online remittance. The ideal money transfer business should be easy, allowing you to send money to countries worldwide from a single point without having to rely on expensive middlemen or banks.
Cutting costs positively impact your business’ revenues and money saved can be channeled into other productive areas of your business. Modeling your business to send money online exposes you to a lot of other opportunities and networks you can leverage to grow.
You should also read: 8 Reasons why your Money Business Should Run on MTA
Offer Mobile Money Services
The future of money transfers is online; COVID-19 has taught us that already. Providing your customers with mobile money services through a single pay point would not only help reduce the cost of relying on payment networks but also win you more customers.
Mobile money is an electronic, fast, and convenient way to store, send, receive, and spend money. It is often done through an app, and usually on your mobile phone. Payment is facilitated by a Switch – a technology that processes payment and settlements among Payment Service Providers (PSP) or billers across multiple channels.
People simply want to send money in the most convenient way possible, usually from their mobile phones anywhere on the globe. whether it is to pay for a service, support a loved one, or roll in the supplies. By providing mobile money services, your money transfer business would satisfy a demand that is only set to increase in the coming years. That spells more profits for you.
Ultimately, you want your customers to be able to send and receive money in any currency of their choice. There is software that makes this possible which we would discuss later below.
Offer Bills Payment Service
Customers demand more from money transfer businesses today. Our duty as MTOs should be to satisfy them. While remittance is the core service of money transmitters, a branch out into bill payment services is strongly encouraged. If you can provide people with remittance services, you should be able to help them pay bills too.
Why should your customers perform domestic remittance through you but use another service to pay for their decoder subscriptions or airtime top-up? Think about it. Chances are that more people pay bills than send or receive money daily. You might be losing out on a potential income stream without knowing it.
Your target should not be on serving your local market alone. Bill payments business is global!
Today you can help customers in other countries pay bills while operating from your country of residence. What is more? Instead of performing this service yourself, your business can adopt a software suite that allows your customers to pay virtually any bill worldwide.
Grow your Money Transfer Business with MTA
In reality, growing your business by adopting the features and services mentioned above can be expensive and strenuous, especially if you are just starting out in money transfers. Integrating individual software to facilitate each of these services is often either not pocket-friendly or the software contains other unnecessary features that are of no use to your business.
To avoid all of these, we recommend that you integrate with the Money Transfer Application (MTA) solution. MTA is a highly robust, all-in-one software suite designed for money transfer and bureau de change businesses – whether you run a shop, a low-tech outfit, a large business, or a multinational with huge ambitions in Fintech.
Unlike other software, MTA is feature-rich, providing online remittance, money mobile, bill payment, branchless banking, and cash pick-up and delivery services among others. MTA requires only one-time integration at minimal cost, after which, you need not install any other software whatsoever! This is because every feature your business needs to operate is built into MTA.
MTA opens you to international markets, with service available to over 140 countries. Money can be sent or received in multi-currencies with minimal exchange-rate influences. MTA centralizes your business, giving you control over every business operation. Its in-built capabilities enable you to monitor daily transactions and even detect fraud within your business using cutting-edge technology such as MTAComply and MTAFaceMatch. You know where your money goes and what is happening in your business with no fuss.
As a white-label remittance software, MTA can be fully customized to suit your business needs, any way you want it. The software technical architecture is highly agile and can be easily customized or extended to fit your unique and bespoke business model. It can equally be integrated with an already existing IT system.
If you want to stay ahead in the money transfer business and grow at a measurable rate, incorporating the feature-rich Money Transfer Application that is specifically tailored to your business needs is the best decision you can make today.