International Fee Collections
PACE Financial Group's online payment portal enables businesses with an international client base to collect their fees quickly & easily in their domestic currency.
The Problem
- International businesses bear currency risk if billing UK clients in Pounds
- International businesses face high administration & accounting costs to process bill payments
- Banks charge UK clients large fees to make international currency payments
- Poor bank exchange rates add hidden costs to the bill
- No easy card payment options for UK clients
The PACE Solution
- International businesses bill in their domestic currency & avoid currency risk
- The PACE partner portal reduces administration and provides real-time bill payment information
- PACE charge low processing fees on all major credit & debit cards
- PACE offer better than bank exchange rates reducing the true cost of the bill
- The payment portal provides clients with a convenient way to pay their bill
How It Works
Here are the key steps involved for international businesses to begin collecting fees from UK customers with PACE Financial Group.
Industries Served
If your resort has UK based owners then the PACE collection service will help you collect your annual fees efficiently with little or no cost to you.
In addition your owners are able to settle Euro and Dollar denominated fees without the need to visit their bank and incur high transaction charges and poor rates of currency exchange.
You can view detailed information about payments in real-time via the PACE partner portal and download a full transaction history for each billing cycle.
As an international marinas with UK based owners, you can choose to collect your berthing fees using the PACE collection service saving you the time and cost of processing the fees manually.
You can view detailed information about payments in real-time via the PACE partner portal and download a full transaction history for each billing cycle.
Does your golf club have UK based members? If so then you could benefit from the PACE collection service. Not only can you collect annual membership fees quickly and easily, but members booking their rounds when still in the UK can also settle the cost via the PACE collection service.
You can view detailed information about payments in real-time via the PACE partner portal and download a full transaction history for each billing cycle.
If British visitors to your region incur speeding fines or parking tickets then the PACE collection service provides you with the ability to collect the fines in your domestic currency whilst providing the UK resident a quick and easy means to settle the fine.
In addition, our collection services can be used for the collection of local service bills for UK property owners in your region.
You can view detailed information about payments in real-time via the PACE partner portal and download a full transaction history for each billing cycle.
FAQ's
Our collection service is unique and enables international businesses to bill their services in their domestic currency whilst their UK customers are able to pay in their domestic currency via the online payment portal. This helps the business avoid currency risk whilst ensuring their clients get the best exchange rates possible.
We achieve this in a number of ways:
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Your Businesses:
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Financial Savings:
- We enable you to bill in your domestic currency whilst your UK clients settle in their domestic currency. Therefore you avoid all currency exchange rate risk. This is unquantifiable as it depends on the movements in the interbank currency rates. However between 1st Dec 08 and 1st Jan 09 the GBP:EUR rate fell by over 15% which was enough to cripple some businesses.
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Time Savings:
- We provide real-time reporting on all your clients payment status.
- Your business can download a full transaction history detailing all payments made by your customers through the portal.
- You receive one bulk payment with a full statement line enabling you to save time on reconciliation.
- Automatic receipt generation.
- Automatic late payment fees applied to overdue accounts.
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Your Customers:
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Financial Savings:
- We offer low transaction charges for sending money internationally.
- Superior exchange rates to those offered by banks.
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Time Savings:
- No need to visit the bank to instruct a manual payment.
- Easy to use online payment portal.
You will need to complete a trading agreement after which we will register your company for access to the partner portal. Agreements are available directly from a member of our team on +44 (0)208 546 0582 or you can email us at enquiries@pacefinancialgroup.com.
The costs are restricted to a one-off set-up fee. The amount of this set-up fee depends on the volume, value and frequency of the transactions going through the account.
Typically however the one-off fee would be less than £350+VAT and in some cases would be waived entirely.
Please contact a member of our team to discuss your businesses specific circumstances.
You receive a bulk transfer on an agreed day once per working week paid directly to your designated bank account. Each transfer is accompanied with a full transactional statement detailing the component transactions within that week’s transfer (this information is also available in real-time via the partner section of the PACE payment portal).
Regulation
Under the Money Laundering Regulations 2007, commercial foreign exchange companies are treated as "Money Service Businesses" which are covered by regulations administered by HM Customs & Excise.
Activities falling within the scope of Money Service Businesses include the operations of bureau de change, transmission of money by any means and the cashing of third party cheques.
PACE Financial Group hold a certificate of registration for Money Laundering Regulation (MLR). Registration number: 12531759.