The pandemic has brought renewed focus on the supply chain, resulting in companies now seeking more robust and reliable ways to bring their goods to market. From transport and storage to packaging and wholesalers, there can be multiple points on the supply chain that could span the globe.
While some organisations have been seeking domestic suppliers to address the risk of border closures, most businesses don’t have the option when seeking to import specialist goods and components and deliver overseas sales revenue. In some cases, creating a more robust supply chain means creating some redundancy with alternative suppliers and new partners across the globe. This means an increasing need for companies to protect their profits and mitigate their risk from working with multiple partners and providers throughout the supply chain.
How foreign exchange can affect the supply chain industry
The supply chain industry exists to deliver goods across the world. Whether your business is a wholesaler importing from overseas or a manufacturer aiming to launch your goods in a foreign market, there are many reasons why the industry may need the support and guidance of a currency provider. A currency specialist can help address a wide range of business requirements, including managing urgent international transactions and mitigating the risk of currency fluctuations.
Costly transfer fees from banks and FX providers can damage your profits, and additional resources are required to administer transactions from across the globe. This is particularly true when there are multiple currencies on the balance sheet. By working with a specialist and planning all your foreign exchange exposure and budgets well in advance, you can help to protect your margins.
How we can help your business save money
Supply chain businesses are able to rely on a valuable and cost-effective service with a moneycorp business account. With 24/7 access to a secure online platform, you are able to process and manage the range of international payments that you may need to make.
Every business is assigned an account manager who understands the ins and outs of your sector and will guide you through currency volatility to ensure you are offered a solution tailored to your business needs.
Our solutions for global payments allow you to make bulk payments for any business costs or staff salaries in over 120 different currencies to over 190 countries. You can also use a range of FX tools, including a currency forward, stop loss and limit orders and spot trade contract.
What about Brexit?
With Brexit on the horizon, further change to the industry is on the way. From new import and export rules to changing product and storage standards, companies may be facing increased costs on many fronts.
While some of these issues may require additional resources, you can minimise the impact on the bottom line by saving money on international transfers with our specialist service that will also help your business expand beyond the EU.
Read our article for more guidance on the alternative markets that you might want to consider for overseas suppliers in a post-Brexit landscape.