April 1st, 2014
Tiger-Consulting which supports Asia operations for 175+ enterprises with cost-effective HR, employee payroll, and PEO outsourcing services, isn’t just cutting Asia employee paychecks anymore, and now offers a comprehensive international Bill-Pay service, managing all Asia bills for clients. In statistics, a "long tail" is a pattern in which some number occurrences are more frequent the further they are from the central or “head” part of a distribution. In business, the term is used to describe how opportunities are often more plentiful at the end of the chain such as with the sale of high-volume products to consumers. In other words, the largest opportunities can be found far from the original source. Now, Tiger- Consulting is taking the initiative to create the same opportunity in payroll.
“While enterprise payroll management has always been our primary focus with Asia as our specialty, Tiger-Consulting frequently hears from its Western clients about managing all of their payments in Asia,” said Tiger-Consulting Founder & CEO, Neil Satterwhite. “As companies expand internationally they experience the cost, frustration, and timing issues associated with making international payments not only to employees but suppliers and service providers. This is the long tail of payroll that has opened the doors for Tiger-Consulting to take on a much larger role with our clients beyond processing paychecks.”
No matter how large the client or how powerful the brand-and Tiger-Consulting supports several major U.S. corporations with “household” names across Asia-its team almost always hears back within a month or two when the client tires of Asia bill pay. Typically, companies must send multiple wire transfers in multiple currencies to many countries through several different financial institutions. In the process, businesses incur numerous wire transfer charges and must deal with various and constantly changing exchange rates, and methodologies for tracking payments in each country.
“For example, a New York-based business with satellite operations in five Asian countries must pay (in varying frequencies) rent for local offices as well as utility, phone, Internet, and other bills from local vendors and suppliers. Our clients typically pay overseas bills with domestic credit cards, but to do so using our original example, the New York office must send Singapore dollars to pay Singapore bills; Philippine Pesos to pay Philippine bills; Thai Baht to pay Thai bills. This is a huge headache for businesses, adding to the cost of expanding to new markets to create their own long tail opportunities,” Satterwhite said.
With an on-the-ground presence across Asia and established relationships with key banks throughout the region, Tiger-Consulting offers a one-stop-shop international payment service to vastly simplify the process. The client makes a single monthly deposit in a single preferred currency in just one of the firm’s Asia banks (such as in Singapore) or its U.S. bank (Citibank). The firm then moves the money to the region supported; converts the single payment to multiple currencies; and makes individual payments to each recipient based on the client’s list of bills to be paid in their preferred currency and country of choice.
“There are no surprises. We charge a fixed rate for processing each payment regardless of whether the bill changes in amount each month. We also bear any variances in the foreign exchange rate between invoicing, receipt of funds. Receipt of client funds and payments to their vendors, providers are fully documented with scanned copies provided to both parties. The process is transparent giving our customers the freedom to focus on strategic activities while reducing cost, improving efficiency,” added Satterwhite.
For questions about Tiger-Consulting’s Asia Bill-Pay Service and/or to inquire about the firm’s other enterprise support services throughout Asia-Pacific, contact firstname.lastname@example.org.
Tiger-Consulting is committed to making expansion and management of Asian and
UAE operations easier for international businesses. Tiger Consulting’s HR,
Payroll, employment and business support services are managed by experienced
teams on the ground in 16 countries: Australia, Cambodia, China, Hong Kong,
India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
Thailand, Vietnam, UAE and USA. Through strategic partners, the firm also
supports clients in Europe, South America, and other key markets.
Media Contact: Mercy Mildener
T: +(66) 02-6846909