Slashing Fees For A Global Patent Company
What is the client’s business model?
A global patent company’s core value to the market is that they’re able to streamline the patent process. They provide an all-in-one solution for their customer’s patent filing and protection needs that’s fast and affordable.
What challenges were they facing?
The fact that the client offers a global solution means they need to be able to process international transactions. Usually, to receive payments for their services and to send patent fees to offices around the world.
As any global company knows, the traditional SWIFT system for handling international transactions can be out-dated, slow, and expensive in many use cases.
In the client’s case, when they receive Euros, they would need their customers to send the funds via wire transfer to their local bank.
However, many of their customers are in different countries, which means they would have to pay a wire transfer fee and FX exchange rate. Some banks may also charge additional landing fees.
With their customer’s best interests in mind, the client decided they would find a solution. One that would allow them to utilize traditional payment methods locally, while also providing a faster, lower-cost alternative for global payments.
Why they chose Nium?
After speaking to the team at Nium, the client decided we were qualified to provide a reliable, effective solution for their needs. In this client’s case, we allowed them to quickly & easily overcome the following challenges:
- Limited access to global markets
- High international transfer & exchange fees
- Slow transaction times
How do patent companies, like this client, benefit from Nium?
Nium provides several powerful benefits to patent companies, such as:
Nium dramatically reduced fees: The solution allows patent companies to reduce fees for international customers significantly. They’re able to provide transparent, fair FX exchange rates to international customers. This means they can pay the exact amount to the beneficiary and in turn, reconcile their accounts with ease.
Nium Rapidly Accelerated Payment Speeds: The solution enables patent companies to collect money locally in their customer’s country. They can then convert that to their local currency (euros) and transfer to their bank in real-time. Being able to make real-time, same-day payments around the world is something few competitors offer. This feature ensures that patent company customers never miss a patent renewal time.
Nium Increased Their Global Footprint: Global expansion is easier to achieve when international customers aren’t turned away by high fees or slow payment times.
Nium Centralizes Their Payment Needs: The solution allows patent companies to effortlessly handle all aspects of the payment process in one API. This means they can reach all marketplaces for increased visibility.