Exchanging currencies? People's first words that spring to mind are a foreign holiday or a loan in foreign currencies. However, looking at official exchange statistics, one can see that mainly companies operate in multiple currencies today. Moreover, more and more companies are expanding abroad and entering new markets.
Desirable exchange rates are just the beginning
According to the Conotoxia report 'Global e-commerce in 2024 — Business opportunity or challenge for Polish companies?', as many as 74.9 per cent of surveyed e-commerce companies in Poland sell abroad—nothing unusual about the fact that being multi-currency is very important to them.
Today's entrepreneurs are intensifying their demands. Therefore, currency exchange alone is not enough. It is essential to provide them with a comprehensive foreign exchange service. Business customers expect fast, effective services that will allow them not only to develop their business in Poland but also on foreign markets, comments Robert Błaszczyk, Head of Strategic Clients Department at Conotoxia.
Multi-currency services for the modern company
Favourable currency exchange is a staple that businesses, especially online shops focused on global sales, expect. In addition to currency exchange, every one of today's modern businesses should take advantage of the latest technological solutions that form an entire currency ecosystem. Such services include:
1. Currency audit
A unique tool designed to provide a comprehensive analysis of currency exchange rates. The currency audit enables a comparison of the exchange rate of a transaction carried out in a bank or other institution with the real exchange rate on a corresponding date. Thanks to this, company management will find out whether they have overpaid in the past when exchanging currencies.
2. Payment gateway
A payment gateway for online shops selling products in different countries has two main tasks. It should have the option to accept payment in the local currency and offer the popular payment method in that market. This increases the chance that shoppers will not abandon their shopping baskets. The ability to manage multiple currencies and the flexibility to exchange them are key issues affecting the profitability of e-commerce companies. It is worth betting on a proven payment gateway provider, such as Conotoxia, and its payment gateway, Conotoxia Pay.
3. Multi-currency cards
Business cards bring the possibility of systemic management of company expenses in multiple currencies. They are also ideal for monitoring employees' expenses, e.g., during their business trips. Multi-currency cards are available in physical or virtual versions. They can be used to pay in multiple currencies, both stationary and online.
4. Market analyses
Free analyses and comments on exchange rates and key macroeconomic events affecting exchange rates. The best way is to use those written by renowned analysts, e.g. available on the Conotoxia.com web portal, in the dedicated Daily analysis section.
5. "Payment link"
The service enables the acceptance of one-off payments from online shoppers. E-commerce owners can send a link to customers via messenger, email, or other form of electronic contact. The payment link directs the buyer straight to the payment in question.
6.Money transfers and mass transfers
The possibility to quickly transfer funds to other companies around the world in the currency of your choice is essential for managing international transactions. Mass transfers save time and eliminate possible human error.
7. Currency alerts
Currency alerts facilitate market analysis and currency tracking. They provide information when the desired rate is reached. Thanks to them, it is possible to order a currency exchange transaction when the desired rate is reached and to react more quickly to changing rates, thus saving money.
8. RegTech
Regtech is regulatory technology operating as software or applications. It helps companies and institutions within the financial industry to comply with regulations and legislative requirements. By using RegTech, businesses can also reduce the expenses that would have been incurred and protect themselves against risk of scams and fraud.
9. API service
By using an API from a given provider, a company obtains accurate exchange rates in a universal format. Access to up-to-date exchange rates for currency pairs allows you to expand your reach and gain new customers. The API service allows you to understand exchange rates better and make business decisions based on more data. You can estimate the risks associated with changing exchange rates more accurately and create a bespoke strategy.
It is essential to constantly stay up with the changes in technology and, above all, the expectations of companies. This is why, today, a comprehensive offer is a must-have for business customers, especially in the e-commerce sector.
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