The Western Union Company (WU - Free Report) recently introduced WU Incoming Payments for Legal, meant for the small and medium-scale law firms to help them deal with administration and forex volatility. The solution is available in the United States, aiming at law firms that incur bank processing fees for incoming foreign payments/receivables.
Regardless of the transaction amount, often a bank or processing fee is related to foreign receivables. This unique launch by the leading cross-border transaction company is looking to eradicate such extra charges.
Once a firm sets up its invoicing system via Western Union Business Solutions, it can invoice an overseas vendor in its local currency. The fund transfer can then be directed to a Western Union Business Solutions account held in the local currency, which would help eliminate forex fluctuations as well as bank charges. Western Union initiates crediting the law firm’s account with the payment received from its concerned vendor.
Western Union Business Solutions has proved its excellence time and again in terms of streamlining several firms’ domestic and cross-border payments. It has around 30 years of experience to its credit in dealing with more than 700 law firms across the globe. The company provides end-to-end payments solution to ease complex payment procedures and drive efficiencies.
The aforementioned move is in line with the company’s commitment to simplify transactions, making it hassle-free. Apart from taking various measures to expand its portfolio, the company has also been working on its digital platform including westernunion.com and Mobile Money Transfer, catering to customers across the world. The company consistently enhances its existing high-growth areas, such as education payments while also leveraging its EDGE platform and digital self-service offerings.
Shares of this Zacks Rank #3 (Hold) company have gained 20.5% in a year's time, outperforming its industry's growth of 18.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock price movement looks impressive when compared with other companies in the same space, such as Cardtronics PLC (CATM - Free Report) , PayPal Holdings, Inc. (PYPL - Free Report) and MoneyGram International Inc. (MGI - Free Report) . While Cardtronics and PayPal have gained 12.6% and 10.3%, respectively, MoneyGram has lost 21.3% in the same time frame.
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