Skydo: The Best Alternative Payment Method to Wise

You're an entrepreneur with an innovative startup that's gaining attention locally and internationally. Your hard work is paying off, and clients from different corners of the world are eager to engage with your business. 

Or, perhaps you're a talented freelancer offering your skills and services to a diverse client base, reflecting the global nature of the gig economy. While the opportunities are abundant, the intricacies of receiving payments from clients scattered around the globe can be overwhelming.

In both scenarios, the dilemma is common: How can you ensure that you collect your earnings without the hassle of navigating complex, costly, and time-consuming payment methods? 

At Skydo, we recognise a business owner’s challenges when dealing with international payments. Given the myriad options available for cross-border transactions it is crucial to navigate through them and select the payment service provider that aligns with your needs.

This blog post analyses Skydo and Wise, two prominent global payment platforms designed to facilitate cross-border transactions. 

What is Wise?

Wise, formerly known as TransferWise, is a financial technology company offering international money transfer services. They provide a platform for individuals and businesses to send and receive money across borders at lower exchange rates and with transparent fees compared to traditional banks. 

Wise's services include multi-currency accounts, borderless banking, and the ability to hold, convert, and transfer money in various currencies. 

What is Skydo?

Skydo is a cutting-edge global payment platform dedicated to simplifying cross-border B2B payments for businesses. They aim to reduce foreign exchange charges by over 50%, making global transactions more cost-effective. 

Through strategic partnerships with leading banks worldwide, they offer businesses their virtual foreign accounts, eliminating tax and compliance complexities. They also provide real-time currency conversion at the live FX rate, completely free from markups, and levy a transparent flat fee of just $19 / $29 per transaction.

What Are the Core Differences Between Wise and Skydo?

Why Is Skydo the Best Alternative to Wise?

Skydo emerges as the optimal alternative to Wise, offering unparalleled advantages in the realm of cross-border B2B payments. Here are some key features of Skydo:

#1: Instant and Real-time on-click download FIRA

While Wise offers FIRCs twice a week, Skydo provides users with the FIRC as soon as the amount arrives in their bank account. You can also download all past FIRCs with a single click from our user-friendly dashboards. 

This streamlined process simplifies access to crucial documents, providing an efficient way to track and manage your export remittance documentation.

Skydo's commitment to user-friendly features ensures that businesses can navigate through essential paperwork seamlessly, saving time and effort.

#2: Invoice creation and sending

Skydo's invoicing feature stands out as a pillar of its payment platform Automating the invoicing process saves valuable time and effort, enhances your working capital, and reduces Days Sales Outstanding (DSO). 

Skydo also automates recurring invoices and invoice numbers and suggests purpose codes based on the nature of your business, freeing you from manual tasks. The platform also enables one-click e-invoice generation in any global currency, storing comprehensive records for accurate financial data access — at zero cost.

#3: Payment reminders and tracking

Skydo streamlines your invoicing process by avoiding the hassle of crafting, scheduling, and monitoring payment reminders. With a simple click of "Send a Reminder" on the dashboard, you can effortlessly send tailored reminder emails to clients with minimal manual interference. 

Unlike traditional methods, Skydo goes a step further by providing insights into the status of your reminders. Track precisely when a client opens the reminder, enabling strategic planning for follow-ups, especially in cases of long overdue payments.

#4: Dashboard view of all accounts payable activities

Skydo's centralised platform ensures data consistency, eliminating the need to juggle multiple tools. Experience seamless efficiency as Skydo streamlines outstanding invoices, analytics, and data, delivering a modernised and intuitive platform for unparalleled financial clarity—all in one place.

#5: Client-specific business overview

Skydo offers an extensive and insightful glimpse into your client-level monthly revenue. The platform automatically compiles this overview based on the invoices you generate, providing a comprehensive, real-time snapshot of your financial interactions with each client.

This invaluable feature allows you to closely monitor your financial well-being concerning individual clients, pinpoint avenues for growth, and customise your services to their specific needs.

#6: Payment Receipt and easy accounting docs due to bulk download feature

Skydo simplifies financial record-keeping with its bulk download feature. You access and download payment receipts for transaction fees paid to Skydo—all with just one click. This streamlined process ensures efficient record-keeping and facilitates easy accounting. 

#7: Ledger for payment validation

Skydo provides a comprehensive ledger view for your clients, granting access to all issued invoices and their corresponding payment status, presented in a detailed timeline. Users can also share this ledger directly with clients in the event of payment disputes. 

This functionality empowers businesses with a streamlined overview of financial interactions, enhancing transparency and facilitating informed decision-making.

#8: Monthly saving with Skydo

For IT service exporters engaged in global operations, Skydo can help you bring your money home at substantial savings. Tanay Shah, Founder & CEO at Pardy Studios, says, “With Skydo, I am saving INR 10,000 per transaction!” 

Check out the FX savings calculator to see how much you can save with Skydo.

What Next?

You can unlock substantial savings of up to Rs. 10 lakh per annum with Skydo, making it the savvy choice over Wise for your international payment methods. Experience the added benefit of free instant FIRCs, eliminating concerns about Wise e-FIRC fees.

But that's not all – with Skydo, you're not just getting a money-saving platform. It's your all-in-one solution, offering invoicing, payment reminders, and a comprehensive business overview.

Let’s redefine your international payment platform with the #1 alternative to Wise!

FAQs

Q1. What is the primary advantage of using Skydo over Wise for international payments?

Ans: The primary advantage of using Skydo over Wise is the efficiency and user-friendly features it offers. Skydo provides instant and real-time free Foreign Inward Remittance Certificate (FIRC) as soon as the funds arrive in your bank account. 

Additionally, Skydo excels in features such as invoice creation, sending payment reminders, and tracking. It streamlines your invoicing process, automates reminders, and offers a dashboard view of all accounts payable activities, providing an all-in-one solution for your international payment needs.

Q2. How does Skydo help with invoice management, and why is it beneficial?

Ans: Skydo offers an advanced invoicing feature that automates the invoice creation process. This not only saves you time and effort but also enhances your working capital by reducing Days Sales Outstanding (DSO). 

Skydo also automates recurring invoices and invoice numbers and suggests purpose codes based on the nature of your business, freeing you from manual tasks. With Skydo, you can generate e-invoices in any global currency with just one click, and it stores comprehensive records for accurate financial data access, all at no additional cost.

Q3. How does Skydo ensure transparency in international payments and accounting?

Ans: Skydo provides a comprehensive ledger view for your clients, granting access to all issued invoices and their corresponding payment status, presented in a detailed timeline. Users can also share this ledger directly with clients in the event of payment disputes. 

This functionality enhances transparency, facilitating informed decision-making and making it easier to resolve any financial disputes that may arise. Additionally, Skydo simplifies financial record-keeping with its convenient bulk download feature, ensuring efficient record-keeping and easy accounting.

Q4. What makes Skydo stand out in terms of payment reminders and tracking?

Ans: Skydo simplifies the process of crafting, scheduling, and monitoring payment reminders. With a simple click of "Send a Reminder" on the dashboard, you can effortlessly send tailored reminder emails to clients with minimal manual intervention. 

Moreover, Skydo goes beyond traditional methods by providing insights into the status of your reminders. You can track when a client opens the reminder, enabling strategic planning for follow-ups, especially in cases of overdue payments. 

Disclaimer: Please note that the information provided is accurate as of October 2023.