Brexit is undoubtedly causing more SMEs to expand their importing and exporting horizons which is good news for the UK economy.
However, this potentially provides a problem for time starved business owners who will have to deal with an increasing range of foreign currencies.
Alternative lender Just Cashflow has been quick to anticipate this and formed a partnership with Infinity International Ltd, a leading provider of FX services in the UK. The services, that are now available for Just Cashflow customers, have been developed for SMEs that are currently supplying to and buying from overseas territories, providing a means to combat the currency exchange uncertainty. A key feature is the ability to lock in fixed transaction rates for future exchanges, ensuring that businesses are not stung by fluctuating currency rates and enabling them to better control their international payments.
Just Cashflow's John McLellan explains," Today’s business environment is one of unprecedented upheaval, and small businesses often feel the brunt of these fluctuations."
From conversations with our customers, it is clear they are concerned about the impact of this uncertainty on invoices and receipts from overseas. Time-starved business owners need to ensure their all-important cash-flow and can’t afford to risk currency fluctuations working against them.
When the majority of SMEs begin export and import activities they rely on their existing bank to provide them with FX services. Often, this reliance prevents small businesses from receiving the most competitive rates or utilising the most effective payment methods.
"At Just Cashflow we believe that lenders have a responsibility to provide SMEs with more than just money - which is why we provide SMEs with competitive and efficient FX payments."