Better exchange rates
make an enormous difference in your bottom line and operating expenses, especially when you're talking about making recurring payments to contractors, and making payments to dozens or hundreds of contractors. Overpaying once isn't a huge deal; overpaying thousands of times is. OFX is proud to offer superior exchange rates to those offered by most large banks.
is more than just a successful one-time transfer. With something as sensitive and mission-critical as money transfers and payments, it is important to do your research and choose the right
company, not just a company.
If you are going to make regular, recurring payments to employees – as you likely are – you should choose a company that is capable of providing superior customer service. Your provider should be flexible, responsive, and receptive to your specific needs, and should demonstrate via their actions how important your business is to them.
You should be able to tailor your experience to your business needs. Choose a provider that allows you to do so. OFX can mirror your internal verification processes and gives you 24/7 access to our robust platform, so the boss can easily approve the transfer even while working overseas.
Speed matters when paying employees
. Your money should move quickly, just like your business. Major currency conversions can often be processed within one business day once OFX receives your funds. That way your money moves on your schedule and not your bank’s. When you use OFX, you may be able to speed up your supply chain by avoiding your bank’s arbitrary cutoff times and frequent bank holidays.
What's more, speedy money transfers are important for both your operations and accounting departments, as well as your employees. With quick, competent money transfer services, you don't need to worry about the logistics of your payments. You can forecast and plan for when funds should arrive, be received, and leave your accounts, allowing for much more precise and reliable financial planning and accounting. International payments do not need to be nebulous mysteries any more, because you can track each transfer on our mobile app.
There are some affordable peer-to-peer payment options available on the market, but these platforms are much less robust, reliable, and consistent than OFX. They can’t handle market volatility like Brexit, so your business may be better off with a provider like OFX who can move your money even during massive market turmoil. With peer-to-peer options, your funds could be waiting in limbo for days or weeks; meanwhile, your employees are growing dissatisfied with their non-payment, and you are wondering where in the world – literally – your money is. (Not to mention the fact that some peer-to-peer services cancel your transfer entirely if the rate changes by more than 3%.4
You should have options
. Currency volatility is a reality in the currency exchange market, and as with any strategic business risk, you should take all the steps available to you to minimise and mitigate it. To insulate your business from undue risk, choose a provider that gives you the flexibility to match your business strategy and goals to a proper risk management strategy.
At OFX, you get several options. Services like Limit Orders
allows you to dictate an exchange rate with which you are comfortable, and only confirm payments when that rate is reached. Additionally, OFX provides Forward Contracts
, which allow businesses to lock in favourable exchange rates for up to twelve months if they fear future volatility and are comfortable with the current market rate.
Plus, OFX Multipay gives you one-click efficiency to pay up to 500 workers at once, so your business can scale quickly and confidently without many of the common operational growing pains associated with expansion.
Reliability is the bottom line.
Professionalism is everything, and your business' reputation shouldn't be held hostage by unreliable peer-to-peer transfer services that may be unavailable during high-traffic events like Brexit and major elections. Your funds need to arrive on time, every time.