Technology has led to several advancements in the E-commerce sector. There’s been more and more need for a cross-border money transfer system. And this is not just for business purposes, but also for immigrants sending money back home. Remittance has become a lot easier using a mobile money transfer app, as compared to using banks. Fintech companies help you send and receive funds across the African continent and beyond. This, of course, is without high fees and rigorous processes.
A typical mobile money transfer app is secure, cheaper, and faster. Thus, you can conduct business in a more convenient way. So, are you constantly searching for the best mobile money transfer app for business within Africa? Well, this article has an awesome suggestion for you to consider. But first:
Tips to Consider Before Choosing a Mobile Money Transfer App for Business
There are several factors that you need to have in mind when selecting a cross-border platform that you can use to move business funds. Heed them closely as they will help you make the right choice of a mobile money transfer app.
As a businessperson, your aim is to ensure that you get a stress-free and cost-effective option for sending and receiving funds. Here are some things that you might have to put into consideration:
Security
This had to come first because of its importance and relevance. Security is crucial when selecting a mobile money transfer app. Cybercrime and scamming have risen with technological advancement. You need to select an app that can counteract this problem.
Regulation and Licensing
When choosing a mobile money transfer app, you need to first check if at all they have a valid registration. All money transfer apps are regulated. Therefore, they need to have a license or registration document that shows they are indeed legitimate. Otherwise, what will be the assurance that they have the authorization to take on such transactions?
Many people have lost their money online due to negligence. You don’t need to add to these statistics. Due diligence is paramount when you’re analyzing different apps to settle on the right one. After all, it won’t take much of your time to conduct this research.
If you don’t want to go through the hustle of checking licenses and registration, you can opt for established money transfer apps with an outstanding online reputation. Preferably, go for one that has a lot of trusted and positive reviews from independent reviewers online.
Compare the Fees and Exchange Rates
The last thing you want is to get lesser money because of exorbitant fees or unfair exchange rates. This is why you need to sit down and compare fees and exchange rates beforehand. Unlike banks, which overcharge on cross-border transfers, money transfer apps are a bit fairer. Most of them even use the mid-market exchange rate to ensure that you get a fair rate of exchange when making transactions.
Also, find money transfer apps that charge lower transaction fees, so that you can save on every transfer.
Consider a Positive Online Reputation
It wouldn’t make sense to choose a mobile money transfer app without checking its reputation online. We have stated this earlier and just want to emphasize it once more – in detail.
When we’re talking about an online reputation, we’re not telling you to check the money transfer application’s website. Their website is more likely to have only positive reviews – sometimes even fake. But when you want a clear picture of how customers perceive the mobile money transfer app, check independent third-party reviewers. There are many of this kind, including TrustPilot.
Also, you need to understand that just because a company is popular doesn’t mean that it has the best services. Compare different money transfer apps online. Only choose the one that resonates with your interests and needs.
Look at the Payment Options
Money transfer apps have different payment options. Therefore, you need to check the one that offers you what you need. And when talking about payment options, some that you can find commonly are cash pickups, mobile wallets, and bank deposits. The good thing is that most of them have the flexibility of payment options. But it would still be important to check before committing to any one mobile money transfer app.
Speed of Transactions
How fast is the mobile money transfer app you want to use? In business, every second is precious. And you want a mobile money partner that understands this too. Therefore, it would help if you checked the speed of the transaction beforehand.
Afriex Mobile Money Transfer App
Now, here’s the unveiling of our choice of the best mobile money transfer app. Afriex might be a new name to some, but it has rightfully earned its space. It is quickly becoming a leader in the mobile money transfer network within the African continent.
Afriex has a number of sophisticated features that enhance usability, efficiency, and security. In addition, it also allows the purchase and sale of cryptocurrencies such as Bitcoins. Try it out today!
Final Thoughts
Now that you’re ready to do business within the African continent, you need to select the right mobile money transfer app to have a smooth go.
Read More: Save More Money by Using These 6 Mobile Apps