E-commerce growth soars
Over 85,000 businesses have launched e-commerce platforms or joined online marketplaces since the lockdown as companies accelerate digital transformation in a bid to keep their business afloat and meet the growing demand for online shopping.
With online demand growing amid the pandemic, e-commerce businesses are now presented with an opportune moment to expand internationally, especially as market growth directly correlates with profitable opportunities in transborder e-commerce. The global e-commerce market is currently growing 1.3 times faster than single-country platforms.
“But whether it’s purchasing low-cost goods from countries like India, or luxury goods from China, your exposure to fluctuating exchange rates could have a significant impact on your bottom line when sending money overseas,” says Halo Financial (www.halofinancial.com).
“It is essential to calculate the cost of your international payments and find a more cost-effective way to pay overseas suppliers, thus saving your business money and adding profit to your bottom line. Banks tend to have higher transaction fees and can charge a margin of over 5% in some circumstances, meaning you get less value for your transaction reflected in higher costs to your business,” explains Halo Financial.
“Whether you are making payments to international suppliers or paying overseas wages, foreign exchange currency specialists such as halo, can help your business process these payments, while navigating past the risk associated with fluctuating exchange rates.”
Unlike a bank, foreign exchange currency specialists, such as Halo Financial, monitor exchange rates 24/7 to give customers a competitive advantage in maximizing their currency exchange transactions.