International payments and currency exchange financial services company moneycorp announced it is updating its online seller account to allow customers to receive payments in the US Dollar from online marketplaces.
The service enables online retailers to save up to 3% on overseas sales by avoiding the default exchange rate offered by online marketplace providers, such as Amazon, Etsy, Rakuten, eBay, and Cdiscount.
Moneycorp is adding the Dollar before Amazon Prime Day, one of the biggest trading days of the year for online sellers. Until today customers could only receive payments in Euros from online marketplaces.
Amazon currently charge 3-4% through their currency converter, which means online sellers make less money on sales compared with moneycorp’s 0.75% fee.
“Astute online sellers have worked out how to protect their margins during higher volume Prime Day discounted trading. The temptation to simply let Amazon convert sales into Sterling erodes a minimum of 3% through currency conversion. Using an easily opened moneycorp online sellers account locks Dollar and Euro to Sterling conversion for substantially less at 0.75%, and for sales all year round.”
Zoe Dawson-Williams, Chief Customer Officer for moneycorp
To benefit from moneycorp’s preferential exchange rates and receive currency into their account, online sellers simply need to provide their chosen marketplace with their unique US routing number.
Sellers then convert the currency at the lower exchange rate and save over marketplace rates.
Additional benefits of an online seller account with moneycorp
The online seller account also allows customers to enjoy several other services courtesy of holding an account with a foreign exchange specialist, including:
- The ability to transfer money domestically and globally in over 120 different currencies.
- Locking in a prevailing exchange rate for up to two years through a forward contract (this may require a deposit). This allows sellers to know exactly how much they will receive every time they convert foreign currency.
- Text and email rate alerts from moneycorp’s dedicated currency experts; this service can guide customers unfamiliar with the FX markets to manage fluctuations in exchange rates and maximise profits.
The moneycorp group serves the growing foreign exchange and payments needs of global businesses, importers and exporters, online sellers and personal clients.
In 2018 the company handled 5.9 million transactions and traded £35.5bn worth of currencies, surpassing 2017 by £2.3 billion.