PayRecs is an online app the helps automate, streamline and simplify international payments. PayRecs offers:
In addition to simplifying your daily activities as a business owner, PayRecs offers a better receivables experience for your vendors. Now you'll be able to:
Now you can spend less time managing international payments and more time focusing on building relationships with your vendors and growing your business.
Sending international payments through PayRecs means you're able to see exchange rates at exactly the time you're prepared to send a payment as well as the fees you'll pay so you understand exactly how much you're spending.
What is PayRecs?
PayRecs is an international payment platform that allows users to send and receive payment as well as hold currency accounts.
Why are you changing my international payment vendor?
PayRecs offers many benefits including reduced fees, expedited payments and better security. We're committed to providing our customers with banking solutions that streamline their experience and are simple to use. By upgrading your international payment experience, we can help you save time and money.
What are the benefits of PayRecs?
PayRecs delivers a best-in-class user experience, simplifying international payments and making it easy for you to send, receive and track payments.
Do I have to create an account?
No! PayRecs seamlessly integrates with your existing bank account to create your profile. Just ask your banker for access to the best international payment experience.
Will I have to recreate my beneficiaries?
No. PayRecs will migrate existing beneficiaries into your profile. You will however be asked to re-approve all beneficiaries within the PayRecs platform before you begin using them.
Are payments sent through PayRecs faster than our current international payments?
Generally, yes. PayRecs works to expedite settlement of all payments and specifically FX payments. FX payments usually settle within 24 hours and in some instances, they can settle in just a matter of minutes.
Does PayRecs offer foreign currency accounts?
Yes. PayRecs allows you to create virtual currency accounts in 37 different currencies. You can use these accounts to hold foreign currency or send and receive local currency payments. You can instantly fund one of these accounts right from the PayRecs platform.
What are the fees for sending payments through PayRecs?
The fees vary depending on volume. All fees are fully disclosed up front and are visible on every transaction, so you never have to guess what you are being charged. There are no fees for maintaining a PayRecs account.
What if I need help using the platform?
You can receive support through a number of channels. PayRecs offers in-app chat support, email support, phone support, or you can contact your banker to help you. PayRecs and your bank work together to ensure you have the best experience possible.