Processing payments cross-border is complex and costly. We enable you to avoid extra fees by utilizing our global network of entities and our MOR model to process payments locally.
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Selling internationally is a challenge. It's expensive. You're getting interchange, which is just the card scheme, and the acquiring bank, and the issuing bank talking to each other. You're basically being charged for them to communicate. The second that goes across a border, I mean, it's the wild, wild West - interchange skyrockets - I mean 3 to 500% just for them to talk across an ocean - creates a bad experience and expensive experience for everybody.
Interchange fees are unavoidable. You can best optimize it by avoiding some of the other fees, like the FX fees, or the cross-border foreign transaction fees, things like that. It really is expensive and you have to go set up an entity in every country that your consumers live in. It’d take years and, and millions, you know, to go set up a network of different requirements that get out of hand.
That's really, again, where Reach can be super special, is we've done the legwork, we've spent the years building up our entity infrastructure, our banki...