Written by Mike Wainwright, head of UK partnerships at Corpay
Does your business trade in multiple currencies?
Are you confident you’re doing so efficiently?
Upping the efficiency of any cross-border trading you carry out – whether it represents a small or large portion of your income – could have a significant impact on your business. At a time when so many of us are making savings by driving down our outgoings, it makes sense to consider whether you can maximise the funds you already have. There are real cost-efficiencies to be found through the implementation of stable and sustainable currency risk management programmes.
Global businesses trust Corpay to power their international payments, execute plans to manage their currency risk and support their growth around the world. Our goal is to deliver unmatched service and expertise while we move your money globally.
And, as technology advances to open up new global opportunities for UK SMEs, an increasing number are expanding their market to overseas – whether they dabble in cross-boarder trading or have jumped in headfirst.
Currency markets, however, are unpredictable, and never more so than when global issues such as inflation, rising fuel costs, and struggling supply chains are wreaking havoc. While uncertainty continues, security is key. Cultivating an agile and flexible mindset allows any business to look to take advantage of potential opportunities, while vigilance, agility and resilience create a framework to shape planning.
Through careful strategising and forethought, and the strength of the Corpay network, businesses can set a steady course for their international transactions despite the turbulence of the global marketplace.
Find out more about how Corpay can help you manage your cross-border trading here: https://www.corpay.com/cross-border.
For further analysis of the UK and global economies, and insights into how businesses can potentially navigate a challenging economic climate, listen to our most recent UK podcast here: https://www.corpay.com/resources/podcasts/UK-economy-crisis.
To learn more, or to book a consultation, contact me via:
Phone: 0161 827 7966