On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

RBI’s PACB Circular: OPGSP Update 2024 th

Sukanya

small_63d28e01c7be52004a161364_63987d13bf44087d0456fe79_XXH7GqWC6qRqLN3JiqBOdGeCCuj9zTvek48aXG9prsY.png

thumbnail_63d28e01c7be52004a161364_63987d13bf44087d0456fe79_XXH7GqWC6qRqLN3JiqBOdGeCCuj9zTvek48aXG9prsY.png

Customer journey mapping involves visualising the customer’s complete journey with your business, from the first point of contact to post-service support. By mapping out each touchpoint, interaction, and potential pain point, you comprehensively understand your customers' experiences.

This way, you can identify areas for improvement, streamline workflows, <a href="https://www.skydo.com/blog/implementing-effective-communication-practices-for-better-productivity?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">enhance communication channels</a>, align your services, and optimise your processes accordingly. Ultimately, it helps you achieve the end goal of improving service delivery, which leads to a better customer experience and increases customer satisfaction.

Customer journey mapping, meaning the visual representation of a customer's interactions with a product or service over time, is a strategic tool for understanding and improving the customer experience. It involves creating a detailed map outlining touchpoints, emotions, and experiences throughout the entire customer lifecycle.&nbsp;

By identifying key phases such as awareness, consideration, purchase, retention, and advocacy, businesses can gain valuable insights into customer behaviour. Employing techniques like personas and empathy mapping, organisations can pinpoint pain points and areas for enhancement, ultimately leading to more customer-centric strategies, increased satisfaction, and improved overall business performance.

The stages of customer journey mapping typically consist of five main stages:

Here, awareness refers to when the customer realises the problem to address. They begin searching for the ideal solution to help solve this challenge. Educational content works well to help people find you and eventually convert to customers.

Customers have completed sufficient research to recognise their need for a specific product or service. Subsequently, they begin searching and comparing various brands and their offerings. In this stage, content that promotes your product or service will aid them in deciding appropriately in a competitive marketplace.

The customer has decided on the product or service to purchase. At this crucial stage, it's important to emphasise the smooth and hassle-free buying process to encourage customers to buy.&nbsp;

The focus should be on ensuring a seamless buying experience. It means you can be more direct about wanting customers to buy from you.

In the purchase stage, customers have decided to purchase a solution At this stage, a smooth and seamless checkout process and excellent customer service are paramount to address any questions or concerns the customer may have.

In the advocacy stage, satisfied customers promote your brand/business to their families, friends, and colleagues.&nbsp;

During this phase, you must focus on providing a fantastic end-to-end customer experience by offering ongoing support and ensuring customers are happy with their purchases. Customers who have a positive experience with your brand are likely to become loyal and recommend the brand to others.

SaaS or B2C companies typically leverage customer journey mapping to grow their business. However, mapping the customer journey is not only beneficial for the product or SaaS companies. It’s also influential for tech service companies. According to a <a href="https://webinarcare.com/best-customer-journey-mapping-software/customer-journey-mapping-statistics/">survey</a>, companies that use tools like customer journey maps reduce their service cost by 15-20%.

How Can Tech Service Companies Adapt Customer Journey Mapping Effectively?

In the vast realm of technology service export companies, the art of customer journey mapping is a powerful tool that can unlock doors to exceptional success. Here are some customer journey mapping steps for tech service export companies to map their customer journey effectively:

Review and analyse the customer journey from initial contact to post-service support. This way, you can identify areas of dissatisfaction, grasp customer expectations, and recognise specific requirements.

For instance, if your software proves challenging for customers, you can develop user-friendly tutorials or offer personalised onboarding sessions. 

Data is a goldmine of information that can guide your customer journey mapping efforts. This data can come from various sources, such as customer surveys, website analytics, and social media.

For instance, analysing website analytics may reveal that many customers drop off during form-filling. This way, you can enhance customer engagement and ensure a seamless experience throughout the journey, leading to customer satisfaction.

Map out all the touchpoints or interactions that customers have with your company, both online and offline. It includes the website, social media channels, customer support, <a href="https://www.skydo.com/blog/checklist-for-cold-outreach?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">sales calls</a>, onboarding processes, etc. Identify all the potential touchpoints where customers engage with your company.

For example, a <a href="https://www.skydo.com/blog/eight-steps-to-take-your-service-business-global?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">tech service company</a> might realise that customers frequently encounter email response delays from customer support and often seek assistance through live chat. In response, they can invest in live chat support systems, ensuring prompt and helpful responses to customer queries.

Based on the insights gathered, create an ideal customer journey map that outlines the desired experience for each customer persona. Define the key touchpoints, interactions, and emotions at each journey stage.&nbsp;

This map should align with your company's goals and values and identify critical parts or milestones where personalisation impacts significantly. Tailor your services according to each customer's preferences and behaviours, fostering loyalty and driving customer advocacy.

5. Provide seamless multi-channel experiences

As a tech service company, offering a seamless experience across various channels and platforms involves consistency in messaging, branding, and customer support across your website, social media, mobile apps, and other touchpoints. Leverage technology to integrate different channels and provide an omnichannel experience.

Customer journey mapping is an iterative process that allows you to evaluate and improve the customer experience continuously.

Analyse feedback and measure satisfaction metrics to identify areas of improvement. By implementing changes that enhance the overall experience, you can remain competitive and adapt to evolving customer expectations.&nbsp;

A Real-Life Example of Successful Customer Journey Mapping

<a href="http://www.wipro.com/content/dam/nexus/en/service-lines/business-process/latest-thinking/enriching-customer-experience-through-journey-mapping-and-personalization.pdf">Wipro</a>, a leading global IT consulting and services company, leverages this powerful technique and has gained deep insights into customer interactions, pain points, and preferences at every touchpoint of their journey.&nbsp;

Through meticulous data analysis and customer feedback, Wipro has identified critical moments that significantly impact customer satisfaction and loyalty. With this knowledge, they have designed personalised experiences and tailored solutions, creating seamless customer journeys.&nbsp;

This strategic approach has improved customer engagement and retention and strengthened Wipro's reputation as a customer-centric organisation.

Customer journey mapping is not merely a tool; it's a compass that guides you towards the pinnacle of success. It enables you to craft personalised, meaningful interactions that resonate with your audience profoundly.

Customer journey mapping empowers an IT export service business to understand better, engage, and serve customers. By aligning service delivery, improving communication, personalising experiences, anticipating needs, and continuously improving, you can drive better business outcomes, including increased customer satisfaction, loyalty, and business growth.

Q1. What's included in a customer journey map?

Ans: A customer journey map typically includes touchpoints, interactions, and emotions a customer experiences throughout their interaction with a product or service.

Q2. What are the steps for Creating a Customer Journey Map?

Ans: Creating a Customer Journey Map involves steps like defining goals, identifying touchpoints, collecting customer data, creating personas, mapping the journey, and analysing for improvements.

Q3. What are the 4 types of Customer Journey Maps?

Ans: The four types of Customer Journey Maps are current state maps, day-in-the-life maps, future state maps, and service blueprint maps.

Q4. Why is customer journey mapping important?

Ans: Customer journey mapping is crucial as it helps businesses understand customer experiences, identify pain points, enhance customer satisfaction, and improve overall service delivery.

Q5. What are the important phases to analyse while conducting a customer journey mapping?

Ans: Important phases to analyse during customer journey mapping include awareness, consideration, purchase, retention, and advocacy.

Q6. Why is customer journey mapping important?

Ans: Customer journey mapping is important for gaining insights into customer experiences, improving customer satisfaction, and optimising business processes for enhanced customer engagement and loyalty.

Customer Journey Mapping: The Secret to Grow Your IT Business Th

large_Customer Journey Mapping: The Secret to Grow Your IT Business Th

medium_Customer Journey Mapping: The Secret to Grow Your IT Business Th

small_Customer Journey Mapping: The Secret to Grow Your IT Business Th

thumbnail_Customer Journey Mapping: The Secret to Grow Your IT Business Th

Pricing of services right is not about undercutting the competition or chasing the lowest price. It's about understanding the value you provide, communicating it to your clients, and ensuring that the price reflects the expertise, effort, and positive impact you bring to their business.

However, in reality, is setting your service’s value this straightforward? Let’s find out.

According to the <a href="https://www.trade.gov/pricing-strategy">International Trade Administration</a>, pricing can be the most challenging due to different market forces and pricing structures worldwide. Whether you are in IT or any other industry, finding the right price for your export services is a delicate balancing act.&nbsp;

It is about achieving an equilibrium between profitability, competitiveness, and appeal to international clients while remaining attractive.

There are various strategies to consider with their unique factors.&nbsp;

Pricing strategies must adapt to an ever-shifting economic landscape, considering variations in purchasing power, cultural quirks, and the wild dynamics of local markets.

Thriving in the <a href="https://www.skydo.com/blog/checklist-for-cold-outreach?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">global market</a> requires a comprehensive understanding of how pricing can impact the success of your export business. The unique nature of pricing in the export services industry is influenced by several factors.

The best pricing strategy for a particular business includes considering the type of product or service, the target market, the competition, and the company's financial goals.&nbsp;

To calculate value-added pricing, you can use the following formula:

Value-added price = Fixed Cost&nbsp; Variable Cost + Profit Amount

This <a href="https://docs.google.com/spreadsheets/d/1oYIRqOf3PrCZx7jNx4FpwqCG6MBi5f03n29zmVUukbs/edit?usp=sharing">pricing template</a> helps calculate your value-added price. To edit the template, go to File &gt; Make a copy to save a duplicate that’s accessible to you.

For instance, <a href="https://info.pros.com/rs/195-ZTW-739/images/Accenture_The%20Pricing%20Revolution_PoV.pdf">Accenture's pricing strategy</a> is based on the value they bring to their client's businesses. Rather than competing solely on price, they focus on delivering innovative solutions, deep industry expertise, and a track record of successful implementations. By doing so, they position themselves as a premium service provider, enabling them to charge higher prices for their services.

How can you determine the right pricing strategy for your export service business?

Steps for Developing a Pricing Strategy for Your Export Services Business

In continuation with the example of Ajay’s venture above, here are the steps he may have followed while revising his pricing strategy.

#Step 1: Research the market you want to target

Thoroughly research the market you intend to target. Understand local preferences and purchasing power. Identify any unique market characteristics or factors that may impact pricing decisions.

In Ajay’s case, he engaged in open conversations with his existing clients. He asked for their feedback, listening intently to their concerns, needs, and perceived value. This invaluable information helped him refine his pricing, aligning it with the value his clients expected and were willing to pay.&nbsp;

#Step 2:&nbsp; Estimate pricing potential

Start by assessing your costs, including production, distribution, overhead expenses, desired profit margins, and competitive landscape. Determine the price range to attract customers while covering expenses and generating a reasonable profit.

Through the conversation with his customers, Ajay also realised the best way to price his services in a way that seemed value for money. He no longer had to compromise on his team's compensation or cut corners to stay afloat.&nbsp;

#Step 3: Balance value and business goals

Finding the ideal balance between these two elements can lead to significant benefits for your business, such as:&nbsp;

Ajay understood the value his services brought to businesses and the positive impact they could have on their operations. He prized his offerings to reflect that value, considering the time, effort, and expertise invested by his team.

#Step 4: Evaluate your additional cost to the market

It includes local certification or foreign regulations-related expenses and modifying services to meet market requirements. Incorporate these costs into your pricing calculations.

#Step 5: Consider your competitor's price

There are two primary options when confronted with disparate pricing for similar services.

Conducting a comprehensive competitive analysis helps understand their strengths and weaknesses, thus formulating an appropriate pricing strategy.

Determine specific pricing tactics to achieve your objectives, such as penetration pricing, price skimming, psychological pricing, or value-based pricing.

Regarding the pricing tactics, <a href="https://www.linkedin.com/in/divyankjn/">Divyank Jain</a>, Co-founder of <a href="https://www.linkedin.com/company/twiseidiot/mycompany/">The Wise Idiot</a>, explains, “Our method involves calculating the number of hours required for a project, determining the necessary workforce, considering regional taxes, and incorporating a reasonable profit margin. This approach ensures transparency and reliability and fosters long-term partnerships.”

The final price for your tech service should cover costs, achieve profitability, and align with the market's willingness to pay. Regularly review and adjust your pricing strategy based on market feedback, cost changes, and business goals.

Common Pitfalls in Pricing and How to Avoid Them

Price setting is tricky for your global business, often threatening profitability. Here are some common pitfalls in pricing and tips on how to avoid them:

Concerning pricing complexity, <a href="https://www.linkedin.com/in/mejo-kuriachan/">Mejo Kuriachan</a>, CEO of <a href="https://www.everything.design/">Everything Design</a>, explained, "Pricing is a function of demand and supply. With time, as you become an expert in a niche, you will have the leverage (demand for your service will increase) to increase your price and deliver better quality output.

Additionally, your pricing strategy decides the kind of customers you will attract. As a branding and website design agency, we did this successfully, which helped us attract the right kind of clients."

In today's highly competitive global market, having a well-defined pricing strategy is not just important—it's the key to unlocking the door to success for your export business. By strategically setting prices, you can navigate the delicate balance between profitability and market penetration, allowing your services to shine internationally.

Q1. What are the methods of pricing services?

Ans: Methods of pricing services vary and may include cost-based pricing, where the service cost determines the price; value-based pricing, based on perceived value to customers; and competitive pricing, considering rates charged by competitors.

Q2. What are the steps in pricing services?

Ans: Pricing services include several steps, such as defining pricing objectives, analysing costs, researching market demand, setting the pricing strategy, determining the final price, and regularly reviewing and adjusting prices as needed.

Q3. What do you need to consider when pricing services?

Ans: Considerations for pricing services include understanding customer needs, evaluating the uniqueness of the service, analysing competitors' pricing, factoring in costs, and maintaining flexibility to adapt pricing strategies based on market dynamics.

How to Set Pricing of Services as an IT Export Company Th

large_How to Set Pricing of Services as an IT Export Company Th

medium_How to Set Pricing of Services as an IT Export Company Th

small_How to Set Pricing of Services as an IT Export Company Th

thumbnail_How to Set Pricing of Services as an IT Export Company Th

As a business owner, you may be familiar with the high costs of transferring money across international borders. Leading payment gateways charge hefty international transaction fees. You need to negotiate for the suitable Fx rate with the bank, and then they add their miscellaneous fees, which aren’t transparent.

These fees can add up quickly for your <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Export IT service business</a>, cutting profits and stunting growth. Think about it: if you were to receive one crore rupees, a significant chunk could be lost in fees alone.

Startups specifically often face a tough challenge regarding international money transfers. High transaction fees, in this case, can be a major obstacle for any business looking to go global. Companies are penalised for going global without an affordable, efficient alternative.&nbsp;

This article explores how international transaction costs work, their impact on businesses worldwide, and how Skydo helps turn things around.

International transactions can be overwhelming, especially when losing your hard-earned money to fees and <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">hidden charges</a>. However, Skydo offers a more straightforward and cost-effective solution.

1. Reducing fees and improving transaction efficiency

Unlike traditional banks and payment gateways with complex fee structures, Skydo employs a transparent, minimalistic approach.

Live FX rates with zero margins: Upon receiving the invoice payment in the Skydo account, the remitted amount will be converted using the current live exchange rate. This rate is also accompanied by a timestamp, allowing for easy verification through a quick web search.&nbsp;

With <a href="https://www.skydo.com/blog/get-the-most-out-of-your-forex-savings-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange rates</a>, you always get the best rates possible without additional margins or hidden fees.

Flat fee structure: A flat fee ensures no surprises, and everything is completely transparent. For transactions less than USD 2,000, the fees are USD 19, while it's USD 29 for transactions above USD 2,000.

Imagine your business conducting an <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">international transaction</a> of INR 1 crore using a traditional bank or a popular payment gateway. Their fees can range between 2-5%, adding up to a hefty sum of INR 2-5 lakhs.&nbsp;

With Skydo, these exorbitant fees can be significantly slashed, potentially saving you lakhs of rupees yearly. And as your transactions increase over time, the cumulative savings can be truly monumental.

Don't just take our word for it, though. Tanay Shah, the Founder &amp; CEO at Pardy Studios, has already experienced the benefits firsthand. He shared his satisfaction, saying, "With Skydo, I am saving INR 10,000 per transaction.

Receive your International Payments Effortlessly with Skydo

Global payments can pose a considerable challenge for businesses, with fluctuating exchange rates, hidden bank fees, and complex regulatory requirements making the process daunting and frustrating.&nbsp;

From <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">real-time transaction tracking</a> to <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multi-currency support</a>, Skydo gives you the tools necessary to transact globally easily, mitigating stress and streamlining the process for businesses regardless of location.

Here's a breakdown of some of Skydo's best-in-class features

Within five minutes, you can set up international bank accounts through Skydo. This is available for transactions involving partners in the USA, UK, Europe, Canada, and over 20 other locations. Skydo ensures you have the banking infrastructure you need, providing unparalleled convenience for your business.

With every international payment made to your account, you will get an automatically generated <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Foreign Inward Remittance Certificate (FIRA) that is GST-compliant</a>. This perfect compliance helps simplify the accounting process while ensuring that your business adheres to local regulations fully.

With Skydo, the days of negotiating complex FX rates or grappling with opaque pricing structures are gone. We deliver a straightforward and intuitive payment experience, freeing businesses to focus on growth rather than financial logistics.

Here's why businesses like yours choose Skydo over other payment methods:

As a business, you're constantly looking for ways to maximize cost savings and streamline your operations.&nbsp;

With Skydo’s transparent pricing, <a href="https://www.skydo.com/blog/how-much-forex-fees-do-you-pay-on-your-international-transactions?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange (FX) rates</a> without hidden margins, and a flat fee structure, you can save significant amounts annually compared to traditional banks.&nbsp;

With Skydo, we expedite the process of setting up an international bank account, allowing you to start transacting in no time. Our user-friendly interface ensures that even if you're new to international trade, you can navigate confidently and get things moving swiftly.

Compliance with local regulations can be challenging. But, with Skydo’s provision of&nbsp;<a href="https://www.skydo.com/blog/understanding-gstin-requirements-for-export-businesses-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">GST-compliant</a>&nbsp;Foreign Inward Remittance Certificates (FIRAs), your business effortlessly aligns with local regulations. This way, you can focus on what truly matters - growing your business.&nbsp;&nbsp;

With the support of leading banks and investors, our robust infrastructure and state-of-the-art encryption techniques provide 100% safe and fast transactions.&nbsp;

5. Adherence to International regulations

Our unwavering commitment to providing 100% legal and compliant services means you can operate globally without any legal hurdles.

What’s more? We offer free account creation, <a href="https://www.linkedin.com/posts/sardamit_freelance-payments-remittances-activity-7118222420620013569-X5xF?utm_source=share&amp;utm_medium=member_desktop">zero maintenance fees</a>, and the facilitation of simple local transfers for international clients to empower businesses like yours to transact on the global stage with confidence, ease, and peace of mind.

Skydo is more than just another platform for international payments. It's a comprehensive solution designed to cater to all your financial needs in a global landscape. While our primary focus is on making payments more affordable, convenient, and compliant, our platform goes above and beyond, offering numerous features that simplify and elevate your financial management experience.

In the fast-paced business world, having real-time insights into your financial transactions is crucial. With <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo's intuitive dashboard</a>, you can effortlessly track your payments, ensuring you always have a clear picture of your cash flow and can confidently make informed decisions.

2. Multiple currency support and exchange rate advantages

As your business expands globally, dealing with multiple currencies becomes a reality. Skydo seamlessly supports a wide range of currencies, ensuring you can transact with international partners without limitations. Moreover, our live foreign exchange (FX) rates guarantee that you always get the best possible exchange rates, maximizing your financial gains.

Juggling multiple tools for financial management can be a hassle, holding back the efficiency of your business. At Skydo, we understand this challenge, so we offer integrated solutions for accounts receivables management, reconciliation, and invoicing. By streamlining these processes, we ensure accuracy, efficiency, and simplicity, so you can focus on what matters most - growing your business.

While Skydo excels in delivering cheaper, more convenient, and compliant payment solutions, its true strength lies in offering a comprehensive suite of financial management tools. It's a solution designed with modern business in mind, understanding the challenges of international transactions and addressing them head-on.&nbsp;

With <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a>, the world truly becomes your marketplace, devoid of the hefty price tag.&nbsp;

Experience the power of a holistic solution that caters to all your financial needs. From transparent pricing to real-time insights and <a href="https://www.skydo.com/blog/benefits-of-multi-currency-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">multiple currency support</a> to streamlined financial management, take control of your finances and thrive in the global marketplace with Skydo.

Save Upto Inr 10 Lakhs per Year on International Transactions Th

large_save-upto-inr-10-lakhs-per-year-in-international-transactions-th

medium_save-upto-inr-10-lakhs-per-year-in-international-transactions-th

small_save-upto-inr-10-lakhs-per-year-in-international-transactions-th

thumbnail_save-upto-inr-10-lakhs-per-year-in-international-transactions-th

save-upto-inr-10-lakhs-per-year-in-international-transactions-th

Professional Tax is governed and levied by the respective state governments' professional tax acts. The amount you owe in taxes varies based on factors such as income, the nature of the profession, and the state in which the individual operates.

Here is everything you need to know about PT as a <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer</a>.

If a person is salaried, the employers are responsible for deducting the professional tax amount directly from the salary. However, the government requires professionals such as <a href="https://www.skydo.com/blog/top-5-new-age-freelance-services-going-to-take-off-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancers</a> to pay the P tax directly to their state government. Professional tax meaning is not based on income but rather on the nature of the profession or employment. It is meant to contribute to the state's revenue and development. The professional tax differs from other types of taxes mentioned below.&nbsp;

mediaLibraryStrapi

Here is the basic structure of professional tax in India.

Calculate your Professional Tax Liability

<a href="https://vakilsearch.com/professional-tax-registration/how-professional-tax-calculated">Professional tax liability</a> depends on a freelancer's state of operations and earnings. However, irrespective of these two factors, the professional tax limit is Rs 2,500 for a month.

Here is the process of how to calculate professional tax on salary or earnings.

To minimise your professional tax burden as a <a href="https://www.skydo.com/blog/top-10-freelancing-truths?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer,</a> leverage deductions and exemptions available in your location. Here are some deductions and exemptions that freelancers can utilise:&nbsp;

You can use various accounting software or apps, such as <a href="https://khatabook.com/?utm_source=google&amp;utm_medium=search_ads&amp;utm_campaign=brand-gen_kw&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJhfwyGzRw85xwgamLcwna0oixY1MjScYAHjtZdAMqNRewwPZ1LRiqxoCVp8QAvD_BwE">Khatabook</a>, <a href="https://open.money/automated-accounting?utm_term=accounting%20automation&amp;utm_campaign=IYD_AP_Automation&amp;utm_source=google&amp;utm_medium=ppc&amp;hsa_acc=9660999868&amp;hsa_cam=20910601824&amp;hsa_grp=163502573492&amp;hsa_ad=689290766627&amp;hsa_src=g&amp;hsa_tgt=kwd-300068243667&amp;hsa_kw=accounting%20automation&amp;hsa_mt=p&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJoBtiurqa_a2MAgb-mcQBj-Ab196-Oe822q4DWHxHHuVZ4XjCLSZORoC_0cQAvD_BwE">Open Money</a>, <a href="https://tallysolutions.com/download/#gref">TallyPrime</a>, etc., to keep track of your expenses. Furthermore, it is wise to regularly reconcile your financial records to ensure accuracy and identify potential deductible expenses.