What are the risks associated with currency conversion?
- No need to run multiple currency accounts
- No complex data and (expensive) accounting
- No worry about moving exchange rates
- Simply price in your local currency and money settles into your bank account as usual.
When funds are converted from one currency to another there's a cost. Also, for reporting purposes you’ll need to decide whether to use the exchange rate for the date on which the transaction was processed, or the date when funds are settled from the card issuer to the processor, or the day the funds are sent out to you? These are big decisions which can have a significant impact on your profits. Effectively managing these processes involves skill and your business taking risks. How does FXCDirect help reduce these risks?
FXCDirect allows you to accept payments in multiple currencies, at a fixed price of 1% (including all card processing fees), whilst removing the FX risk entirely. You’ll be settled in the currency or currencies of your choice, but you’ll always know exactly what you’ll receive even before a transaction is processed.
If you have business expenses in multiple currencies, FXCDirect also provides a currency management tool. This allows you to take like for like settlement on a portion of your payments, then switch as required, to your base currency. For example, if you’re a UK merchant who receives a monthly bill in EUR (in this case €10k), you can collect the first €10k and receive it in EUR, then convert the rest to GBP automatically.
Advantages of using FXCDirect:A low fixed price
which is lower than your payment provider can hope to matchForeign exchange security
– transactions are converted live, meaning there’s no risk of the market moving against youA flexible currency management tool,
allowing you to control your multi-currency expenses in a simple, clear way.To find out more about how we we can improve your profitability, click below and book a call.