If you are running a small agency, consultancy, or you are a professional with an LLC in another country, chances are you are interested in onboarding international clients. 

In today's globalized business environment, international clients are also increasing hiring contractors and firms across various sectors across the world, including software development , marketing and the suppliers of goods. 

As this international commerce has become the new normal, there has been an increasing desire to solve the decades old problem of long payment windows and high fees of SWIFT and international wires that was previously tolerated. Now a new generation has a means. Blockchain technology and cryptocurrencies have emerged as a most efficient way to handle cross-border transactions, Stablecoins have emerged as a steady solution as they represent a rapidly growing market, as of Sept 3, 2024 $170 Billion Dollars is held in digital currencies, pegged to stable assets like the U.S. dollar.

The stability and lack of price fluctuations along with minimal fees and lightning fast delivery offer a reliable and low-cost method for international payments. Most people believe that both parties most have crypto wallets and be crypto experts in order to use crypto. But this is not true with solutions in the market that can leverage the technology while meeting people where they are. Here's how you can leverage stablecoins in three straightforward steps.

Step 1: Identify the Preferred Payment Option of the Client

Understanding your client’s preferred payment method is crucial for facilitating smooth transactions. While traditional options like ACH (Automated Clearing House) transfers, SEPA (Single Euro Payments Area) transfers, PayPal, and even checks remain in use, each client will have a specific method that best suits their accounting and compliance requirements.

For example, some clients may prefer wire transfers for better internal tracking, while others might choose PayPal for its ease of use. Regardless of your preferences, it’s essential to work to accommodate theirs as a priority. 

By accepting the client’s preferred payment method, you minimize friction and avoid unnecessary delays or frustration on their side. They may have internal accounting, compliance, or banking constraints that dictate their payment choice, particularly in cases of disputes. Ignoring their risk prevention strategies could create tension and impede smooth business relationships. 

Identify and try to prioritize the client’s ease of payment to build trust and make yourself very easy to work with.

Step 2: Choose a Platform for Payment Acceptance

Selecting the right payment platform minimizes fees and ensures a smooth experience for both you and your clients. It’s about making payments easy while avoiding unnecessary costs from conversion fees, platform charges, or delays.

Local Bank Accounts:

Setting up local bank accounts in countries where your clients operate can help reduce conversion fees. Platforms like Wise offer local accounts in multiple currencies, making it feel like you’re a local business. For instance, having both Euro and U.S. dollar accounts can eliminate conversion fees, and clients are more comfortable paying into a domestic account.

Fintech Apps Like PayPal and Zelle:

Apps like PayPal or Zelle offer fast transfers and convenience, especially for tech-savvy clients. PayPal is globally recognized, making it a go-to for international payments. However, their fees can be high, especially with larger transactions or foreign currency. Zelle is fast but limited to the U.S. Despite the costs, these apps can be ideal when speed and simplicity are crucial.

Merchant Services and Payment Processors:

Merchant services like Stripe or Square integrate with websites for smooth checkout payments. Stripe is especially good at handling recurring and international payments, giving you the flexibility to accept payments from around the world. Recurring billing features can also reduce the need for manual payment management.

Cryptocurrency Payments:

Stablecoins can offer lower fees for cross-border payments, making them a strong option for international clients. One could make their own wallet but if a buyer is not using crypto, its better to use a platform that can accept fiat payments and exchange into crypto such as Shield.

 For example, an Argentinian LLC or individual with a Shield account could accept USD from their client, convert it into USDT, and send it to an exchange in Argentina in a matter of hours. Allowing the client to pay in their preferred method and bypassing high banking fees.

Step 3: Finalize the Payment Timeline and Communicate with the Client

After choosing the preferred payment method and platform, the next step is to finalize the payment timeline. Clear communication here is crucial for a smooth process and showing professionally that makes you look very experienced and competent.

Set Clear Timelines:

Agree on a payment schedule that works for both you and the client. Whether it’s upfront, in installments, or net-30 terms, ensure both parties are aligned from the start and you have the agreements in writing.

Provide Payment Details:

Once the timeline is set, send clear payment instructions—whether it’s account details for a bank transfer or a wallet address for crypto. Make the process as easy as possible for the client to avoid delays and ask for the payment professionally using the platform, email, or phone depending on the context. 

Confirm Receipt:

After receiving the payment, promptly confirm it with the client. A simple confirmation and a brief thank-you message can go a long way in showing professionalism and appreciation. And one can even use it as an opportunity to make a positive impression.

Summary

A seamless payment process is crucial for building strong client relationships. Start by identifying your client’s preferred payment method—whether it’s traditional options like ACH, SEPA, or exciting newer alternatives like crypto, which offer low fees and borderless transactions. By accommodating their preferences, you minimize friction and delays. Selecting the right platform that supports multiple payment types is key. While local bank accounts remain effective for minimizing conversion fees, newer platforms like Shield are emerging, allowing professionals to accept fiat in their client’s preferred method and seamlessly convert payouts into crypto.

Clear communication around payment timelines is equally important. Set clear schedules, provide detailed payment instructions, and confirm receipt promptly. This transparent approach not only ensures smooth transactions but also strengthens your professional relationships, making your payment process as efficient as possible while staying ahead of modern trends like cryptocurrency.