Welcome to the latest edition of MarTrust’s Maritime Payments Update.
We have a new comprehensive guide to share with you on Unlocking Seamless Payments in Maritime.
You can also now view all of our resources without providing your email address. Our resources include brochures, informative guides and videos.
Unlocking seamless payments in maritime
What you’ll find inside the guide:
- Learn how to streamline the process of making crew payroll, business to business and Cash to Master payments
- Unlock opportunities to reduce transaction costs and maximise your profit margins
- Real-world success story that demonstrates the impact of seamless payments on maritime businesses
This comprehensive guide equips you with the knowledge and insights necessary to overcome some of the different payment challenges within the industry, such as:
🔹 Complexities in international payments
Maritime involves transactions across multiple countries and currencies. This complexity introduces challenges such as fluctuating exchange rates, compliance with various regulatory frameworks, managing beneficiary bank details and payment delays.
🔹 High transaction costs
As an industry with vast and complex supply chains, maritime transactions often involve numerous currency conversions and cross-border transfers, all of which contribute to elevated costs.
The reliance on traditional banking providers leads to administrative burdens and high fees that can erode profit margins.
🔹 Cash management & security
Cash management poses a significant challenge, particularly when it comes to Cash to Master payments. Delivering funds to vessels involves inherent risks and logistical complexities.
The reliance on physical cash can lead to security concerns, delays, and significant administrative effort.
🔹 Regulatory & compliance issues
With operations spanning multiple jurisdictions, onshore teams must navigate a complex web of regulatory frameworks and compliance requirements.
Ensuring adherence to these regulations demands meticulous attention, due diligence, and reporting, all of which can be time-consuming and resource-intensive.
Failure to comply with these regulations can result in severe penalties and reputational damage.
Find out how to overcome these challenges today…
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Resources include brochures, informative guides and videos for companies and crew.