How to accept international business payments

What are international business payments?

International business payments are transactions where funds are sent or received globally, often in different currencies.

They form the foundation of international trade, allowing businesses to pay overseas suppliers, receive payments from international customers, and manage financial operations in multiple markets.

Payment solutions for accepting international business payments

Expanding your business internationally requires reliable ways to send and receive payments globally.

Read on for the most common and effective solutions for managing international business payments to help you choose the right one for your business needs.

1. International Money Transfers (IMTs)

International Money Transfers are well suited for business-to-business payments because they’re able to handle larger, direct transactions securely and efficiently. Typically, they're used to:

• Pay overseas suppliers or partners for goods and services
• Settle invoices or bulk orders where the payment amount is higher than standard consumer transactions
• Transfer funds between international branches or accounts within the same company

These transfers go directly between bank accounts, rather than through an online checkout or payment portal. This makes IMTs ideal for high-value payments where traceability and security are prioritised over payment speed.

Tip: Transfer times can differ depending on where the money is being sent and which banks are involved. Exchange rates and fees may also reduce the final amount your business receives.

2. Accepting international card payments online

If you sell products or services online, accepting payments from customers overseas is essential.

The easiest and most efficient way to do this is through secure online payment gateway solutions which enable you to:

• Process multiple currencies and automatically convert funds
• Accept international debit and credit cards, including Visa, Mastercard and others
• Deposit payments directly into your business bank account
• Protect transactions through advanced encryption, tokenisation and fraud detection tools
• Receive funds quickly which improves cash flow and the customer experience

Our payment gateway solutions include:

• PowerBoard – a streamlined solution for managing global card transactions efficiently
• BPOINT – offers flexibility and reliability for processing international card payments
• CommWeb – provides enhanced security features and faster settlement times for online businesses

Tip: When choosing a payment gateway solution, check its supported currencies, settlement speed and integration options with your existing website or e-commerce platform.

3. Foreign currency accounts

A foreign currency account is a bank account that lets you hold, send and receive money in foreign currencies without converting it straight into Australian dollars.

This type of account is especially useful for businesses that trade or operate internationally, as it helps you manage overseas payments more efficiently and save on conversion costs.

For example, if you regularly receive payments from customers in the US or pay suppliers in Europe, you can keep the funds in those currencies until you’re ready to convert them.

Benefits include:

• Save on conversion costs: avoid converting funds every time you receive or make a payment
• Simpler currency management: keep balances in multiple currencies to match your global transactions
• Flexibility: pay international suppliers or partners directly in their local currency
• Better cash flow: choose when to exchange currencies to take advantage of better rates

Tip: When comparing foreign currency accounts, consider the currencies relevant to your business markets, transfer and conversion rates.

What to consider when accepting international payments

Setting up an effective international payment system involves more than just choosing a provider. Here are some factors to keep in mind:

• Transaction fees: compare costs between payment gateways, IMTs and bank transfers to minimise expenses
• Exchange rates: even small variations can impact profitability, particularly if you make a lot of overseas transactions
• Security: use PCI-compliant platforms, enable two-factor authentication and use fraud prevention tools
• Supported currencies: confirm that your chosen solutions handle payments in your key markets’ currencies
• Transfer speed: faster settlement improves cash flow and customer satisfaction, especially for online businesses
• Customer experience: ensure your checkout process is simple, secure and clearly displays local currency as well as payment options

Bottom line: Accepting international payments doesn’t have to be complicated. With the right tools, you can make it easy for customers around the world to do business with you.