Even with the rapid digitization of B2B payments, small businesses still struggle for international transfers as they lack infrastructure, and experience high cost and compliance burdens.

In such, New York-based B2B payments company, Melio has announced the launch of international payments which will enable the US small businesses to make payments internationally in more than 70 nations starting from 1st July.

The company which cited the data from the US chamber of commerce said “small businesses are withstanding the brunt of supply chain disruptions with 63% saying they have had to alter their supply chains in the past six months” and also noted that cross-border payments among the small businesses have risen sharply.

Last year, Mastercard and Payoneer teamed up for digital solutions for SMEs while Yoba Smart Money partnered with Nets for SME payment solutions.

With the inclusion of the company’s international payments, businesses would be able to ‘widens the number of vendors that its customers can conduct business with, enabling them to better compete in the global marketplace’.

Melio provides businesses with a single, integrated payments solution allowing for transfer and receiving payments which in the company’s view helps with ‘cash flow needs, eliminating late payment costs’.

Source: Melio Launches International Payments To Over 70 Countries (prnewswire.com)