{"id":11677,"date":"2023-02-03T14:15:03","date_gmt":"2023-02-03T08:45:03","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=11677"},"modified":"2023-02-03T14:17:52","modified_gmt":"2023-02-03T08:47:52","slug":"salt-pe","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/salt-pe\/","title":{"rendered":"SALT.pe Review – Streamlining Cross-Border Payments","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
The arduous and drawn-out methods for making overseas payments are a thing of the past. SALT.PE is streamlining and simplifying cross-border transactions, revolutionizing the industry.<\/p>\n
In this post, we’ll explore the platform’s unique benefits and features, as well as its user-friendly design and strong security features.<\/p>\n
Salt.Pe’s platform is the perfect answer for all your needs related to cross-border payments, whether you are a person or a business trying to increase your reach.<\/p>\n
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Salt.Pe<\/a> is an Indian fintech startup that was founded on January 13th, 2020 by Udita Pal and Ankit Parashar. The company is based out of Bengaluru, Karnataka in India, and offers a neo-banking solution to ease payments and documentation for small and medium enterprises.<\/p>\n The platform aims to provide a one-stop solution for all international banking needs, particularly for cross-border payments and compliance. It is an innovative solution that helps businesses navigate the complex world of international payments and compliance requirements with ease.<\/p>\n With salt.pe, businesses can focus on growing their operations without worrying about the hassles of international banking. The company’s goal is to make international banking accessible to everyone and to empower businesses of all sizes to expand their reach globally.<\/p>\n Cross-border payments are financial transactions that take place between entities located in different countries. They are crucial in supporting international commerce and corporate operations in the global economy.<\/p>\n Cross-border payments are becoming increasingly crucial in India as the country expands its worldwide reach. In particular, small and medium-sized firms (SMEs) in India have a high need for cross-border payment solutions to support their international trade activities.<\/p>\n However, India’s present cross-border payment systems face a number of obstacles, including expensive costs, lengthy processing times, and complicated regulatory requirements. These obstacles frequently stifle the growth of Indian SMEs and limit their capacity to engage in the global economy.<\/p>\n Cross-border payments are important in India because they may assist Indian SMEs to overcome these barriers and enter new markets, allowing them to compete worldwide and enhance the country’s economic progress.<\/p>\n As a result, an efficient and cost-effective cross-border payment solution like Salt.Pe has the potential to significantly assist India’s small and medium-sized enterprises while also contributing to the growth of the Indian economy.<\/p>\n Yes, there are some common obstacles and limits that organizations in the cross-border payment sector encounter, such as:<\/p>\n Let’s see how Salt.Pe deals with these challenges!<\/em><\/p>\n <\/p>\n Getting started with Salt.Pe is a straightforward process that can be completed in just a few simple steps. To help bring a firsthand experience of the platform, I personally took the time to sign up on the Salt.Pe website.<\/p>\n The first step in the process is to select your business type, whether you are a company, a partnership, a proprietorship, or a freelancer. Next, you will be asked to provide basic details such as your name, country, email address, business description, and turnover.<\/p>\n After agreeing to the terms and conditions, you can select the countries from which you expect to receive payments. Please note that there may be additional charges for countries other than the US, UK, Canada, and EU.<\/p>\n Once all the formalities have been completed, you can log in to your account immediately.<\/p>\n One of Salt.Pe’s primary selling factors is its simplicity of use and client experience. The organization is aware of the two major issues associated with foreign payments: time-consuming processes<\/strong> and difficult regulations<\/strong>.<\/p>\n To address these challenges, Salt.Pe has created its platform to minimize transaction time and assist clients in navigating the legalities required. As a consequence, the firm has processed over $15 million<\/strong> in transactions and simplified and stress-free foreign payments.<\/p>\n Customers no longer have to suffer with long and laborious processing delays, costly transaction fees, or a lack of digital assistance with Salt.Pe. The platform’s user-friendly layout and straightforward navigation make it an excellent alternative for anybody wishing to streamline their international payment process.<\/p>\n Salt.Pe takes its responsibility for protecting its users’ personal and financial information extremely seriously. The organization has taken all essential precautions to safeguard the safety of its clients. It has collaborated with banks supervised by the Reserve Bank of India (RBI), as well as the respective regulators of each firm with which it works, to guarantee that all transactions are completely compliant with industry standards.<\/p>\n In addition to its partnerships with regulated banks, Salt.Pe also uses cutting-edge technology to safeguard users’ information. From end-to-end encryption of data to multi-layer security protocols, the company is committed to providing its users with peace of mind.<\/p>\n With Salt.Pe, you can be confident that your personal and financial information is 100% safe. Whether you’re making a cross-border payment or simply storing your information, Salt.Pe has you covered.<\/p>\n Despite being a relatively young company, Salt.Pe takes customer support seriously. While there may not be a wide range of options to connect with the company, they have made it a priority to be available to address any grievances their customers may have.<\/p>\n Customers can reach out to Salt.Pe team by emailing founders@salt.pe<\/a>, where a dedicated redressal team will respond to their inquiries promptly. As the company continues to grow, it may expand its customer support offerings, but for now, they have made it a priority to be available and responsive to its customers’ needs.<\/p>\n In terms of transparency and fees, Salt.Pe offers a clear and straightforward approach. There is no signup fee<\/strong> and the platform charges only 1.75%<\/strong> on each transaction. This fee covers everything, with no hidden charges, subscriptions, or annual fees.<\/p>\n Additionally, Salt.Pe doesn’t impose any markup fees on conversion, instead, following the rate offered by Google for INR conversion. This makes it easy for customers to understand the costs involved and helps to avoid any unexpected charges.<\/p>\n With this level of transparency, users can be confident that their costs will remain predictable and manageable, even for high-volume cross-border transactions.<\/p>\n Salt.Pe has two main features- (1) Inward Remittance, and (2) Table Salt. Let’s look at them individually.<\/p>\n <\/p>\n Salt.Pe has a unique function called “Inward Remittance<\/strong>” that aims to assist small companies in receiving funds from overseas sources. This feature allows small companies to open local bank accounts<\/a> in six major currencies, including GBP, AUD, USD, EUR, HKD, and SGD<\/strong>, without the need for an overseas branch.<\/p>\n To begin, just register on the Salt.Pe website, complete the KYC and KYB processes, and get local bank accounts to receive foreign currency. Customers can pay locally and transfer monies to their local accounts via Inward Remittance, and the money will be transferred to their Indian account within 24 hours.<\/p>\n This unique feature not only minimizes the time and effort associated with international payments but also provides a quick and effective way for small businesses to receive money from outside sources.<\/p>\n <\/p>\n However, transactions around the world are not always as simple as they may seem. They involve plenty of complexities and formalities that need to be followed. This is where the upcoming feature of Salt.Pe, ‘Table Salt<\/strong>‘ comes into play.<\/p>\n This tool, still in its beta stage, is specifically developed for young startups to automate the fundraising process.<\/p>\nBut what exactly are Cross-Border Payments? Do we even require that?<\/strong><\/h2>\n
Common Challenges faced in this Industry<\/strong><\/h2>\n
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How to get started?<\/strong><\/h2>\n
Ease of use and customer experience\u00a0<\/strong><\/h2>\n
Security and safety of user’s personal and financial information<\/strong><\/h2>\n
Quality of customer support<\/strong><\/h2>\n
Transparency and fees<\/strong><\/h2>\n
Innovations and unique features offered by the company<\/strong><\/h2>\n
(i) Inward Remittance<\/strong><\/h3>\n
(ii) Table Salt<\/strong><\/h3>\n