A huge number of people wonder how money transfer services survive in such a huge competition and how do they get served after bearing all the massive costs behind this. Well, the answer is not very simple. It is a great challenge for money transfer organisations to make their pace in the world and it takes more than just quality service or reliability.
Initially, it’s important to understand that there are three basic types of MTOs depending upon their assets.
- Tier-1 Organisations: These are the providers which regulate more than 10$ billion, annually. They have multiple licenses and work in a multitude of countries.
- Tier-2 Organisations: These companies are licensed to operate in a single or multiple geographical locations. They operate more than 1$ billion and less than 10$ billion, over a year.
- Tier-3 Organisations: They mostly operate in a single location. However, in some cases, they may be licensed to operate in more than one countries. They process less than 1$ billion, annually.
If we talk about banks, the tier-2 and tier-3 banks get their softwares and internal systems from highly reliable vendors such as Carter and Jack Henry. But when we talk about the online money transfer system, every organization must have its own system and software. It is one of the greatest challenges faced by entrepreneurs while starting their systems. It is very difficult to design a brand new system that is reliable and compatible like other competitors.
Challenges For Money Transfer Organizations
Even after designing, there is a certain time required for piloting and fit-and-trial tests. So, this is a pretty handful for the MTOs to handle all this carefully because even a minor loophole in the security or transaction system can cost billion dollars to a money transfer organization. For finding the answer to this problem, here are some questions that must be solved.
- How close or far are you to your competition?
- How strong is your online money transfer?
- How much money are you spending on your online advertisements and campaigns?
- How are you taking care of your front-end and back-end technology?
- How many beneficiary countries do you have access to?
- Is expanding your territory a part of your organisation’s mission?
- How many clients do you think you can get after expanding your territories and geographical licenses?
- Do you have the restriction of capital while expanding your terrain?
- How do you plan to add new products and services?
- Do you see hope in your missions?
What to Do When You Want to Send Money Online?
It is important to check the efficiency and reliability of a money transfer company before trusting them with your cash even if it’s a few bucks. Check if the specified organisations are providing with the facility to send money online? If yes, then how convenient is that?
ACE Money Transfer is one of the top-recommended organisations, that has made their pace after crossing every challenge successfully. You can send money to Ghana online within seconds! Moreover, their effective wire transfers and ACH transfers allow the users to do a money transfer with most competitive rates.