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Full REMITR Business Payments Payment Gateway Software Review. All you need to know about REMITR Business Payments

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What is REMITR Business Payments?

REMITR Business Payments is a global remittance service platform that offers businesses and individuals an alternative to wire transfers. Specifically catering to organisations and companies that employs staff or work with partners, affiliates, freelancers, developers and influencers who are based remotely, it enables low cost business payments to be made to more than 150 countries.

REMITR was founded by a team of entrepreneurs, banking experts and technology specialists with the objective of automating and simplifying the process of cross-border payments, drastically reducing the cost and time involved in transferring funds from one country to another. The company applies technological innovations to traditional banking methods and processes, helping both businesses and individuals make global payments with the minimum of inconvenience and effort.

The solution offers fast online no-boarding for customers, competitive exchange rates, two-tap payments and low fees, whilst at the same time offering compliance with leading industry security and regulatory requirements. It enables business to make cross-border payments efficiently to employees, suppliers and contractors, and for individuals to remit money back to family and friends.

The service is easy to use – users only need to register and create an account, provide funding to their online wallet, and then make payments where necessary. Making international payments is fast, secure, and low cost, and users use the app to check live exchange rates.

REMITR has been covered in publications such as Forbes, The Economic Times, and The Globe and Mail.

Benefits

Speed

Bank transfers can take up to 5 business days to be processed with some banks. With REMITR, Canadian recipients receive their money same day – in some cases in as little as 4 hours – whilst international recipients typically receive their money between 1 and 2 business days.

Cost

The vendor claims that overseas transfers with REMITR cost up to six times less than a traditional bank transfer, and that they offer the lowest rates compared to any competing money transfer service business of bank. There is no percentage transaction fee – instead REMITR works on a flat fee basis – US $1 for local Canadian transfers, US $ for local currency transfers, and US $10 on transfers made in US dollars. This pricing structure applies, irrespective of the amount being transferred or remitted. REMITR do not charge any of the hidden service fees or inward-remittance costs associated with other traditional methods of payment such as wire transfer, cheque, or PayPal.

There are also no disguised transaction fees at various stages in the payment chain, although local banks may charge recipients a handling fee.

Mass Payment Automation

The application enables users to choose when exactly they want to send money overseas. They simply need to create schedule of payments tailored specifically to their needs, and the platform will handle all the activities needed to make international money transfers. This means that, in the case of mass payments, instead of having to engage in all the manual effort involved in making individual payments, the entire process can be automated. This results in considerable savings in time and effort, freeing up finance staff and other payers to concentrate on more value-adding activities.

Mass payments can be scheduled for any time – there is no need to wait for business or banking hours.  In addition bill payments can be automated by connecting REMITR to local purchase management software, helping to reduce manual data entry, and the resultant errors associated with it.

Utilises Blockchain Technology

At the heart of REMITR is the concept that wire transfers are an outdated and expensive way to send money overseas, and are not a guaranteed means of sending money securely and on time. Non-bank wire transfers like PayPal or e-wallets are an alternative, but they are slow and it can take up to a week before a monetary transfer is complete.

The advent of blockchain technology has allowed new payment methods to be developed which allow for both local and international remittances to be processed securely and quickly. Domestic and international payments made in this way do not require a person physically to go to a bank to collect funds, nor do they rely on the collection of bank details or other paperwork from an individual.  As such they remove traditional problems associated with online transfers such as incorrect routing information and wrong bank account numbers, meaning that simplifying payment methods and removing a common source of errors engenders a positive relationship between the sender and the recipient of funds.

With REMITR, the sender just needs the email address of the beneficiary – as opposed to a mass of bank information – to make a payment.

Automation and Customisation

REMITR’S API allows businesses to integrate their accounting software with the platform, so that all financial data is centralised in one place. The API also enables users to make individual and mass payments from the same location. Mass payments can be sent out automatically at one-time – with only one flat fee.

Features

REMITR Collect

This service allows subscribers to the service to receive payments for free into their Global Account; they can then transfer the funds, at any time, into their own bank account.  Users need to raise an invoice to their customers, and provide them with their REMITR Global Account Number. Customers in the US and Europe can then make a local bank transfer to that account in US $ (ACH) or Euros (SEPA) in settlement of the invoice. Users are notified automatically then when funds are credited to their account.

The only charge involved is a service is a flat fee of US $/€5 when money is withdrawn from a Collect Account, a charge that is fixed, regardless of how high the amount the subscribers chooses to withdraw.

Normally it takes one day to transfer funds from a Collect Account into a personal bank account, once a withdrawal request form has been submitted.

MoneyOS

REMITR has recently launched a new operating system for international payments called MoneyOS. Based on blockchain technology, this new system aims to make money transfers easier and much more accessible for users. MoneyOS uses machine learning (ML) and artificial intelligence (AI). The system complies with applicable local regulatory guidelines in each country, and enables users to bypass traditional methods and make international payments from a single account.

MoneyOS utilises AI and ML to support and secure the flow of money across different payment networks, including bank accounts, wallets and other means of payment. Machine Learning detects money flow patterns, and enables unstructured data to be processed intelligently.

Currently MoneyOS is exclusively for B2B (Business to Business) payments and transfers to and from Financial Institutions.

International Payments

REMITR is specifically designed to facilitate the process of making international payments. In terms of salary payments, the platform ensures that staff gets the exact amount that they are owed in local currency, paid directly to their bank account without any fees or other charges being deducted. Similarly with any bills or local invoices that need to be settled. Businesses have the option to send payments to more than 150 countries worldwide.

Additionally the vendor offers subscribers access to the best live foreign exchange rates, promising savings on the charges levied by banks and other service providers ( and nor do they add a “commission” or margin on FX rates).

Personal Payments

Although REMITR is known primarily for business payments, it can also be used by individuals to make individual payments and remittances to family and friends overseas or back home. It operates in much the same way as the business service, with users making payment from their desktop or mobile app, and at the same low cost. In fact, the service provider claims that it has zero fees when sending money to many countries or a flat fee of US $2 for a number of others.

However, one difference is that the list of countries to which personal payments can be sent is limited to just over 50, compared to the 150 or more covered by the business service.

Individual Payers are offered the same level of customer support as business customers.

Industry Solutions

REMITR offers a number of solutions targeted at specific industries. These include:

Affiliate Networks: Recognising that the key to maintaining and growing a successful international affiliate network is prompt and efficient payment, REMITR is an ideal platform as it offers the ability to make seamless cross-border transfers at a low cost with no hidden charges, and the ability to integrate the platform with affiliate marketing systems, so that the right payments are made to the right people at the right time.

Their automation system saves users from errors in the manual recording process, meaning that time that would otherwise be spent troubleshooting problems is saved.

Freelancers: REMITR eliminates much of the stress of paying freelancers and small independent contractors. Rather than having to spend time searching for individual bank details, all that the platform requires to make a payment is the email address of a beneficiary. In addition, the application’s automation capabilities ensure they get paid on time and accurately.

The system also enables businesses to send payments as low as US $50 – in contrast to other competing platforms that typically set minimum payment thresholds which can be as high as US $500. This gives companies the flexibility to commission and pay smaller-scale job as demand dictates.

Domestic freelancers can expect to be able to access their funds within 24 hours; international contractors within one or two business days.

Influencers: As with freelancers, REMITR enables companies to promote their services and expand their reach through social media influencers and brand advocates, who can all be paid accurately, quickly and at minimal cost. This, in turn, engenders loyalty and commitment on their part because they know that an organisation can be relied upon to pay them what is owed. This makes them more likely to become brand loyalists and to encourage other like-minded individuals to promote a brand or organisation in turn.

Pricing

The following pricing structure applies for money transfer services.

Local Canadian Transfer – Payment to a local Canadian bank in CAD $, within 4 hours – CAD $1 per transaction.

Local Canadian Transfer – US $ payment to a Canadian bank in 2 hours – CAD $5 per transaction.

US Bank Transfer (within 1 business day) – US $10 per transaction fee.

European Bank Transfer (within 1 business day) – CAD $5 transaction fee.

REMITR also provides remittance and payment services to other countries and can be contacted directly for their rates.

There are no other additional costs of transaction fees, although some local banks may charge recipients a handling fee.

There is no free trial offered, but interested parties can contact the vendor directly to schedule a product demo.

Technical

REMITR is a cloud-hosted web-based platform that supports Windows, Mac and Linux operating systems. In addition, there are mobile apps available both for Android and iOS devices that enable users, 24/7.to remit funds from their account back to their home country, or to family and friends.

REMITR is a FINTRAC* (Financial Transactions and Reports Analysis Centre of Canada) registered business and are authorised for international payments in Canada. (However, it should be noted that REMITR are not yet licenced in Quebec province, which means that they cannot accept currently Quebec-based customers). The platform employs leading edge technology to protect payments and safeguard financial information.

*FINTRAC is the regulatory authority tasked with oversight of all Canadian financial institutions.

In addition, the company operates in the UAE (The United Arab Emirates) under the brand name REMITR. All UAE transfers are processed by the Economic Exchange Center in Dubai who are licenced and regulated by the Central Bank of the UAE.

REMITR offers an open API which enables developers to integrate the platform with their existing accounting or ERP (Enterprise Resource Planning) software solutions.

Support

REMITR can be contacted 24/7 by phone or email.

The company can also be contacted on social media – Facebook, Twitter, LinkedIn, and Instagram.

The REMITR website is available in three local versions – Canada, UAE, and the USA. Self-service functionality is confined to FAQs, and a blog which is updated frequently with new posts.

The company appears regularly at FinTech and customer events, and international conferences.