5 Benefits of Working with International Clients

There are a multitude of reasons to expand your business overseas – from increasing your earning potential and creating diversified revenue streams to entering new and unsaturated markets. Yes, it can be daunting, but if you partner with an international digital payment platform (DPP) such as Payoneer, you can explore opportunities to grow your business internationally with the right tools and partners.

Tapping into the global marketplace

Since the advent of the Internet, we all do business in a virtual world. You can easily connect with anyone, anywhere, across the globe, which means you can sell to them or buy from them, employ them or consult for them – all without needing to meet your new partners face-to-face. Collaborations and partnerships with overseas clients are no longer constrained by borders, which means there is a world of opportunities waiting for anyone who’s ready to take the plunge.

5 benefits of international clients

Global clients for freelancers and entrepreneurs provide the opportunity for international business growth, something that comes with a range of benefits for businesses of any size.

Here are 5 key reasons to expand your business internationally: 

1.  Gain entry into brand new markets for your existing product or service

Each new market you start to operate in represents a new stream of revenue, and this can be especially valuable if your home market is close to saturation for your product or service. It’s a way of growing your income from a pool of new clients buying existing offerings, rather than demanding you bring a new product to the market.

2.  An opportunity to grow your business

You can apply your knowledge and experience in a new arena to grow the size of your business when growth opportunities are limited in your home market. New clients in emerging markets will value your expertise, and international revenue growth will help you grow your business even when your home market is stagnant. You might also benefit from there being less competition than you face locally, and you can specifically target markets where you could earn more money.

3.  Increased cost efficiency through economies of scale

Tapping into new markets via international clients can allow you to increase production and reap the benefits of scaling up your operation. Better cost efficiency through increased output will make an additional contribution to your profitability.

4.  Access to new suppliers and freelancers

As you build an overseas client base, you’ll also be able to take advantage of overseas labor markets where there may be specific talent clusters relevant to your business. It can also be a way of reducing costs if foreign labor is cheaper than in your domestic market. Global freelancing benefits are creating a talented pool of international labor.

5.  Potential investment opportunities

Working in new markets with international clients often highlights new investment opportunities to grow your business – creating ways to expand your business internationally as well as enhance your offerings in your domestic market. International collaboration often leads to new types of projects and the chance to expand your experience and grow your portfolio – benefits which you can use to enhance your presence in your home market as well.

The challenges of working with international clients

Naturally, there are some very obvious challenges to marketing your business to overseas clients – not least, that you might find it problematic if you don’t speak the language of the marketplace you want to enter and that there may be significant cultural differences that you will need to take into account to do business there. However, these challenges are not insurmountable if you recruit local help.

Further challenges might be financial. If you need to get paid by overseas clients or if you need to make cross-border payments for freelancers, be aware that there can be high charges for cross-border transactions and that exchange rates on offer can vary hugely. Additionally, legacy banking systems can be particularly slow and opaque due to multiple intermediary layers. You will also need to ensure that you comply with the financial regulations of the countries you’re making payments to or receiving payments from.

Payoneer: A solution for the challenges

The financial challenges of international business growth are real, but they needn’t eclipse the huge benefits of working with international clients. Using a digital payment platform such as Payoneer can help your cross-border transactions run smoothly and securely.

The benefits of using Payoneer when working with overseas clients:

• Payoneer allows you to accept payments in more than 70 currencies, giving you the ability to unlock global growth.
• Payoneer lets you get paid by clients into local receiving accounts, while multi-currency accounts allow you to manage your FX costs more effectively.
• Payoneer’s robust security measures ensure your cross-border business payments are safe, secure and in accordance with applicable regulations in the markets where it provides services.

Payoneer’s competitive pricing and all-in-one payment solution makes working with international clients easier.