In most B2B transactions, the service provider decides how they want to be paid. Typically, this is a bank-to-bank protocol, where the customer will have to work with their own bank to make the payment, and the correspondent bank in between will change the currency, decide the foreign exchange rate and charge their fees.
The typical time to settle is 2-5 business days, depending on the banks and countries involved and the fees can be as high as 6%.
Using Stellar for cross-border payments solves the time and money issues that come with traditional B2B payment methods.
Perform the same transaction in minutes for a fraction of a penny, and forget about the high exchange rates and banking fees for good.
In most B2E or B2C transactions, the paying business or marketplace decides how the payment happens. Employers will generally use an international payroll service (like FMP, Velocity, or Deel) to handle compliance with local tax and employment regulation. Marketplaces will decide both sides, they’ll accept certain payment methods from customers, and also have workers/service
With these amounts typically being smaller and more time sensitive, Stellar allows for fast and efficient transactions.
Perform the same transaction in minutes for a fraction of a penny, making sure your employees or customers are never left waiting.