If you’re involved in international remittances, getting purpose codes right is crucial. These alphanumeric codes are used to define the reason for a transaction, and using the correct one is key to smooth payments.

A wrong or missing purpose code might lead to:

Rejection of the payment and its return to the source, or

Delays while the bank verifies the transaction’s purpose

To avoid these issues, Skydo is here to ensure your international payments are fast, easy, and compliant. Let’s explore how our autosave purpose code feature supports you in creating a seamless payment experience.

Skydo: Simplifying Purpose Code Allocation

For Indian businesses, handling international payments and invoicing can be both complex and time-consuming. From creating invoices and tracking payments to managing purpose codes, the process can take up a lot of your time.

That is where Skydo comes in. We offer automation features that make these tasks easier, helping you manage cross-border transactions more efficiently.

With Skydo, you can automate invoice generation, payment tracking, and purpose code management, so you can focus more on your business and less on paperwork.

Steps to Autosave Purpose Code in your Invoice with Skydo

If you cater to several foreign clients and send out invoices regularly, manually entering purpose codes in hundreds of invoices over a long period can not only be tedious but very prone to potential human errors.&nbsp;

But with Skydo, you can eliminate the manual effort and mitigate risk because it saves the purpose code in its database and prefills it corresponding to the services offered.

Let’s understand the step-by-step process of creating an invoice on Skydo and how the purpose code feature works:

Realizing Efficiency Gains and Compliance

As we’ve seen, using incorrect or missing purpose codes can cause significant problems for cross-border transactions. Banks may flag these transactions as suspicious, which can lead to delays or even failures in processing payments.

When a transaction is flagged, it can disrupt your business cash flow and create obstacles for smooth operations. This not only affects your current transactions but can also hinder your ability to scale and grow your business.

To avoid the inconvenience of delays and complications with international transactions, Skydo takes care of the purpose code for you. By adding the correct purpose code based on your previous input, Skydo ensures that your inward remittance arrives on time.

This accuracy not only reduces your business risks but also supports rapid growth and scalability. Plus, Skydo’s approach helps you stay compliant with regulatory requirements, minimizing the risk of hefty penalties.

By facilitating accurate purpose codes, Skydo contributes to a smoother global financial ecosystem, making cross-border transactions seamless and efficient.

RBI purpose codes play a key role in a stable financial system, enabling the monitoring of foreign funds and preventing fraud. Accurate use of these codes facilitates smooth international transactions and supports business expansion.

We understand that manually handling these purpose codes can be difficult and prone to mistakes. Skydo’s automated feature makes this task easy and ensures compliance, so you can focus on growing your business.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join the Skydo payment platform today</a> to experience seamless cross-border transactions and mitigate financial and non-compliance risks!

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Business owners know that a good sale ends only when the client’s money hits their bank account. Along with service delivery, receivable management is equally important to manage a business. For instance, GlobalTech Solutions is a tech-based company that operates in multiple countries and deals with various clients and vendors.

Moreover, time differences and varying banking practices often result in delayed payments, leading to longer accounts receivable cycles that must be effectively managed for the company's financial success.

Transparency is a major concern in today's global market, as tracking payments and reconciling accounts with cross-border transactions becomes increasingly difficult. This lack of clarity can lead to errors and financial losses.

The solution? Accounts Receivable Assistant! With the market expected to grow from <a href="https://www.mordorintelligence.com/industry-reports/accounts-receivable-automation-market">USD 2.72 billion in 2023 to USD 4.76 billion by 2028 at a CAGR of 11.84%</a>, it offers numerous benefits such as time and cost savings, improved efficiency, and better financial management for businesses dealing with high volumes of transactions.

Introducing Skydo - Your End-To-End Solution

Skydo is a standout in the field of accounts receivable management. Skydo streamlines the end-to-end process, providing unmatched efficiency for businesses navigating <a href="https://www.skydo.com/blog/future-of-cross-border-payments-2030-and-beyond?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cross-border transactions</a> and diverse currencies in the complex financial landscape.

We track and record every transaction, payment, and invoice so you can clearly and accurately understand your financial standing and make informed decisions.

For businesses involved in international transactions, fluctuations in currency can be a major concern. We offer real-time foreign exchange rates with zero margin to help businesses better manage and prepare for the effects of these fluctuations on their receivables. No more unexpected losses due to sudden changes in currency values with Live FX.

Effortlessly <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">keep track of outstanding payments</a> with Skydo. Our platform provides a comprehensive overview of all pending payments, making it easier for businesses to prioritize their collection efforts and maintain a healthy cash flow.&nbsp;

Skydo transforms invoicing by providing real-time monitoring and a holistic view of payment progress. We ensure a seamless transition from invoice creation to <a href="https://www.skydo.com/blog/all-you-need-to-know-about-FIRC-a-complete-guide?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Foreign Inward Remittance Advice (FIRA)</a>, eliminating delays and discrepancies for highly efficient accounts receivable management. With a centralized overview of business financial transactions, Skydo significantly enhances overall financial stability.

Skydo offers multiple features to make <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">invoice management</a> easier for businesses.

Managing Outstanding Amounts and Payment Reminders

Efficiently managing payments is crucial for any business, and our platform offers a range of features to help with this process. Our <a href="https://www.skydo.com/blog/receive-timely-payments-with-skydo's-automated-reminder-feature?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">payment reminder</a> tool helps you send reminders to clients, ensuring timely payments and maintaining a healthy cash flow.&nbsp;

Keep track of all past payment reminders with our platform, providing a clear history of communication and follow-ups for each invoice. Plus, it can easily manage and track outstanding amounts so businesses can view their receivables.

You have access to a comprehensive real-time payment tracking system, allowing you to monitor each step in the process for each payment to stay on top of their payment status and maintain a healthy cash flow. This feature lets you easily identify potential issues before they become critical.&nbsp;

Moreover, Skydo comes with detailed business and <a href="https://www.skydo.com/blog/make-data-driven-business-decisions-with-customer-level-revenue-analysis?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client analytics</a>, providing valuable insights for making informed financial decisions. Never miss a beat with our powerful analytics tools.

Our Clients List feature offers businesses a quick and easy way to access a comprehensive list of their clients and payment history. With just a click on a client's name, users can view detailed information about their financial interactions, providing a holistic view of the client's account.&nbsp;

Our 'View Ledger' feature allows businesses to track invoices and payments over time, giving them a clear understanding of their financial standing. For added transparency and trust-building with clients, we offer the option to share the ledger directly with them.

What Next? Transform the Way You Manage Accounts Receivable With Skydo

Managing receivables is no longer a problem. Irrespective of the number of clients, size of payment, or geography, Skydo offers a seamless, efficient, and transparent solution for businesses of all sizes.

With robust invoice management, proactive <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">tracking of outstanding amounts</a>, and insightful analytics, leverage the power of technology to optimize cash flow and make the right decisions. A holistic approach to client interactions and financial transactions will increase customer trust and efficiency in your business relationships.

Elevate your financial management with <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> and drive your business towards success.

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Outdated financial systems and processes can create significant inefficiencies and costly business errors. Finance Heads are often forced to spend time firefighting instead of strategising. Unfortunately, the role of the modern Finance Head is about more than just overseeing financial operations; it's about leading businesses through uncharted waters.&nbsp;

Platforms like <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo</a> offer a solution to these deep-rooted problems through their payment platform. This guide explains how you, as a Finance Head, can make your organisation more agile, and efficient, and stay ahead of the curve with Skydo.

As a key strategic partner in driving growth, you navigate the complexities of a globalised business landscape. Despite this expanded role, there are still numerous challenges that come with being at the top of the finance tier in a company.

Ensuring Data Security and Fraud Prevention

Being a modern Finance head comes with its share of challenges but also great influence and strategic importance. To effectively address these challenges, a combination of technology, process optimisation, and forward-thinking is necessary. With the right approach, you can have a major impact on a company's success.

Overcoming Finance Challenges with Skydo: A Comprehensive Solution

Skydo’s payment platform is designed specifically to address the pain points of Finance Heads iterated above. Here's how we help overcome these challenges and achieve company goals.

Navigating Regulatory Compliance with Ease

1. <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Auto-generated FIRAs </a>Operating in international markets includes the daunting task of ensuring compliance with local regulations. But with Skydo, this process is simplified thanks to our auto-generated Foreign Inward Remittance Certificates (FIRAs). As soon as the amount reaches the business bank account, the FIRA is available to download to ensure compliance.

Businesses can rest assured that they are always compliant without dealing with manual hassle.

2. Purpose Code according to RBI guidelines

Skydo's purpose code field ensures that every transaction aligns with RBI guidelines, eliminating the risk of non-compliance. This pre-filled field includes the suggested codes relevant to your business, which you can simply select once the invoice is generated. 

Different transactions have different purposes, and the Reserve Bank of India (RBI) mandates specific codes for each, which must be followed to comply with regulations.

Say goodbye to manual invoicing and chasing clients for payments. <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?Internal%20links%20should%20have%20the%20UTM%20tag%20-%20utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo offers automated invoice creation</a> and timely payment reminders, ensuring a steady cash flow for businesses. This allows you to focus on strategic financial planning without the hassle of administrative tasks.

Gaining a Holistic View of Financial Operations

At Skydo, we understand that every client is unique, and their financial interactions with your business reflect that. Skydo provides a <a href="https://www.skydo.com/blog/make-data-driven-business-decisions-with-customer-level-revenue-analysis?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client-specific overview</a> to help you gain a deeper understanding of each client's financial footprint.&nbsp;

This insight allows for better relationship management and strategic decision-making to drive success for both your clients and your business.

2. Track international accounts in one place

Businesses operating globally often face the challenge of managing multiple international accounts. Skydo offers a solution that consolidates all international accounts to simplify this process, providing a unified view.&nbsp;

Enhancing Real-time Visibility and Control

1. <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Real-time payment tracking</a>

Tracking payments in real-time is essential for efficient <a href="https://www.quadient.com/en/learn/accounts-receivable/how-ar-automation-affects-cash-flow">cash flow</a> <a href="https://www.quadient.com/en/learn/accounts-receivable/how-ar-automation-affects-cash-flow">management</a>. With our cutting-edge technology, Skydo provides real-time payment tracking, ensuring they are always in the know and can make proactive decisions to drive their business forward.

Financial transparency and accountability are crucial for any business. Thus, Skydo's ledger view is a must-have tool, providing a detailed record of all financial transactions to ensure clarity, accuracy, and informed financial planning.&nbsp;

As finance heads face significant challenges, such as regulatory compliance and real-time data visibility, they can overcome these hurdles with the proper strategy and tools.

Skydo's payment platform is a comprehensive and innovative tool designed for modern finance heads. With features like auto-generated FIRAs and real-time payment tracking, it offers a holistic solution to the challenges faced by top finance officials. With Skydo, you can ensure compliance and efficiency while also utilising real-time data to make strategic decisions.

If you are a CFO or financial leader looking to transform and elevate your financial operations, Take the first step towards a more efficient, strategic approach to financial management with <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> today.

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Embarking on the journey of business expansion is like navigating uncharted waters and seeking new horizons.&nbsp;

Your mission? To captivate your customers with novel services, elevate their experiences, and streamline your operations. To make wise choices, you must access extensive data and advanced analytics. Additionally, if you’re running an export business, comprehending your payment data is essential.

The new Skydo dashboard centralises all your accounts receivable data within a convenient interface. This innovative dashboard presents your data through an intuitively designed, user-friendly layout, offering seamless access to crucial payment insights.&nbsp;

As you set sail towards growth, let Skydo be your compass, guiding you through the intricacies of expansion. Here’s how.

Accepting International Payments With Skydo Made Easy&nbsp;

#1: Complete your onboarding journey with Skydo in 5 minutes

The onboarding process with traditional payment vendors generally takes 4-7 days to complete the onboarding process. However, when you want to expand your business, time is of the essence. That’s why, our onboarding journey is designed to be a breeze, allowing you to get started in just 5 minutes.

Aditya Bhansali, CEO of Endless and a satisfied customer of Skydo said - “Got US and UK bank accounts in minutes. Love the seamless payment experience and automatic tracking”

Here is the step-by-step onboarding process.

Your journey to effortless international transactions starts here!

#2: Track all of your payment summaries, recent transactions, and outstanding

Once you have logged into your account, the dashboard will provide an overview of the recent transactions and invoices. This intuitive interface provides a consolidated summary of the revenue you've generated. No need to sift through spreadsheets or crunch numbers – the information you need is right at your fingertips.

Furthermore, this dashboard keeps you in the loop regarding any outstanding invoices that require attention. You can proactively manage your finances and maintain a healthy cash flow with a clear display of pending payments. Furthermore, you can monitor ongoing settlement processes and view real-time updates on payment activities as they occur.

#3: Invoice creation and auto e-invoicing features

The invoice creation process, coupled with its advanced e-invoicing features, streamlines and simplifies the billing experience for users. Initiating a new invoice triggers a step-by-step journey that ensures accuracy and efficiency.

Upon selecting "Create a new invoice," the interface seamlessly populates your company's details, eliminating manual input. The "Bill To" option intelligently pulls client names from a predefined list or accommodates new client entries, saving time and ensuring client information accuracy.&nbsp;

Clicking "Save and Continue" leads you to a comprehensive itemisation section. You can specify the services you've rendered, supported by fields like service name, SAC code, quantity, rate, and amount. We provide you with a user-friendly provision for discounts and the addition of Skydo fees, offering you flexibility in accounting. Importantly, the invoice is automatically tagged with the appropriate purpose code for taxation.

This feature makes it easy to select the right currency for invoicing without any complications. The e-invoicing process is strengthened with a pre-set selection of local bank accounts for your transactions. Although customisation is an option, it is recommended to choose the preferred account to avoid any extra charges.

Including additional details like notes can improve the clarity of your invoice and make the process more convenient. If you are conducting transactions in a currency other than INR, you can easily add a <a href="https://www.skydo.com/blog/everything-you-need-to-know-about-lut?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Letter of Undertaking (LUT)</a> as well.&nbsp;

In addition to digital invoices, the Skydo payment platform also offers an e-invoicing feature to receive international payments. Once you have finalised the invoice, you can generate an e-invoice which will create the QR code for it. You can either send your invoice to your client or download a draft PDF for review. If needed, you also have the option to remove the invoice.

#4: Sending and tracking payment reminders

Skydo's <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">invoicing feature</a> empowers users to dispatch reminder emails to clients experiencing payment delays effortlessly. The platform goes a step further by allowing a preview of these reminders, ensuring their effectiveness.&nbsp;

Notably, tracking features provide insight into the frequency and dates of sent reminders, facilitating efficient follow-up actions. Additionally, the capability to monitor client engagement through email open tracking offers valuable information on the reminders' impact.&nbsp;

What if Zomato didn't have delivery tracking? Imagine ordering food from Zomato without the ability to track your delivery in real time.&nbsp;

The uncertainty and frustration would be undeniable. Similarly, managing multiple invoices without proper <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">payment tracking</a> can be equally exasperating for businesses serving clients across borders.

Skydo’s platform is a game-changer for invoicing and payment management. By providing a comprehensive timeline of invoices, from sending to viewing, payment processing, and completion, Skydo ensures that you can effortlessly monitor your financial transactions.&nbsp;&nbsp;

#6: Auto-generated FIRA - One-click download

Handling <a href="https://www.skydo.com/blog/all-you-need-to-know-about-FIRC-a-complete-guide?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">foreign inward remittance</a> documentation is exemplified by its remarkable feature - the automatic generation of Foreign Inward Remittance Advice (FIRA) paired with a hassle-free one-click download process. This obliviates the need for manual creation and management of documents, presenting a swift and precise solution for all your <a href="https://www.skydo.com/blog/automated-digital-firc-implifying-international-payments-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">FIRAs in a single unified location</a>.

With Skydo's auto-generated FIRA, you can seamlessly integrate with Indian tax regulations and meet the strict requirements set by the Reserve Bank of India (RBI) and other relevant authorities. This can enhance your credibility and reduce the burden of regulatory compliance.

#7: Overall and client-specific revenue analysis

With access to monthly revenue figures, you can gauge your company's financial health. Dive deeper into individual client-level revenue to pinpoint key contributors, empowering your marketing and customer success teams to nurture those relationships strategically. 

Additionally, leverage data on your best-selling services to provide a competitive edge to your sales team. Informed decisions and targeted strategies are now at your fingertips, ensuring smarter resource allocation and maximising growth potential. Elevate your business prowess with data-driven approaches, driving success across all fronts.

The ledger for payment validation is an invaluable tool that effectively resolves discrepancies between you and your clients for pending amounts. When clients dispute the payments, this ledger becomes a potent instrument.&nbsp;

You can address client concerns promptly by providing a comprehensive transaction timeline with dates and corresponding amounts. This approach fosters transparency and strengthens client relations. You can easily share the ledger with your client in just one click to confidently resolve any payment disputes.

Skydo's global payment platform revolutionises international transactions with its Transparent and Flat Fee pricing model. Traditional banks and payment gateways often burden businesses with intricate fee structures, but Skydo prioritizes simplicity. Offering live FX rates devoid of margins, it ensures optimal rates.&nbsp;

A straightforward approach with flat fees eliminates surprises and guarantees transparency. This innovative strategy liberates you from exorbitant charges, potentially saving substantial sums annually.&nbsp;

Tanay Shah, the Founder &amp; CEO at Pardy Studios, has already experienced the benefits firsthand. He shared his satisfaction, saying, "With Skydo, I am saving INR 10,000 per transaction.”

In a world where financial clarity is paramount, Skydo emerges as the ultimate solution. With its promise of unparalleled transparency, managing your financial transactions becomes a stress-free journey.

No more grappling with uncertainties or enduring delays; Skydo empowers you with efficiency and control over your account receivables. By seamlessly uniting advanced business analysis and data insights, potential hurdles are nipped in the bud, ensuring your transactions flow effortlessly.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Book a demo</a> to harmonise traditional finances with revolutionary technology, allowing your business to transcend borders effortlessly!

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Launching and running an IT export business is fabulous–until you must deal with international payments.

Traditional banking systems are reliable but often fail at the speed and ease required for international transactions. The expected growth rate for B2B cross-border payments will reach <a href="https://fineksus.com/3-facts-to-know-about-to-increase-b2b-cross-border-payments/">$2,515 billion by 2030 at 10.8%</a>.&nbsp;

Therefore, platforms like Skydo aim to accelerate business growth by overcoming conventional barriers to trade.

<a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">IT export businesses</a> can grow and scale internationally with Skydo's effortless onboarding, hassle-free international payments, a seamless platform experience, multi-currency accounts, real-time payments, live currency exchange, and transparent pricing models.

Here's how it works and how you can accept international payments hassle-free in just 5 minutes.

Documents Required to Create International Bank Accounts With Skydo

Here’s a list of the documents you must procure before signing up on the Skydo platform.

Create an International Bank Account with Skydo in 5 Minutes

The signup procedure requires no physical document submission. The simplicity of verifying identity and compliance procedures is unlike any payment gateway that may take days to verify and then onboard.&nbsp;

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Here’s a step-by-step guide for a seamless onboarding journey as a primary business owner/director on Skydo’s platform

Once you’re on board, you can explore a host of features that make Skydo your go-to solution for seamless international transactions.

Transacting with Skydo - Additional Features

This revolutionary payment platform transforms how you handle global payments, from transparent pricing to built-in invoicing and swift onboarding.&nbsp;

Skydo provides real-time currency exchange rates, no processing fees, and zero FX markup costs. This way, if you’re due to receive $1000, you will receive the amount equivalent to the exchange rate at the time it hits the Skydo account. This way, you do not lose out on precious profits. You can also take advantage of a flat rate structure and save up to 10 lakhs per year on your invoice values.

Effortlessly add international bank accounts to your business without the need for entities in different countries.&nbsp;

The advantage to your customers is twofold.

Skydo <a href="https://www.skydo.com/blog/understanding-gstin-requirements-for-export-businesses-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">ensures full compliance with GST</a> and <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">provides FIRA</a> for your IT export business, giving you peace of mind with every transaction made on the platform.

We offer fully compliant <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">in-built invoicing</a>, complete with SAC integration, purpose codes, and legal requirements, all accessible on the platform. You can even generate and download the e-invoice and use the other intuitive features on our dashboard.&nbsp;

Skydo's processes are 100% compliant, and backed by renowned banks and investors, all while maintaining the highest level of security and privacy.

As business owners, your core activities matter the most. For payments, enjoy a hassle-free and seamless cross-border payment experience with Skydo’s transparent and easy-to-use platform.&nbsp;

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Reach out to us to book a demo</a> and watch how you can set up your account with Skydo in less than 5 minutes and get your business scaling and soaring in no time!&nbsp;

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As a business owner, you may be familiar with the high costs of transferring money across international borders. Leading payment gateways charge hefty international transaction fees. You need to negotiate for the suitable Fx rate with the bank, and then they add their miscellaneous fees, which aren’t transparent.

These fees can add up quickly for your <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Export IT service business</a>, cutting profits and stunting growth. Think about it: if you were to receive one crore rupees, a significant chunk could be lost in fees alone.

Startups specifically often face a tough challenge regarding international money transfers. High transaction fees, in this case, can be a major obstacle for any business looking to go global. Companies are penalised for going global without an affordable, efficient alternative.&nbsp;

This article explores how international transaction costs work, their impact on businesses worldwide, and how Skydo helps turn things around.

International transactions can be overwhelming, especially when losing your hard-earned money to fees and <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">hidden charges</a>. However, Skydo offers a more straightforward and cost-effective solution.

1. Reducing fees and improving transaction efficiency

Unlike traditional banks and payment gateways with complex fee structures, Skydo employs a transparent, minimalistic approach.

Live FX rates with zero margins: Upon receiving the invoice payment in the Skydo account, the remitted amount will be converted using the current live exchange rate. This rate is also accompanied by a timestamp, allowing for easy verification through a quick web search.&nbsp;

With <a href="https://www.skydo.com/blog/get-the-most-out-of-your-forex-savings-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange rates</a>, you always get the best rates possible without additional margins or hidden fees.

Flat fee structure: A flat fee ensures no surprises, and everything is completely transparent. For transactions less than USD 2,000, the fees are USD 19, while it's USD 29 for transactions above USD 2,000.

Imagine your business conducting an <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">international transaction</a> of INR 1 crore using a traditional bank or a popular payment gateway. Their fees can range between 2-5%, adding up to a hefty sum of INR 2-5 lakhs.&nbsp;

With Skydo, these exorbitant fees can be significantly slashed, potentially saving you lakhs of rupees yearly. And as your transactions increase over time, the cumulative savings can be truly monumental.

Don't just take our word for it, though. Tanay Shah, the Founder &amp; CEO at Pardy Studios, has already experienced the benefits firsthand. He shared his satisfaction, saying, "With Skydo, I am saving INR 10,000 per transaction.

Receive your International Payments Effortlessly with Skydo

Global payments can pose a considerable challenge for businesses, with fluctuating exchange rates, hidden bank fees, and complex regulatory requirements making the process daunting and frustrating.&nbsp;

From <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">real-time transaction tracking</a> to <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multi-currency support</a>, Skydo gives you the tools necessary to transact globally easily, mitigating stress and streamlining the process for businesses regardless of location.

Here's a breakdown of some of Skydo's best-in-class features

Within five minutes, you can set up international bank accounts through Skydo. This is available for transactions involving partners in the USA, UK, Europe, Canada, and over 20 other locations. Skydo ensures you have the banking infrastructure you need, providing unparalleled convenience for your business.

With every international payment made to your account, you will get an automatically generated <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Certificate (FIRA) that is GST-compliant</a>. This perfect compliance helps simplify the accounting process while ensuring that your business adheres to local regulations fully.

With Skydo, the days of negotiating complex FX rates or grappling with opaque pricing structures are gone. We deliver a straightforward and intuitive payment experience, freeing businesses to focus on growth rather than financial logistics.

Here's why businesses like yours choose Skydo over other payment methods:

As a business, you're constantly looking for ways to maximize cost savings and streamline your operations.&nbsp;

With Skydo’s transparent pricing, <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange (FX) rates</a> without hidden margins, and a flat fee structure, you can save significant amounts annually compared to traditional banks.&nbsp;

With Skydo, we expedite the process of setting up an international bank account, allowing you to start transacting in no time. Our user-friendly interface ensures that even if you're new to international trade, you can navigate confidently and get things moving swiftly.

Compliance with local regulations can be challenging. But, with Skydo’s provision of&nbsp;<a href="https://www.skydo.com/blog/understanding-gstin-requirements-for-export-businesses-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">GST-compliant</a>&nbsp;Foreign Inward Remittance Certificates (FIRAs), your business effortlessly aligns with local regulations. This way, you can focus on what truly matters - growing your business.&nbsp;&nbsp;

With the support of leading banks and investors, our robust infrastructure and state-of-the-art encryption techniques provide 100% safe and fast transactions.&nbsp;

5. Adherence to International regulations

Our unwavering commitment to providing 100% legal and compliant services means you can operate globally without any legal hurdles.

What’s more? We offer free account creation, <a href="https://www.linkedin.com/posts/sardamit_freelance-payments-remittances-activity-7118222420620013569-X5xF?utm_source=share&amp;utm_medium=member_desktop">zero maintenance fees</a>, and the facilitation of simple local transfers for international clients to empower businesses like yours to transact on the global stage with confidence, ease, and peace of mind.

Skydo is more than just another platform for international payments. It's a comprehensive solution designed to cater to all your financial needs in a global landscape. While our primary focus is on making payments more affordable, convenient, and compliant, our platform goes above and beyond, offering numerous features that simplify and elevate your financial management experience.

In the fast-paced business world, having real-time insights into your financial transactions is crucial. With <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo's intuitive dashboard</a>, you can effortlessly track your payments, ensuring you always have a clear picture of your cash flow and can confidently make informed decisions.

2. Multiple currency support and exchange rate advantages

As your business expands globally, dealing with multiple currencies becomes a reality. Skydo seamlessly supports a wide range of currencies, ensuring you can transact with international partners without limitations. Moreover, our live foreign exchange (FX) rates guarantee that you always get the best possible exchange rates, maximizing your financial gains.

Juggling multiple tools for financial management can be a hassle, holding back the efficiency of your business. At Skydo, we understand this challenge, so we offer integrated solutions for accounts receivables management, reconciliation, and invoicing. By streamlining these processes, we ensure accuracy, efficiency, and simplicity, so you can focus on what matters most - growing your business.

While Skydo excels in delivering cheaper, more convenient, and compliant payment solutions, its true strength lies in offering a comprehensive suite of financial management tools. It's a solution designed with modern business in mind, understanding the challenges of international transactions and addressing them head-on.&nbsp;

With <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a>, the world truly becomes your marketplace, devoid of the hefty price tag.&nbsp;

Experience the power of a holistic solution that caters to all your financial needs. From transparent pricing to real-time insights and <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multiple currency support</a> to streamlined financial management, take control of your finances and thrive in the global marketplace with Skydo.

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