Wednesday, May 21, 2014 • 11:30am – 12:30pm
How to Avoid Extravagant Fees on International Payments: Case Studies by 1-Stop Asia and Sandberg Translation Partners
Sandberg Translation Partners
Making and receiving international payments is simply part of running the business for most language service companies. Whether receiving inbound payments from international clients or making outbound payments to freelancers or vendors abroad, the fees and exchange rate costs associated with each transaction eat into your profit margin. When using banks, PayPal, Moneybookers, or any other alternative payment method, one or both parties will end up having to shoulder these costs in order to complete the transaction. While the costs vary by institution, the key is in finding the right balance that, in the end, will accumulate the lowest costs all around.
In this presentation, Don Shin from 1-Stop Asia and Jesper Sandberg from Sandberg Translation Partners will each present a case study from their own companies of how they first came across this issue, the journey they took in finding the right solution, and how implementing their solutions helped improve their bottom line.
Don Shin is the founder and CEO of 1-Stop Asia USA, LLC., a 24-hour Asian Language Service Company. As a Korean translator himself, Shin has translated over 500 movies and 40 books since 1987. He received his bachelor’s degree in Korean language and literature from Pusan University in Korea and finished master’s courses in English translation at Korea University. He served on the board of directors of ALC from 2003–2005. 1-Stop Translation is one of the largest teams of Asian specialists, serving more than 400 translation companies. The company employs over 50 employees in three different countries: USA, China, and Korea.
Jesper Sandberg graduated in 1990 with a vocational master’s degree in technical, legal, and commercial translation and interpreting and is a state-authorized English-Danish-English translator and interpreter under the Danish system.
After working as a freelance translator for five years, Jesper started Sandberg Translation Partners (STP) in 1995 and later incorporated the company in 2000. STP has grown organically and by acquisition and today employs over 80 full-time, in-house staff in the UK and Sweden. STP is a technology-focused Regional Language Vendor (RLV) specialized in serving other translation companies and Language Service Companies all over the world with work involving the Nordic languages, English, French, and German. As part of running STP, Jesper frequently attends translation industry conferences around the world to broaden his horizons. He has also been engaged on a consultancy basis to help other medium-sized LSPs grow and streamline their operations.