Whether your organization is sourcing materials from overseas or paying freelancers and service providers across borders, the ability to make seamless and secure global payments is essential.
While QuickBooks supports multiple currencies, it doesn’t allow direct international payments, requiring users to find alternative solutions for handling global transactions. As a result, managing currency conversions, avoiding high bank fees, and ensuring compliance with global regulations can be costly and time-consuming without the right tools.
Fortunately, there are effective ways to streamline the process and reduce costs. This guide explores how accounts payable (AP) solutions can simplify global transactions for businesses using QuickBooks.
Key takeaways
- QuickBooks does not support direct international payments. Businesses must integrate a third-party provider or bank to process cross-border transactions.
- Automating international payments helps reduce costs, improve security, ensure regulatory compliance, speed up processing, and increase payment flexibility.
- An AP automation tool like MineralTree simplifies international payments in QuickBooks by providing automated invoice processing, secure wire transfers, and real-time foreign exchange rates.
Does QuickBooks allow international payments?
QuickBooks is a widely used accounting tool that supports multiple currencies, making it a useful solution for global business operations. However, both QuickBooks Online and Desktop do not support direct international payments. You must rely on third-party integrations or banking services to process overseas payments.
How MineralTree supports international payments in QuickBooks
Managing international payments in QuickBooks can be challenging without the right tools. By leveraging MineralTree’s end-to-end AP automation in QuickBooks, you can:
- Simplify multi-currency invoice processing: Capture and process invoices in over 70 currencies, with automatic conversion to your base currency for accurate financial tracking.
- Send direct international payments: Easily initiate secure wire transfers at competitive exchange rates, reducing costly intermediary bank fees.
- Automate transaction reconciliation: Ensure all international payments sync effortlessly with QuickBooks, eliminating manual data entry errors and maintaining real-time financial accuracy.
- Streamline international vendor management: Store vendor details in a centralized platform, which reduces administrative workloads and improves efficiency.
- Gain complete visibility into global transactions: Access real-time tracking and reporting for all international payments, ensuring transparency and regulatory compliance.
Types of international payments supported by MineralTree
MineralTree supports several international payment features, including:
- Wire transfers: Wire transfers allow you to send money directly to an international recipient’s bank account. This method is fast, secure, and ideal for large or time-sensitive payments.
- Local currency payments: MineralTree enables you to pay international vendors in their local currency directly from supported bank accounts, avoiding conversion issues and potential fees.
- Cross-border foreign exchange (FX): These transfers seamlessly exchange currencies and electronically move money across international borders, ensuring timely and secure payments to global suppliers or contractors.
The benefits of leveraging AP automation for international payments in QuickBooks
According to MineralTree’s 9th Annual State of AP Report, respondents cited AP as their number one automation priority in the back office for the fourth consecutive year. This continued focus reflects the critical role AP automation plays in improving efficiency, reducing errors, and strengthening financial security and compliance.
When it comes to international payments, AP automation extends these benefits in the following ways:
Cost savings
AP automation helps reduce wire transfer fees and foreign exchange costs by ensuring accurate currency conversions. This reduces the risk of payment errors, which can result in additional fees. It also reduces financial risks associated with currency fluctuations by offering greater visibility and control over exchange rates.
Improved security
International vendor fraud complicates payments as fraudsters fake vendor invoices and manipulate recipient payment details. Detecting these schemes becomes even more complex when working with multiple international vendors.
AP automation enhances security for international payments in QuickBooks through integrated encryption and vendor fraud detection tools.
Regulatory compliance maintenance
International payments are subject to strict and complex compliance regulations. AP automation supports compliance by ensuring transactions adhere to the necessary regulations and are properly recorded for audit purposes.
Did you know? Before onboarding a new international vendor, MineralTree conducts a complete compliance check to ensure they don’t present any red flags.
Faster processing times
Manually processing international payments can be slow and inefficient, leading to vendor payment delays and operational disruptions.
AP automation speeds up the process by automating tasks such as invoice capture and approval, ensuring timely payments while reducing the risk of penalties and financial setbacks.
Support for payment flexibility
AP automation allows you to choose from multiple payment methods and currencies to align with vendors’ transaction preferences. This flexibility strengthens relationships with global suppliers by streamlining payments and reducing complications.
Simplify international payments in QuickBooks with MineralTree’s AP automation solutions
Managing international payments can be complex. But with MineralTree’s seamless integration with QuickBooks, you can simplify the entire process.
Instead of dealing with manual data entry, currency conversions, and compliance risks, MineralTree automates and streamlines these tasks to ensure payments are sent accurately and on time.
Real-time exchange rates simplify multi-currency transactions, while built-in compliance safeguards protect your business from regulatory pitfalls. With complete visibility into every payment, you’ll always know where your money is, helping you stay in control.
Request a demo to learn how an AP automation solution can simplify international payments in QuickBooks or learn more in this short webinar.
FAQs about international payments in QuickBooks
These frequently asked questions provide an overview of the key information you need to know about making international payments in QuickBooks.
1. How does MineralTree help with international payments in QuickBooks?
MineralTree integrates with QuickBooks to automate international payments, providing a secure, efficient, and compliant solution for cross-border transactions. The platform supports multiple currencies and automatic transaction syncing with QuickBooks.
2. How do you start using MineralTree for QuickBooks international payments?
To use MineralTree for QuickBooks international payments, connect your account to QuickBooks (Online or Desktop), enable international payments, and sync your vendor bills. After contacting MineralTree Customer Success to enable International Payments, you can enter vendor banking details, approve payments with real-time FX rates, and track transactions seamlessly. MineralTree charges a nominal fee for wire payments in addition to any FX fees.
3. Will payments made through MineralTree automatically sync with QuickBooks?
Yes. Payments processed through MineralTree automatically sync with QuickBooks, ensuring financial records remain accurate and up-to-date without requiring manual data entry.
4. Can vendors be paid in their local currency through MineralTree?
Yes. MineralTree supports over 70 currencies and can pay in local currencies from supported bank accounts, allowing you to pay vendors in their local currency to reduce conversion issues and foreign exchange risks.
5. How long do international payments take with MineralTree?
With MineralTree, you can transfer international payments in as little as 48 hours without additional intermediaries, delays, or currency risks. International vendor fraud poses a significant challenge for international payments. Fraudsters commonly fake vendor invoices or manipulate recipient payment information.
Detecting these schemes becomes even more complex when working with multiple international vendors. AP automation enhances security for international payments in QuickBooks through integrated encryption and vendor fraud detection tools.
