How to Choose the Right Rebate API Provider for Your Business

By Jay Dahal, Co-Founder of Machnet.

Remittances have not only been a cornerstone of the economy, but are also a means of hope for people with family members living abroad. There is often a needy family patiently waiting to receive money. At the other end of this story is the hard-working person, responsible not only for themselves, but for their family at home. Sending remittances binds them together in fulfilling their duty and each other's needs. At times it has been kind of a lifeline as it carries the flow of capital and has grown over the years. According to recent studies, remittances have become a $700 billion industry and are expected to reach $930 billion by 2026!

The million dollar question remains, "How can your company have a piece of that $930 billion pie?"

The short answer? Integrate remittances as a service into your existing business model!

"Remittance" means sending money from point A to point B while crossing states or countries. And sure, your current business model might not be all about cross-border payments, but that doesn't mean you can't have a percentage of this multi-billion dollar industry. You can adopt and integrate this capability into your existing ecosystem, add value, extend another service to your user, and provide support.

This can be an easy fit if you're already into tech or thriving in the digital space. Here are some things to remember when looking for an international money transfer API provider.

Time saving

You will want to take the time into account.

How soon do you need this done? How fast can people do it? How well will this service be done?

By now you already know how beneficial integrating remittances as a service will be for your digital business; the question is, how fast can you rotate? Are you ready to adopt a new service now? Need a few months before you can add a service? Determine how much time you need to properly communicate these changes to your customers and determine how aggressive you and your team are in making this change.

On average, finding a cross-border money transfer API and integrating the money transfer as a service takes about two to three months. But if you think you'll need to do it sooner, some API providers can integrate funds transfer as a service in just six weeks.

On the contrary, it can also take between two and three years to build from scratch. So if you're thinking of doing it yourself, you might want to save yourself the trouble and work with a ready-made cross-border money transfer API provider.

A safe estimate would be to give you six to 12 weeks to make this decision.

This means you have as much time to ensure your end users are aware of the additional service; you'll have as much time to market it and as much time to make sure your customers embrace the service as warmly as possible.

Value for money

The next thing to consider is your cost.

How much are you willing to pay to integrate remittances as a service? Based on your data, how many end users will benefit? Which API provider can give you the best value?

To give you an idea, the average cost of an international money transfer API provider ranges from $2,500 to $10,000 on SaaS fees. Most cross-border API providers offer similar services, but who can you rely on the most? Consider ...