In the dynamic economy of TT, small businesses often face the challenge of accessing foreign exchange (forex) to purchase materials, pay overseas vendors, and maintain robust operational capabilities. Given the persistent forex shortage, it's crucial for local entrepreneurs to explore innovative solutions to generate and manage their own forex reserves. This article outlines essential infrastructure and strategies that can empower small businesses in TT to earn, retain and access their forex, enhancing their financial stability and operational efficiency.

Establishing a local business USD account

The first step for any small business aiming to earn forex is to set up a local business US-dollar account with a bank of choice. This account serves as the primary repository for foreign currency earnings, providing a secure and regulated environment for handling international transactions.

Choosing the right payment processors

To facilitate the receipt of forex, businesses must integrate reliable payment processors that support US-dollar transactions. Options include:

First Atlantic Commerce: Ideal for businesses with a significant volume of international transactions, offering robust security and compatibility with various e-commerce platforms.

WiPay: A versatile choice that supports both website-based sales and digital invoices, making it accessible even for businesses without a physical web presence.

PayPal: Widely recognised and trusted globally, PayPal allows for seamless transactions directly linked to bank accounts, negating the need for credit-card use. It’s particularly beneficial for transactions with companies that prefer bank-account payments.

Payoneer: Another strong option for businesses looking to engage with international clients and marketplaces.

Bank-specific solutions: Many local banks offer tailored e-commerce solutions like Republic E-Pay, FCB Easy Biz, and Scotiabank E-com+, which allow you to send digital invoices, create payment links or even build an e-commerce website using their services.

Integrating payment solutions with your website

For businesses with an online presence, adding products or services to a website and integrating these payment processors is crucial. This allows you to set your website to US-dollar processing, so that all things paid for on your website, can be processed in US dollars and the funds deposited to your local US-dollar account.

Using digital invoices for businesses without a website

For those without a dedicated website, the same payment processors facilitate the issuance of digital invoices to international clients. This method still ensures that payments are received in US dollars and deposited into the local US-dollar business accounts.

Leveraging PayPal and Wise for enhanced flexibility

A strategic combination of PayPal and Wise can provide unparalleled flexibility.

With PayPal, businesses can receive payments directly from clients’ bank accounts worldwide or they can process payments on your website. Subsequently, funds can be