BikesOnline: Pedalling ahead with OFX
From humble beginnings selling bikes on eBay to becoming a leading online retailer in Australia and the US, BikesOnline needed a smarter way to manage global payments. Complex cross-border transactions and unpredictable FX rates were slowing them down – until OFX stepped in. Our platform helped BikesOnline gain cost certainty and streamline control to focus on growth. As co-founder Jonathon Allara says, “By far OFX is the most competitively priced and easiest platform we’ve ever used.”
About BikesOnline
BikesOnline is an Australian-owned online retailer founded in 2011 by Jonathon Allara and James van Rooyen. Spotting a gap in a market dominated by high prices, they bypassed traditional retail by selling directly to customers online. Their initial success selling bikes on eBay led to launching BikesOnline, which quickly grew into a major eCommerce business. Today, they offer a wide range of bike brands, including Polygon and Marin, and have embraced the e-bike trend to make cycling more accessible.
The challenge: Facing global payment complexities and currency risks
Before partnering with OFX, BikesOnline faced significant challenges managing their global supply chain payments.
Working with partners in Indonesia and China meant handling complex transactions mostly in US dollars, which created risks and inefficiencies. “Operating across multiple markets means there’s lots of different payment methods, lots of different currencies, lots of regulatory requirements that we need to also be across and making sure that we have that seamless experience for our suppliers and our partners and our employees and customers is something OFX delivers,” said Jonathon Allara, Co-founder of BikesOnline.
Using multiple financial platforms led to duplicated efforts and a lack of streamlined control. Additionally, unpredictable exchange rates caused budgeting uncertainty and financial risk.
Frustrated by poor rates from their bank and the complexity of their payment processes, BikesOnline turned to OFX in 2017 for a more efficient and cost-effective solution.
The solution: Simplifying payments for easier financial management
With OFX, BikesOnline has been able to ensure all their payments run smoothly on one integrated system that their finance team loves. “It’s a huge improvement on what we were doing before, where there was a lot of double handling across multiple platforms,” says Jonathon.
This consolidation means that both domestic payments and transactions with local suppliers are now processed through OFX, providing a single, unified view of their finances. “Whether it’s local or international, it’s all on one platform. It integrates with Xero and our bank and our accountants love it and if the bean counters are happy, it makes me happy,” he adds.
By transitioning to one platform, BikesOnline has streamlined processes, reduced errors and improved financial visibility. “The operational efficiency that we’ve been able to gain from the OFX platform has been huge. It consolidates all the payments, all our approvals, our corporate cards and our spend management into a single user-friendly system that our team finds really good to work with,” said Jonathon. This simplified approach has improved operational efficiency, allowing the team to focus on growth rather than administrative burdens.
Gaining cost certainty with Forward Contracts
With OFX’s FX solutions and tools, like Forward Contracts, BikesOnline has found a steadying hand.
“We do a lot of Forward Contracts in the forex space so we can have predictability and accurately forecast our costs for products that we bring into our markets,” explains Jonathon.
“By locking in exchange rates for future transactions, Forward Contracts have provided us with cost certainty. This is especially beneficial when ordering new stock from Asia, as it ensures that the cost of these orders does not increase due to unfavourable shifts in exchange rates.”
Forward Contracts have allowed BikesOnline to plan more effectively, maintain stable profit margins and confidently price products without worrying about sudden market changes.
A game changer for financial control
OFX’s platform erased the headaches of juggling multiple systems. From forward contracts to spend management, the platform has been a game changer, giving BikesOnline better financial control and compliance.
”I was recommended to use OFX, but honestly I wish I knew about them sooner. By far OFX is the most competitively priced and easiest platform we’ve ever used. The user experience and customer service have been a lot better for our finance teams to manage,” said Jonathon.”
“OFX has been a game changer for us as we have been able to create forward contracts, process approvals, have greater visibility over our team corporate cards and introduce an expense reimbursement process all within one cohesive system,” he added.
Since those early days selling bikes on eBay, BikesOnline has raced ahead, winning over families, pro cyclists and weekend warriors alike in Australia and the US. Thanks to OFX, they’ve turned complex global payments into a smoother ride, powering growth every step of the way.
Simplify global payments with OFX.
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