How to streamline automotive business payments with TransferGo

Like many industries, the automotive industry is globalised with suppliers, vendors and manufactures located across different countries around the world.

From design to development and manufacturing to sales, the entire automobile production process involves collaboration from multiple international businesses. If you’re operating in this world, you’re probably in need of appropriate automotive payment solutions that are fast, reliable and cost-effective.

This brings us to today’s topic: How to streamline automotive payments with TransferGo. Ready to learn more? Let’s go.

Why automotive businesses need efficient payment solutions

Small to medium-sized businesses are the backbone of the automotive industry because every vehicle requires multiple parts that are impossible for one single company to manufacture. This is why many components are sourced from manufacturers located in different parts of the world with local access to the required talent and materials.

Given the global trust and collaboration required, international automotive payments must be efficient for both the sender and the receiver.

How TransferGo enhances automotive business payments

The TransferGo Business Account streamlines automotive payments with its many features. When you open up an account, you’ll be able to:

• Send money to over 60 destination countries in over 35 currencies fast
• Make batch payments in multiple currencies to up to 50 receivers in one go
• Benefit from low (or no) transaction fees and competitive currency exchange rates (plus, you can enjoy even lower rates for high-volume transactions!)
• Simplify global financial management with a multi-currency account—send, receive, hold and exchange money across the globe
• Rely on top-tier customer support in 9 languages

International business payments with TransferGo also have a 97%+ faster-than-promised delivery rate, giving you total peace of mind that your partners will be paid on time.

Key benefits of using TransferGo for automotive payments

TransferGo for automotive businesses offers many benefits including:

• Low (or no) fees on international transfers with no sign-up or monthly fees
• Super-speedy delivery, with a 97%+ faster-than-promised delivery rate
• Easy currency exchange for businesses with the option to hold balances in GBP, EUR, RON, PLN and more
• Transparent pricing. What you see is what you pay
• High-grade security protocols that keep your money and data safe
• Easy transfer tracking for total peace of mind
• Top-notch customer support available in 9 languages

Simplifying cross-border payments for automotive suppliers

Making international automotive payments from the UK is easy with TransferGo. Once your account’s been verified, you can start making your supplier payments in automotive industry locations around the world in multiple currencies. Transfers are fast with your money typically arriving in 30 minutes or less.

What’s more, you can track your transfer from start to finish with TransferGo. And if you need help, our dedicated customer support team addresses 80% of enquiries within just two hours.

How to set up and manage automotive payments with TransferGo

Cross-border automotive transactions are easy with TransferGo. Here’s how to get started.

1. Create an account and complete the verification process
2. Access your account with your chosen username and password
3. Enter the recipient’s details, currency and the amount you want to send
4. Choose your payment method and make the payment
5. Track your transfer until it reaches its destination

TransferGo’s low-cost, fast payment options for global transactions

Not only are TransferGo’s payments for automotive businesses fast and reliable, but they’re also super cost-effective. TransferGo charges zero fees on major transfer routes and exchange-rate markups are as low as 0.35%.

Plus, there are no sign-up or monthly fees with a TransferGo Business Account. It’s completely free to set up.

Managing multiple currencies in automotive business payments

With a TransferGo Business Account, you can make automotive business payments to vendors in Europe, Asia and beyond.

It supports over 35 currencies to more than 60 countries and its batch payments tool means you can send multiple payments to up to 50 contacts in one go. Automated payments and reminders also mean you’re able to repeat, adjust and review recurring batch payments before they’re due.

Secure payment processing for automotive contractors and partners

When it comes to security, TransferGo takes things extremely seriously. And rightly so.

TransferGo strictly adheres to EU and UK regulations and uses end-to-end encryption and strict safeguarding measures to keep your money safe across all of our business services. Your account is also secured with additional features such as two-factor authentication.

Real-time payment tracking and monitoring for automotive businesses

When you send international payments with TransferGo, you can track them in real time. You can also view a detailed history of all your past transactions for auditing and monitoring purposes.

Integrating TransferGo with your automotive accounting system

If you use accounting software to manage your business payments, you can use the TransferGo batch payments tool to explore your information without any manual input.

Automotive businesses streamlining payments with TransferGo

When it comes to automotive businesses streamlining payments with TransferGo, there are many. For example, Pirmas Pasirinkimas, MB, a used car dealer in Lithuania was struggling with delayed payments. Using traditional banks would take a day or two.

But once the business made the switch to TransferGo, transfers were sent and delivered within just 30 minutes. This gave Pirmas Pasirinkimas, MB a competitive edge for securing new deals.

Discover more of our business customer stories here.

Tips for reducing payment fees in the automotive industry with TransferGo

If you’re looking to reduce your payment fees, here are some top tips for doing so:

• Sign up for a TransferGo Business Account. (It’s free to set up and subscribe)
• Use batch payments to send money to multiple recipients with just one local money transfer
• Take advantage of sending money to destinations with zero transaction fees

Ready to streamline your automotive business payments with TransferGo? Sign up to TransferGo Business today to pay your business contacts quickly and securely.