Ever wonder how Routefusion, one of the top cross border payments companies 😉, makes sure your funds reach the right person or business? It's all thanks to our trusty beneficiaries! Whether you’re paying a vendor, partner, or a hardworking individual, beneficiaries are the key players in your smooth cross border transactions—the foundation of a b2b cross border payment solution.
What’s a Beneficiary?
Simply put, a beneficiary is the recipient of your funds. It could be a business or an individual, but either way, they’re tied to an entity within the Manager App to ensure your money lands exactly where it should.
How Do I Create a Beneficiary?
Don’t worry, creating a beneficiary is as easy as 1-2-3 (literally):
- Head to the Beneficiaries Tab: On the home screen, click the 'Beneficiaries' tab from the sidebar.
- Check for Existing Beneficiaries: If your beneficiary is already listed, great! You're ready to make transfers. If not, no worries—we'll create a new one.
- Add a New Beneficiary: Click "Add Beneficiary" in the top right corner of the screen, and choose whether you're adding a person or a business.
Now, let’s get into the details:
- Select Your Entity: Every beneficiary is connected to an entity—this ensures your funds are routed properly for cross border banking.
- Fill in the Bank Info: Enter the necessary bank and beneficiary details. If anything's off, the app will give you a heads-up with a red error message.
Why Are Beneficiaries Important?
Picture this: You’re creating a transfer, but you want to make sure the right person gets it—whether it’s your supplier or your business partner abroad. That’s where beneficiaries come in. They are the final destination for your funds, making them an essential part of the payment process—especially for businesses needing cross border global payment solutions or virtual business bank accounts.
