Currencies Direct provides fast and flexible international payment solutions for ecommerce businesses.
● Personal account manager – tailored support from a currency expert by phone or email
● Market-leading online service – check live rates and manage your payments 24/7
● Collection accounts – eliminating the need for international bank accounts
● Forward contracts – mitigate risk by locking in exchange rates for a future date
● Digital currency wallets – buy currencies in advance and store them until you need them
● Specialist services – like forward contracts and limit orders
● Automated withdrawal of funds – speeding up the payment process
● Simplified, streamlined service – pay suppliers direct with credits from Amazon
Learn more about Currencies Direct’s bespoke solutions for online sellers: Currencies Direct
Reducing costs and risks for online retailers
For online retailers that are selling products worldwide the ability to scale your business easily in different markets is a key feature of further growth. This can become complicated and costly when receiving payments in different currencies to your online marketplace.
For businesses operating on platforms such as Amazon and Etsy, additional costs begin to appear when transferring payments in foreign currencies into your account. Many online sellers opt therefore to open bank accounts in different currencies to reduce fx fees from marketplaces and banks.
This also comes with its own limitations due to issues opening accounts in certain countries or currencies, potentially limiting expansion and profits for your business. There are often additional compliance processes when opening accounts in other countries further complicating the process.
There is also the question of fluctuating exchanges and how these can cause problems for your online business. Having certainty over an exchange rate enables businesses to forecast costs and profits more accurately reducing the risk of currency swings damaging your bottom line.
Hedging tools such as forward contracts provide businesses with greater control by allowing them to lock in an exchange rate for a future date. This means that even if the rate moves against you, your more favourable rate remains in place for you to use for a given period of time up to two years.
There are thankfully alternative options for ecommerce businesses looking to reduce cost and mitigate risk on their international payments.
Currencies Direct is a foreign exchange specialist based in Canary Wharf, London, that provides tailored solutions for online retailers with excellent exchange rates, no transfer fees and risk mitigation solutions. Using Currencies Direct and their collection account allows online sellers to save every time they convert sales from marketplaces without the hassle of opening local bank accounts in the countries they sell to.
Due to marketplaces like Amazon wanting to keep the revenue they make through their exchange rates, not many international payments providers are able to integrate with their system. Currencies Direct however are an approved Amazon Payment Service Provider (PSP) allowing them to offer bespoke services to Amazon sellers. Their digitally secure collection account certificates are also recognised by Amazon for seamless seller account verification (SAV) and their range of products allow businesses to decide when funds are converted and save time with automated transfers.
By using industry-leading technology and partnering with foreign exchange specialists businesses can accelerate growth by offering a variety of payment methods that appeal to customers worldwide, rather than feel bogged down by foreign exchange fees.