What precautions that should be taken when receiving payment

What precautions that should be taken when receiving payment from a foreign entity for goods and services sold? As the marketplace becomes more global, explain how the acceptance of payment from global partners will be impacted by international regulatory bodies.

Solution

Following precaution should be taken while receiving payments from any foreign entity:

The acceptance of payment is impacted by international regulatory bodies. They implement high level of compliance with international standards. They try to minimize the cases of fraud. Although these regulator bodies take a lot of time in processing the acceptance of request and hence delay the receipt of foreign payments.