As a payroll provider we are inundated with offers and ideas for the remittance of payrolls in what is an ever competing market place.
Traditionally organisations have used their bankers for payment of salaries and accounts payable, however in a global organisation is this the best way?
Over the past decade or so foreign exchange providers, e-wallets and alternatives such as prepaid cards have been targeting the maritime market with a whole host of providers offering their product range. But are these products right for our industry and in particular the remittance of seafarer salaries?
There is a balancing act between risk management, cost, service levels.
For example your traditional corporate banker is likely to score highly from a risk perspective but is unlikely to offer the most competitive foreign exchange pricing or tailored services for your requirements.
On the other hand smaller bespoke service providers are more than likely to be more price competitive but from a traditional risk perspective there may be more work involved in understanding how well managed your funds may be.
The other factor is what do your seafarers want? Payment to their own country, low charges, competitive foreign exchange and instant access to their funds. Perhaps all of these are achievable.
We at Maritime, Oil and Gas Consultancy Services have extensive experience in the marketplace and can help you to understand what is best for your organisation when selecting service providers for your worldwide payment needs.
If you want to learn more about our payments solutions then view our cPayd payments page for more information.