Expanding or starting a business overseas can be an overwhelming experience, but starting small can be a really good way to test the international waters. Marketplaces like Amazon and eBay have revolutionised the retail and business world, and now it’s never been easier to reach consumers all over the world.
What product sells well and where, how to handle your supplier payments, your shipping outlays, delivery costs to the customer and bringing your profits home – can sometimes just lead to more questions; so it’s important you get the right support. World First can help enable you to “Go Global” and get you selling on international marketplaces like Amazon, eBay or Ratuken, without putting you under any financial strain or it being a necessarily daunting experience.
Building a successful online business can be tough, so once that revenue comes through the door, you should really make it count. Naturally, many online sellers use their marketplaces’ default payment gateway to transfer their money to and from overseas. One easy way to make your money go further is utilising a currency specialist to repatriate your money from overseas.
So here are five reasons you should ditch your market places’ payment portal for an eCommerce currency specialist.
1. Achieve better exchange rates. Sending money overseas or bringing revenue home will generally incur a pretty poor exchange rate, with many not even giving it a second thought. Look for options outside the market places payment portal like World First, where you can achieve far better exchange rates – meaning you’ll have more money in your pocket.
2. Gain control of your finances. Many online marketplaces will send money back to you at a set time, not when you need the funds. If you need to pay suppliers abroad, you might be making an exchange twice, when you may not need to make one at all. Using an eCommerce currency specialist means you can bring funds home when the time or exchange rate suits you. This is particularly useful when paying foreign suppliers or partners.
3. Access new markets. Partnering with an alternate currency specialist means it’s easier to access new markets. Whether its different countries you wish to enter into or different marketplaces, finding the right provider who will look out for your best interests and introduce you to the right people to help you get setup is critical.
4. Create certainty. The ability to fix exchange rates for up to two years in advance brings more stability to your business. Foreign exchange markets are volatile at the best of times, so the ability to fix exchange rates, protecting your budget price, will give you peace of mind that your profits will be protected.
5. Benefit from experience. Choosing a provider who has significant experience working with online sellers will help grow your business. Having a dedicated currency specialist means you can take advantage of personal advice, have access to more tools that help run your business and connect with industry experts who can help your business prosper.
World First were one of the pioneers in this industry. We help online sellers branch out globally by opening up local currency bank accounts and giving you access to over 69 international marketplaces, eight payment gateways and shopping carts to receive funds from. One account, one platform that charges no fees on international exchanges and offers great exchange rates, means your money will go further with World First.
To speak with a real eCommerce currency specialist within 3 rings, call: +61 2 8298 4997
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