Moneycorp, international payments provider have announced today a launch of cross-border payment service for online sellers.
The new cross-border payment service is designed to offer merchants free online payment operations available in GBP and EUR including sending or receiving funds via a Euro-focused borderless bank account. Online sellers across leading marketplaces including Amazon, Etsy, Rakuten, eBay, and Cdiscount can save around 4% on each overseas transaction by avoiding default rate offered by online marketplace providers. They also will stay ahead of foreign exchange (FX) market trends to manage fluctuations in exchange rates by receiving text or email alerts from Moneycorp’s dedicated currency experts.
“Online marketplaces are today’s department stores, but with millions of sellers and billions of transactions. Many of these online sellers will be losing money on every international transaction – taking a hit on commission or poor exchange rates. Small businesses need a straightforward way to manage the business they are doing internationally through online marketplaces and that’s what our new platform provides. Managing transactions through a moneycorp online sellers account to allow people to take control of their foreign exchange rates, manage their transactions and ultimately save money”.
-Mark Horgan, chief executive officer at Moneycorp
As it appears, Moneycorp is expanding their offering to global limits to join a crowded market with well-established players such as Currencies Direct, OFX, Payoneer and WorldFirst. This suggests that Moneycorp will have to compete with the likes of ‘experienced’ service providers for thier own share of sellers, which also means that the UK-based payment provider will have to innovate at a higher speed to stay relevant and ahead of the competition.
Last month, Shopify Payments say that they will be expanding to Germany to offer local sellers new payment methods, suitable for their localised offering. This also indicates that the payments market is moving with the speed of sellers’ strategies aimed at staying intact with shoppers’ behaviour.
