Currencies Direct have announced a new cash management solution for international e-tailers designed to reduce costs and ease the burden of doing business abroad.
Currencies Direct tell us that their new e-tailer solution is a “hassle-free way for businesses to maximise their revenue by setting up country-specific receiving accounts for the various countries in which they operate. E-tailers can leverage wholesale currency exchange rates and lower transaction charges to ensure they are maximising revenue and protecting profit margins”.
What that means to you is that they can do two things for you
Set up an overseas bank account
Merchants operating in online marketplaces such as Amazon or eBay or via credit card acquirers such as PayPal will be given their own exclusive bank account number which will be owned and managed by Currencies Direct. Merchants are assigned a personal dealer to set up the receiving account and manage trades either by phone, email or via Currencies Direct’s proprietary online payment platform, iPayFX.
This means that they can effectively loan you a bank account based in the Euro Zone into which you can receive payments and then you choose when you transfer the funds back to your UK based bank account. In fact you can transfer the balance to your Euro bank account or in one of over 20 currencies to almost any location worldwide at guaranteed exchange rates.
Reduced transfer currency conversion fees
E-tailers selling their products online in other countries are typically charged a 3% receiving fee to have their revenues transferred to their home accounts. However, with the Currencies Direct e-tailer payment solution, online retailers are charged a reduced 1% fee, effectively saving them 2% on every transaction.
If you’re importing and need to pay your suppliers in their own local currency then Currencies Direct have an online tool to buy currency and pay suppliers quickly and simply. They have real time pricing updated every 30 seconds so that you know exactly what the cost will be which should save you up to 2% on your exchange fees.
Dealing with foreign languages and currencies as well as the logistics of operating in different countries can really affect your bottom line. Deepak Goyal, Corporate Partnerships Manager at Currencies Direct, explained that their new international payment solution for online retailers really is e-tailing made easy and will help you save on the margins lost through transaction fees.
You can find out more about Currencies Direct’s international payment solutions and register online to access their services.