A new online platform from Currencies Direct now enables users collect sales income in dollars and transfer it into Sterling at favourable rates. Savings of up to 3% of sales turnover can be achieved, that would be otherwise lost in commission and unfavourable exchange rates.
Currencies Direct’s new platform means merchants can more easily collect payment in the same currency without converting it, vastly simplifying and economising the transfer of money back into the UK. Rather than having to convert every payment at the time it arrives, they will be able to accumulate funds in the US in dollars and transfer money in lump sums, choosing when to convert into their home currency; weekly, monthly or when the rate is right.
In addition, the platform allows Merchants to keep abreast of their global earnings in dollars, sterling and euros and adjust prices accordingly to maximise profits. Merchants can take advantage of the dollar being significantly stronger against the pound than in the summer by slashing prices to increase sales – enjoying the same margins as they enjoyed earlier in the year but with a higher turnover.
Phil McHugh, Currencies Direct trading floor manager explains: “Whereas in early July sterling was trading at 58p to the dollar, this has now risen to a near-18-month high of 66p. British e-tailers selling to the US in dollars are now finding that they’re getting substantially more bang for their bucks. It’s therefore important that they make the most of their improved margins and don’t see it eroded by commission and fees when transferring their earnings“.
As well as the new dollar accounts, Currencies Direct also offers euro and Sterling accounts for online sellers and has recently created a dedicated new online home for their merchants. This includes Knowledge Hub, collecting a range of news and opinion aimed at the online seller audience.