Architecture firms have to juggle several projects and handling international deals. They encounter issues in managing invoices, keeping accounts balanced, and making sure payments are received on time. As they operate globally, they need reliable payment system that are both efficient and affordable. For those seeking a BlueVine alternative, Zil offers a comprehensive payment solution that meets diverse needs while ensuring seamless financial management.
Challenges for Architecture Firms
Balancing Multiple Projects
Architecture firms have to handle various projects. Overseeing invoices, and balancing accounts across various projects can be difficult without an efficient payment system.
Cross border Transactions
Firms face various issues like changes in currency, higher costs for cross-border payments while dealing with global clients.
Timely payments
One common issue faced by architecture firms is making transactions to clients quickly and accurately while keeping cost low.
What ACH stand for?
ACH means Automated Clearing House. It is a system used in the U.S. to transfer money between banks.
The network is overseen by the National Automated Clearing House Association to ensure safety and efficiency.
According to NACHA :
“There were 7 billion payments made on the ACH Network during the fourth quarter of 2020, reflecting an 8.9% increase over the same period in 2019.”
ACH Processing Time
Payments made using ACH typically reaches the recipients within three days. However, the duration can increase if request is made during peak hours as ACH transfers are processed in batches.
Wire Transfer
A wire transfer is one of the most common ways to send money from one financial institution to another. It can happen either within the same country or across borders.
Domestic vs International Wire Transfer
Domestic wire transfer usually occurs between institutions located within United States. These transfers are completed within 24 hours, sometimes within few minutes.
International wire transfer involves sending money from one country to another country. Even if both accounts are at the same bank, it counts as international if they are in different countries. Cross-border transfers have higher fees and take more time to complete.
Global Operations
Architecture firms often have to deal with international customers. This can include paying foreign consultants, buying materials from suppliers abroad. These transactions must be managed effectively to sustain the profit margins of projects.
Zil’s international wire transfer option helps the firm to handle global activities smoothly. The platform’s affordable wire transfers ensure that companies can keep expenses in check while fulfilling their financial obligations.
Codes like SWIFT or IBAN is needed for international wire transfer. Domestic wire transfers require routing and account numbers. Zil provides both types of wire transfers for safe transactions.
ACH Transfer
- Architecture firms can easily make payments to contractors, stakeholders using Zil’s ACH payment option.
- The platform makes it simple to set up both one-time and recurring ACH payments at a low cost.
- Individuals can access funds within one business day using the platform’s same-day ACH option.
Zil offers a straightforward and effective way to handle ACH payments at a great price, giving you quicker processing and other benefits for your business checking account.
Better Control Over Project Budgets
Architecture firms have to handle several projects at once, each requiring its own financial plan. Zil’s corporate expense card makes expense management easier. Every team member or project manager is given their own card connected to a particular project’s budget. This arrangement gives better control over spending, making sure that the costs of each project is precisely accounted for and managed.
Open Business Checking Account Easily
With Zil one can establish a US business checking account from any location. Architecture firms dealing with clients abroad greatly benefit from this feature. With a US business checking account, your firm can accept payments in US dollars, which helps avoid losses from exchange rates and takes advantage of the stability of the US financial system. The platform offers a safe and cost-effective solution for managing international transactions, simplifying the overseeing of projects worldwide.
Architecture firms need efficient system to navigate financial challenges they encounter. Zil, the perfect Bluevine Alternative provide all the features needed for architecture firms to work efficiently worldwide. By choosing the platform solutions, firms can ensure fast payments, better budget oversight, and smoother project delivery.
