Whether it’s buying or selling, what’s the most important currency in any B2B marketplace?
Trust.
And any B2B payments solution is incomplete without it.
In today’s episode, Rahul Shinghal, Co-founder and CEO of Tazapay, visits the show to explain how Tazapay is using payments to put the trust back into B2B transactions.
Join us as we discuss:
- Why trust has been neglected in B2B
- The value of partnerships in the payments space
- Why payments is really a compliance industry
No currency is more valuable than trust
We live in one of the most exciting times for international commerce.
Increasingly, the barriers international borders present to merchants are evaporating.
And in the wake of the pandemic, we have all grown accustomed to work defying borders. The remote revolution — and even the great resignation — indicate that we are no longer content with the status quo.
Globally, workers have never been more free to earn a living in the way they see fit…
But when you compare B2B to online marketplaces like Amazon, it’s clear that the sector has some hurdles to overcome.
The value of trust
The biggest obstacle to B2B internationally is not the tech, per se — it’s the lack of trust.
That’s what Rahul is really tackling at Tazapay.
That’s vital because commerce overseas has always been a tumultuous experience for both buyers and sellers.
Buyers often have issues trusting that the money they send will get into the hands of sellers — and even when it does, they need to be certain that their purchases are on their way.
And for sellers, even when they’re sure the money has been sent, traditional international payment mechanisms often take days to arrive. Which is a real problem when it comes to keeping up with your inventory and scaling your business.
Tazapay removes these worries from both parties and, in doing so, helps international B2B sales finally reach the levels of trust that the Amazons of the world provide.
Tazapay makes transactions secure and timely — and that’s what allows businesses to reach their full potential.
Partners are the future
The technology behind Tazapay is not something that they built from scratch.
The secret to their success is picking the right financial partners to ensure that every part of their product is best in class. That way, they can focus on their strengths and not get mired in trying to build everything themselves.
And really, that’s the future of all financial products.
If you are going at it alone, you’re going to be left behind.
Luckily, the atmosphere in the financial sector is catching up and there are plenty of exciting developments that will aid you along the way.
Open banking
For Rahul, open banking represents one of the most vital developments in the financial sector.
It allows customers to have more options than just the status quo — which, as we’ve already mentioned, really wasn’t serving merchants or buyers until now.
“Open banking really excites us. This ability to create a non-credit card payment network is what our vision has evolved to.” — Rahul Shinghal
The payment networks open banking fosters are making things fast, secure, and trustworthy.
Everyone can get behind that.
Payments = compliance
The biggest hurdle Rahul and the team have had to overcome should come as no surprise to anyone who has ever dealt with international business or payments.
It’s ensuring that you are compliant with the variegated laws and regulations that differ wildly between each country.
Getting that right is so vital that, if you’re in the payments industry, you’re really in the compliance industry.
At least, if you want to have a footprint across the globe.
“Compliance has to be more than the regulatory requirements: It’s what you have to do to keep your business safe.” — Rahul Shinghal
Ultimately, though. Compliance is not just to keep the bureaucrats off your back — it’s a vital component to your business.
Having tech that works is table stakes. But keeping your business, its transactions, and, most importantly, your customers secure matters above everything else.
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Until next time!
