How Transpay Plans To Win Bangladesh
Conversation With Nabila Khurshed, Country Manager, Transpay
If you are a freelancer in Bangladesh, you probably are aware of the pain one has to go through when it comes to getting paid by international client. More often than not it involves multiple steps. There are companies and services that serve freelancers in receiving international payment but experience of receiving money is not pleasant for all freelancers.
Transpay, a US based B2B/B2C payments compnay, has been working to solve this problem in Bangladesh and 120 other countries for a while now. If you are a freelancer and have used ‘local fund transfer’ as a method withdrawing your earning, you’ve probably experienced Transpay.
Transpay has been working in Bangladesh for around three years, and in most cases most of the users were not/are not aware of its existence since it wanted to understand the market and also its product. Transpay’s service is popularly known as ‘local fund transfer’ – the process through which freelancer withdraws money earned at online marketplace directly in his BDT account in any bank. Now that Transpay has already served around 15,000 individuals in Bangladesh and already know what are the problems in the payment system it started to unfold itself. “We have been in operation in Bangladesh since 2012, says Nabila Khurshed, Country Manager of Transpay, however, we never tried to market ourselves before we were sure that we are delivering something solid.” Major difference with Transpay and other money transfer services lies in its user experience.
We have been in operation in Bangladesh since 2012, says Nabila Khurshed, Country Manager of Transpay, however, we never tried to market ourselves before we were sure that we are delivering something solid.” Major difference with Transpay and other money transfer services lies in its user experience.
How Transpay works is pretty simple. If you are a freelancer, you just do what the system asks for, like, email id, bank a/c, and phone no. “In Bangladesh most freelancers know about ‘local fund transfer’ and it is more popular payment method among Bangladeshi freelancers, says Nabila, because of the unparalleled backbone of Transpay. Being a subsidiary of Transfast – an international money transfer company – gives Transpay access to a solid network of banks and financial institutions.”
You can also use Transpy service outside of a particular marketplace. Transpay payment mechanism works in more of like a network effect. To receive money from someone, or a client, that client has to have registered in Transpay system. A registered Transpay client can send money to as many receivers as he/she wants. So the system is simple: if you are a freelancer you just send your details to your client and then request for a Transpay invite, rest will follow through.
The advantage of using Transpay system is of course not only in its easy approach of dealing the problem. It is also free for the receivers, as a freelancer, you don’t pay any charge for receiving money. Transpay only charges the sender. At the same time, the system is secure and fast. In most cases, a local fund transfer sends money in less than 24 hours and when it comes to FX rate, Transpay can afford to give you the best rate because of its robust network.
We aim to take pain away from freelancers when it comes to receiving payment for their hard work, says Nabila, and we want to serve every individual and organization get paid from its overseas client
Simple is beautiful
“In most cases Transpay is easier to use compare to other available services,” says Nabila, to avail most payment services you either need a card or separate account but Transpay sends money directly to your bank account and you don’t need to wait for a card and extra hassle of verification”. Unlike many other payment systems, Transpay also does not require you verify your address and identity. “The idea behind not verifying a client again is simple, says Nabila, we just don’t want to increase the pain. Since you have a bank account, it means you are already verified thoroughly.”
On the other hand, Transpay offers free transaction for its receivers, unless there is a charge attached to the particular marketplace you are working from. “Most of the existing services claim to be free, says Nabila, but they seldom are. But for Transpay, I can say we don’t charge receivers. If your client sent you $100, you should receive $100 worth of cash local currency and we don’t even mess up with FX rate.”
The idea behind not verifying a client again is simple, says Nabila, we just don’t want to increase the pain. Since you have a bank account, it means you are already verified thoroughly.
Local attention and best customer service
“We are now more locally oriented and inclined to help freelancers to get payment in a better way, says Nabila, “we want to help local freelancers, improve the payment mechanism and how they get paid”. Transpay has already started to interact with local freelancers. It already provides a great customer service and also plans to invest into that front. “We are paranoid about customer service, says Nabila, there is an entire global team to track payment and service issue, if there is a problem, they immediately jump into to solve it..”
Bangladesh is a big freelancer destination. We receive huge amount in remittance earned by freelancers. Over the time, Transpay aims to serve all these freelancers with better service and convenient payment mechanism. “We aim to take pain away from freelancers when it comes to receiving payment for their hard work, says Nabila, and we want to serve every individual and organization get paid from its overseas client”
Ibrahim works as an Intern at FS. He takes interviews, writes features, and meets entrepreneurs and makers and doers.