If you’ve recently started a business, keep in mind that you don’t have the luxury to only think about today – you need to focus on future development, too. To do that, you need to be invested in growth initiatives like new updates, upgrades, and products. It can also include expanding into different niches and industries to understand just how well your business can take on today’s challenges.
But if you’re focusing on growth and development: who will tackle issues like financial management? A fundamental aspect of a functional business, but that doesn’t mean you have to shoulder the load. Instead, you can rely on a global payment partner, and in this Flyfish review, I’ll explain how you can choose the right option. Let’s dive into the various features of the Flyfish platform and what it can offer
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Get a Dedicated Business IBAN
As soon as you sign up with Flyfish, I recommend that you fill out the form to register for a dedicated business IBAN. It’s a unique number that’s associated with your company, and it’ll help you make local and cross-border payments through SEPA and SWIFT respectively. Instead of having to use a separate IBAN for local and international transfers, your business can stick to a single, unique number that’s identifiable for affiliates and suppliers.
An added perk is that you don’t have to go through the troubles of international banking, which can lead to long waiting times and unexpected transfer fees. Sure, such things may not be noticeable for some business owners, but when you’re running a small business, even transfer fees can cause your profit margins to take a hit. Similarly, some companies need to maintain a consistent stream of cash flow and inventory, which is impossible with long wait times.
Smooth Corporate Payroll Management
These days, it’s becoming more and more common to hire contractors and affiliates from all over the world. While that can allow greater creativity for your business, it’s also stressful to pay them at the same time. If you do things the old-fashioned way, you could end up paying international teams a long time after their local counterparts, which can reduce morale and productivity. Flyfish offers a solution to this issue by offering corporate payroll management services.
Essentially, you’ll be outsourcing the responsibility to process your payroll, which gives you a myriad of benefits. One of the biggest advantages is that you keep an accurate record of how much each person is paid, and all this is done without any manual calculations. No more asking accountants to work overtime and make spreadsheets for payroll processing. Another benefit is that you’ll be fully compliant with current regulations about wage laws, overtime, and tax withholdings.
Get Centralized Control Over Corporate Debit Cards
Despite the perks of signing up with Flyfish, many business owners have a common concern: what if it’s just not as customizable? Rest assured that you’ll have completely centralized control over everything in one place. You’ll receive relevant reports on purchases made through corporate debit cards, as well as other expenses. And since these reports are generated regularly instead of quarterly, you can make decisions faster. Once you have a Flyfish business account, you can manage your company debit cards, payroll, and IBANs from one place.
And if you’re worried about employees using corporate debit cards for frivolous expenses, you’ll be able to set your limits and rules for them. This can help prevent any out-of-policy and unnecessary purchases. A common example is to block cash withdrawals from ATMs and purchases at certain merchant types, such as those for entertainment purposes.
Impressive Security Measures
There are many ways that Flyfish employs advanced security measures to keep your funds and precious data from being exploited. For starters, there are specific security measures in place, like 3D Secure and two-factor authentication, which prevent unauthorized access to your business account. There’s even an option to make contactless payments, providing an added layer of security. You’ll even be alerted of any suspicious transactions, so as soon as it’s flagged, you can freeze the debit card in question to avoid further usage.
Bottom Line
To sum it up, you can expect quite a lot from the Flyfish global payment platform. From security and convenience to scalability and payroll management, it offers everything that a business can need to manage its finances. While its highlight feature is that it gives you a dedicated business IBAN, there’s much more that you can access through your Flyfish business account. Specifically, you can issue corporate debit cards to your employees, reducing the inefficiencies of older models. Also, you can leave payroll management to the professionals, since they can ensure accuracy and compliance with local regulations.