Waiting for a Payment to Arrive? Track It Every Step of the Way

When it comes to running your business, ensuring your payments arrive on time is crucial for account management, covering expenses and making short-and long-term plans. Given the variety of payment methods out there, however, the ability to effectively track your incoming payments isn’t always available. Fortunately, Payoneer’s robust cross-border payments solution provides you with the tools to keep up to date with the status of your incoming payments.

Here, we’re going to address the importance of tracking your incoming payments as it relates to your overall business strategy and how Payoneer can help ensure that you never need to worry about hunting down a missing payment again.

Incorporating Payment Tracking into Your Business Plan

Tracking your incoming payments is a beneficial practice that provides you with a birds-eye-view into one of the most important aspects of your business’s finances. In doing so, you’ll be able to:

• Ensure payments are made properly – The most fundamental part of payment tracking is making sure your incoming payments are made in full and on time. This will help you maintain a positive relationship with your clients, ensuring they’re operating according to your agreed upon terms.
• Monitor account balances – If your business operates several accounts in different currencies, tracking your incoming payments can help ensure your funds are dispersed properly and that you have enough available capital for future transactions.
• Maintain a budget – Missing or delayed payments can quickly derail your business’s budget, preventing you from paying your service providers, partners and other expenses.
• Plan for business expansion – When planning your business’s next moves, knowing the status of your upcoming and incoming payments is crucial to understanding your options.

Tracking Your Payments with Payoneer

The ability to track your incoming payments largely depends on how your clients decide to pay you. Checks, for example, can get lost in the mail, making it extremely difficult to track them down. Wires, on the other hand, don’t always take a direct path from your client’s bank account to yours. If the payment must be routed through other banks, tracking can be a serious issue.

At Payoneer, we get around these problems by giving you a complete view of where your funds are from the moment they leave your client’s account to when they arrive to yours. As a result, you know exactly when you’ll receive your funds, allowing you to better manage your business’s finances. Additionally, if your client hasn’t sent out their payment in time, you can easily send them a reminder directly through your Payoneer account.

When you get paid with Payoneer, you’re able to offer your clients the payment method that best suits their business needs, including via credit card, local bank transfer through Payoneer receiving accounts, ACH bank transfer if based in the US, or through their Payoneer account. Once you get paid, you’ll be able to withdraw your funds to your local bank account, make business payments or transfer funds between your different currency accounts. to your other convert your funds to different currencies at applicable market rates.

To learn more about our payment tracker and how to request a payment with Payoneer simply click below.

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